To decrease the trade imbalance, the British marketed massive quantities of Indian opium to China. Faced with a drug crisis, Qing officers pursued at any time extra intense actions to halt the opium trade.[fifty seven]
Administrative infrastructure was rapidly created by early 1842, but piracy, ailment, and hostile Qing guidelines initially prevented The federal government from attracting commerce. ailments around the island enhanced in the Taiping Rebellion during the 1850s, when lots of Chinese refugees, including rich merchants, fled mainland turbulence and settled within the colony.[16] more tensions in between the British and Qing about the opium trade escalated into the next Opium War.
Immediately once the transfer, Hong Kong was seriously affected by a number of crises. The federal government was forced to work with considerable overseas-Trade reserves to maintain the Hong Kong dollar's currency peg through the 1997 Asian fiscal disaster,[sixty nine] and also the Restoration from this was muted by an H5N1 avian-flu outbreak[78] and also a housing surplus.
initially a sparsely populated area of farming and fishing villages,[sixteen] the territory has become one of several planet's most vital financial centres and business ports.[21] it truly is the earth's tenth-biggest exporter and ninth-greatest importer.[22][23] Hong Kong has A significant capitalist service economy characterised by minimal taxation and no cost trade, and its currency, the Hong Kong dollar, is the eighth most traded forex on earth.
Hong Kong represents by itself independently from mainland China, with its own sports activities groups in Global competitions.[282] The territory has participated in almost every Summer Olympics because 1952, and has attained a few medals.
The territory's jurisdictional independence is most clear in its immigration and taxation guidelines. The Immigration Office difficulties passports for long term citizens which differ from All those of your mainland or Macau,[115] plus the area maintains a regulated border with the rest of the region.
All travellers between Hong Kong and China and Macau ought to pass through border controls, no matter nationality.[116] Mainland Chinese citizens do not have proper of abode in Hong Kong and so are subject matter to immigration controls.[117] Public funds are managed independently from your countrywide government; taxes levied in Hong Kong tend not to fund the central authority.[118][119]
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The Hong Kong Jockey Club, the territory's most significant taxpayer,[288] has a monopoly on gambling and delivers around seven per cent of government earnings.[289] 3 sorts of gambling are legal in Hong Kong: lotteries and betting on horse racing and football.[288] Education
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[216] The city has the 2nd-optimum amount of corporate headquarters from the Asia-Pacific region.[217] Hong Kong can be a gateway for overseas immediate financial investment in China, offering traders open use of mainland Chinese markets by means of direct one-way links With all the Shanghai and Shenzhen inventory exchanges. The territory was the initial current market exterior mainland China for renminbi-denominated bonds, and is amongst the largest hubs for offshore renminbi investing.[218]
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The territory is divided into 18 districts, Every single represented by a district council. These recommend The federal government on nearby challenges such as public facility provisioning, community programme servicing, cultural advertising, and environmental policy.
The title of the territory, very first romanised as "He-Ong-Kong" in 1780,[35] at first referred to a small inlet Positioned among Aberdeen Island as well as southern coast of Hong Kong Island. Aberdeen was an First level of contact involving British sailors and local fishermen.[36] Even though the supply of the romanised identify is unidentified, it is generally considered to get an early phonetic rendering from the Cantonese pronunciation hēung góng. The identify translates as "fragrant harbour" or "incense harbour".