Hong Kong

Posted February 24th, 2008 by Anonymous

Coordinates: 22°17′00″N, 114°08′00″E Hong Kong (Chinese: 香港 ), officially the Hong Kong Special Administrative Region , is one of the two special administrative regions of the People's Republic of China (PRC), the other being Macau. The territory lies on the eastern side of the Pearl River Delta, bordering Guangdong province in the north and facing the South China Sea in the east, west and south. Beginning as a trading port in the 19th century, Hong Kong has developed into a leading financial centre.

Hong Kong was a crown colony of the United Kingdom from 1842 until the transfer of its sovereignty to the People's Republic of China in 1997. The Sino-British Joint Declaration and the Basic Law of Hong Kong stipulate that Hong Kong operates with a high degree of autonomy until at least 2047, fifty years after the transfer. Under the policy of "one country, two systems", the Central People's Government is responsible for the territory's defense and foreign affairs, while Hong Kong Government maintains its own legal system, police force, monetary system, customs policy, immigration policy, and delegates to international organizations and events.

Each district is represented by a District Council that advises the Government of Hong Kong on local matters such as public facilities, community programmes, cultural activities and environmental improvements. The Home Affairs Department is the governmental body responsible for coordinating services and communicating government policies and plans to the public. It interacts with the public at the local level through corresponding district offices.

There are no formal definitions for cities and towns in Hong Kong. The historic boundaries of Victoria City, Kowloon and New Kowloon are stated in law, but these entities no longer possess any legal or administrative status.

Economy

Hong Kong maintains a highly capitalist economy built on a policy of free market, low taxation and government non-intervention. It is an important centre for international finance and trade, with the greatest concentration of corporate headquarters in the Asia-Pacific region. In terms of gross domestic product per capita and gross metropolitan product, Hong Kong is the wealthiest urban centre in the People's Republic of China. The GDP (PPP) per capita of Hong Kong exceeds the four big economies in Western Europe (UK, France, Germany, Italy), as well as Japan.

Continuing the practice established under the British administration, the Government of Hong Kong mostly leaves the direction of the economy to market forces and the private sector. Since 1980, the government has generally played a passive role under the official policy of positive non-interventionism. Hong Kong has often been cited as a prime example of laissez-faire capitalism in practice, most notably by economist Milton Friedman. It has ranked as the world's freest economy in the Index of Economic Freedom for 14 consecutive years, since the inception of the index in 1995. It also places first in the Economic Freedom of the World Report.

Hong Kong has little arable land and few natural resources within its borders, and must therefore import most of its food and raw materials. Hong Kong is the world's eleventh largest trading entity, with the total value of imports and exports exceeding its gross domestic product. As of 2007, there are 115 countries that maintain consulates in Hong Kong, more than any other city in the world. Much of Hong Kong's exports consists of re-exports, which are products made outside of the territory, especially in mainland China, and distributed through Hong Kong. Even before the transfer of sovereignty to the People's Republic of China, Hong Kong has established extensive trade and investment ties with mainland China. The territory's autonomous status enables it to serve as a point of entry for investments and resources flowing into the mainland. It is also a connecting point for flights from Taiwan destined for the mainland.

The currency used in Hong Kong is the Hong Kong dollar. Since 1983, it has been pegged at a fixed exchange rate to the United States dollar. The currency is allowed to trade within a range between 7.75 and 7.85 Hong Kong dollars to one United States dollar. The Hong Kong Stock Exchange is the sixth largest in the world, with a market capitalisation of about US$2.97 trillion as of October 2007. In 2006, the value of initial public offerings conducted in Hong Kong was second highest in the world after London. The City of London Corporation's Global Financial Centres Index (GFCI) 2007, which evaluates the competitiveness of 46 financial centres worldwide, ranks Hong Kong as the third-best financial centre globally and the strongest centre in Asia.

Hong Kong's economy is dominated by services, which accounts for over 90 percent of its gross domestic product. In the past, manufacturing had been the most important sector of the economy, as Hong Kong industrialised following the Second World War. Driven by exports, the economy grew at an average annual rate of 8.9 percent in the 1970s. Hong Kong underwent a rapid transition to a service-based economy in the 1980s, when growth averaged 7.2 percent annually. Much of the manufacturing operations moved to mainland China during this period, and industry now constitutes just 9 percent of the economy. As Hong Kong matured to become a financial centre, growth slowed to an average of 2.7 percent annually in the 1990s. Together with Singapore, South Korea, and Taiwan, Hong Kong is known as one of the Four Asian Tigers, or Dragons for its high growth rates and rapid industrialisation between the 1960s and the 1990s.

