Chinese national legislation does not usually implement in the area and Hong Kong is addressed like a individual jurisdiction.[ninety eight] A noteworthy exception is the applying of PRC legal procedure legislation in scenarios dealt with with the Business for Safeguarding National stability of your CPG inside the HKSAR under the Hong Kong countrywide protection legislation.[109] Hong Kong's judicial method relies on popular regulation, continuing the lawful custom recognized throughout British rule.[110] area courts may well refer to precedents set in English law and abroad jurisprudence.
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quickly after the transfer, Hong Kong was severely influenced by several crises. The government was forced to implement substantial foreign-exchange reserves to take care of the Hong Kong greenback's currency peg in the course of the 1997 Asian money disaster,[69] as well as recovery from this was muted by an H5N1 avian-flu outbreak[78] and also a housing surplus.
[33][34][37] "Fragrant" may possibly confer with the sweet flavor with the harbour's freshwater inflow through the Pearl River or on the odour from incense factories lining the Coastline of northern Kowloon. The incense was stored around Aberdeen Harbour for export just before Victoria Harbour produced.[37] Sir John Davis (the second colonial governor) offered an alternative origin; Davis explained which the title derived from "Hoong-keang" ("pink torrent"), reflecting the colour of soil around which a waterfall on the island flowed.[38]
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The territory's jurisdictional independence is most evident in its immigration and taxation procedures. The Immigration Office difficulties passports for long-lasting inhabitants which differ from These with the mainland or Macau,[a hundred and fifteen] and also the region maintains a controlled border with the remainder of the country.
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Although the territory experienced considered one of Asia's major production economies in the latter fifty percent from the colonial period, Hong Kong's economic climate is currently dominated with the assistance sector. The sector generates 92.seven for each cent of financial output, with the public sector accounting for about ten per cent.
Economic and infrastructure integration with China has increased significantly Considering that the 1978 start off of market place liberalisation to the mainland. given that resumption of cross-boundary train services in 1979, several rail and street links happen to be enhanced and made (facilitating trade among locations).[210][211] The Closer Partnership Economic Arrangement formalised a plan of totally free trade among the two areas, with Each and every jurisdiction pledging to get rid of remaining obstacles to trade and cross-boundary investment decision.
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[216] The city has the 2nd-highest variety of corporate headquarters while in the Asia-Pacific area.[217] Hong Kong is really a gateway for overseas direct financial commitment in China, giving buyers open up entry to mainland Chinese marketplaces through immediate backlinks Using the Shanghai and Shenzhen inventory exchanges. The territory was the initial market outside the house mainland China for renminbi-denominated bonds, and is probably the largest hubs for offshore renminbi buying and selling.[218]
Hong Kong is really a remarkably developed territory and ranks fourth within the UN Human growth Index.[29] the town also has the largest amount of skyscrapers of any town on the planet,[thirty] and its citizens have some of the maximum lifestyle expectancies on the globe.
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The title of your territory, to start with romanised as "He-Ong-Kong" in 1780,[35] originally referred to a little inlet Found among Aberdeen Island and the southern Coastline of Hong Kong Island. Aberdeen was an Preliminary position of Speak to among British sailors and local fishermen.[36] Even though the source of the romanised title is unfamiliar, it is mostly believed to get an early phonetic rendering of the Cantonese pronunciation hēung góng. The title translates as "fragrant harbour" or "incense harbour".