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After the Qing conquest, maritime trade was banned underneath the Haijin policies. The Kangxi Emperor lifted the prohibition, letting foreigners to enter Chinese ports in 1684.[55] Qing authorities set up the Canton method in 1757 to regulate trade more strictly, restricting non-Russian ships to the port of Canton.[fifty six] While European demand from customers for Chinese commodities like tea, silk, and porcelain was superior, Chinese curiosity in European made products was insignificant, so that Chinese products could only be purchased with important metals.
straight away after the transfer, Hong Kong was seriously influenced by several crises. The government was pressured to utilize substantial international-Trade reserves to keep up the Hong Kong greenback's currency peg through the 1997 Asian monetary disaster,[sixty nine] and the Restoration from this was muted by an H5N1 avian-flu outbreak[seventy eight] as well as a housing surplus.
Hong Kong has actually been a Unique administrative area of China because 1997, with government, legislative, and judicial powers devolved through the national governing administration.[90] The Sino-British Joint Declaration offered for economic and administrative continuity from the transfer of sovereignty,[seventy five] leading to an executive-led governing technique mostly inherited through the territory's record to be a British colony.
Hong Kong represents by itself separately from mainland China, with its possess athletics groups in Worldwide competitions.[282] The territory has participated in almost every summer months Olympics considering the fact that 1952, and it has gained three medals.
Hong Kong is ruled by a hybrid regime that isn't entirely representative of the inhabitants. Legislative Council associates elected by useful constituencies composed of Expert and special fascination groups are accountable to Individuals slender company electorates and never most of the people. This electoral arrangement has confirmed a professional-establishment the greater part during the legislature Considering that the transfer of sovereignty. Similarly, the Main Executive is selected by institution politicians and corporate associates with the Election Committee rather than instantly elected.
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The Hong Kong Jockey Club, the territory's biggest taxpayer,[288] features a monopoly on gambling and presents more than seven per cent of government profits.[289] a few kinds of gambling are authorized in Hong Kong: lotteries and betting on horse racing and football.[288] training
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[216] The city has the second-best quantity of corporate headquarters during the Asia-Pacific region.[217] Hong Kong is a gateway for overseas immediate expenditure in China, supplying buyers open up entry to mainland Chinese markets by way of direct one-way links with the Shanghai and Shenzhen stock exchanges. The territory was the very first market exterior mainland China for renminbi-denominated bonds, and is without doubt one of the most significant hubs for offshore renminbi trading.[218]
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