The economy suffered a 5.3 percent decline during 1998, in the aftermath of the Asian financial crisis. A period of recovery followed, with growth rate reaching 10 percent in 2000, although deflation persisted. In 2003, the economy was greatly affected by the outbreak of SARS, which reduced economic growth to 2.3 percent that year. A revival of external and domestic demand led to a strong recovery the following year, as cost declines strengthened Hong Kong export competitiveness. The 68-month-long deflationary period ended in mid-2004, with consumer price inflation hovering at near zero levels. Beginning in 2003, the Individual Visit Scheme has allowed travellers from some cities in mainland China to visit Hong Kong without an accompanying tour group. As a result, the tourism industry of Hong Kong has benefitted from an increase in mainland visitors, further aided by the opening of Hong Kong Disneyland Resort in 2005. The economy continues to grow strongly with the return of consumer confidence and rising trade. Hong Kong has set low rates in both personal and corporate taxation.

In 2006, Hong Kong's per-capita GDP ranked as the 6 ^th highest in the world at US$38,127, ahead of countries such as Switzerland, Denmark, and Japan. Its GDP ranked as the 40 ^th highest at US$253.1 billion.

Demographics

Residents of Hong Kong are sometimes referred to as Hongkongers. Hong Kong's population increased sharply throughout the 1990s, reaching 6.99 million in 2006. About 95% of Hong Kong's population is of Chinese descent, the majority of which are Cantonese or from ethnic groups such as Hakka and Teochew. Cantonese, a Chinese language originating from Guangdong province to the north of Hong Kong, is Hong Kong's de-facto official dialect. English is also an official language widely spoken by more than 38% of the population. According to the 1996 Hong Kong Government by-census, some 3.1% regard English as their 'usual' language with 34.9% claiming to speak English as 'another' language. Signs displaying both Chinese and English are common throughout the territory. Since the 1997 handover, new groups of mainland Chinese immigrants have arrived. The usage of Mandarin, the official dialect of People's Republic of China and Republic of China (Taiwan), has also increased. The integration with mainland economy led to a demand in Mandarin speakers.

The remaining 5% of the population is composed of non-ethnic Chinese forming a highly visible group despite their smaller numbers. A South Asian population comprised of Indians, Pakistanis and Nepalese are found. Vietnamese refugees have become permanent residents. Approximately 140,000 Filipinos live and work in Hong Kong with the majority as foreign domestic helpers. An increasing number of domestic workers also originate from Indonesia. There are also a number of Europeans, Americans, Australians, Canadians, Japanese, and Koreans working in Hong Kong's commercial and financial sector.

Considered as a dependency, Hong Kong is one of the most densely populated countries/dependencies in the world, with an overall density of more than 6,200 people per km². Hong Kong has a fertility rate of 0.95 children per woman, one of the lowest in the world and far below the 2.1 children per woman required to sustain the current population. However, population in Hong Kong continues to grow due to the influx of immigrants from mainland China approximating 45,000 per year. Life expectancy in Hong Kong is 81.6 years as of 2006, 2nd hig

Some tidbits on Hong Kong.

Chinese police have launched a nationwide online crackdown to delete pornographic pictures of several Hong Kong celebrities and pledged to close any Websites that published the raunchy photos

Apparently, Edison Chen has more than those known 1300 sex photos. After his sincere apology on Thursday's press conference, Edison Chen surrendered his computer to the Hong Kong police. Now various new reports said that more than 1000 racy photos and numerous sex videos with three celebrities (Maggie Q, Jolin Tsai & Elva Hsiao?)

Hong Kong director Andrew Lau Wai Keung listens to a question during the Vision Beijing news conference in Beijing yesterday. The project has showcased five short films by five world famous film directors, namely Lau, Giuseppe Tornatore of Italy, Majid Majidi of Iran, Patrice Leconte of France and Daryl Goodrich of Britain. - Claro Cortes IV

Edison Chen (陳冠希) spent a second day answering police questions yesterday, reported Singtao Daily, a Hong Kong newspaper.

Parasitic Worm Slimming Aids - Lose Fat InstantlyWorms All the rage in Hong Kong to help you lose weight, Maybe not.I would really hope that a medical doctor would not issue this treatment or really hope nobody would actually need. Hong Kong health officials have let dieters know that eating parasitic worms is not a good way to los

Hong Kong

Offers article on history, geography, government, economy, people, transportation, culture, language and education.

Hong Kong - Wikipedia, the free encyclopedia

The Hong Kong national football team ( Chinese : 香港足球代表隊, Pinyin : Xiānggǎng Zúqiú Dàibiǎoduì) represents Hong Kong in international football (soccer) events ...

Hong Kong national football team - Wikipedia, the free encyclopedia

The official guide from the Hong Kong Tourism Board to help you plan your Hong Kong trip. Information on Chinese festivals, heritage and culture, shopping and dining, tours ...

Welcome to DiscoverHongKong

UNIQLO.COM ... UNIQLO Unveils Temporary Locations in Rockefeller... UNIQLO Appoints Maria Dziedzic As Design Director... UNIQLO's Japanese Pop Culture T-Shirt Project