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given that the mainland liberalised its financial state, Hong Kong's transport marketplace faced powerful Competitors from other Chinese ports. Fifty for every cent of China's trade products were routed through Hong Kong in 1997, dropping to about 13 for each cent by 2015.[216] The territory's small taxation, common legislation system, and civil assistance appeal to overseas firms wishing to establish a presence in Asia.
promptly after the transfer, Hong Kong was severely affected by various crises. The federal government was compelled to implement substantial overseas-exchange reserves to keep up the Hong Kong greenback's currency peg during the 1997 Asian money disaster,[69] plus the Restoration from this was muted by an H5N1 avian-flu outbreak[78] and also a housing surplus.
initially a sparsely populated location of farming and fishing villages,[16] the territory happens to be one of several world's most important economical centres and commercial ports.[21] it is actually the planet's tenth-greatest exporter and ninth-premier importer.[22][23] Hong Kong has An important capitalist services economic system characterised by minimal taxation and totally free trade, and its currency, the Hong Kong greenback, may be the eighth most traded currency on the globe.
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With couple of normal lakes and rivers, significant inhabitants density, inaccessible groundwater sources, and extremely seasonal rainfall, the territory doesn't have a dependable source of refreshing drinking water.
All travellers amongst Hong Kong and China and Macau will have to go through border controls, despite nationality.[116] Mainland Chinese citizens would not have appropriate of abode in Hong Kong and so are matter to immigration controls.[117] Public finances are dealt with individually with the countrywide govt; taxes levied in Hong Kong do not fund the central authority.[118][119]
Even though the territory had one among Asia's premier production economies over the latter half on the colonial era, Hong Kong's economic system has become dominated with the assistance sector. The sector generates ninety two.7 for every cent of economic output, with the public sector accounting for about ten for each cent.
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Hong Kong has a really developed, refined transport community. Over ninety per cent of every day outings are made on community transport, the very best share on the earth.
Hong Kong provides a humid subtropical local weather (Köppen Cwa), attribute of southern China. summer season is hot and humid, with occasional showers and thunderstorms and warm air within the southwest. Typhoons occur most often then, occasionally leading to floods or landslides. Winters are gentle and frequently sunny at the start, becoming cloudy towards February; an occasional chilly front brings strong, cooling winds from the north. essentially the most temperate seasons are spring (which may be changeable) and autumn, which is usually sunny and dry.
food items in Hong Kong is principally depending on Cantonese cuisine, Regardless of the territory's exposure to overseas influences and its citizens' assorted origins. Rice is definitely the staple food items, and is normally served basic with other dishes.[268] Freshness of elements is emphasised. Poultry and seafood are commonly sold Dwell at damp marketplaces, and components are applied as quickly as is possible.
The title with the territory, initial romanised as "He-Ong-Kong" in 1780,[35] initially referred to a little inlet Situated between Aberdeen Island and also the southern Coastline of Hong Kong Island. Aberdeen was an First point of Make contact with concerning British sailors and local fishermen.[36] Although the source of the romanised identify is unidentified, it is normally considered to get an early phonetic rendering in the Cantonese pronunciation hēung góng. The name translates as "fragrant harbour" or "incense harbour".