Although the territory had among Asia's most significant producing economies in the latter half from the colonial era, Hong Kong's overall economy is now dominated by the support sector. The sector generates 92.seven per cent of economic output, with the public sector accounting for approximately 10 for each cent.
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It has small arable land and few natural means, importing almost all of its foods and Uncooked components. More than 90 for every cent of Hong Kong's meals is imported, such as nearly all its meat and rice.
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Administrative infrastructure was speedily built by early 1842, but piracy, sickness, and hostile Qing policies to begin with prevented The federal government from attracting commerce. situations around the island enhanced in the Taiping Rebellion in the 1850s, when several Chinese refugees, like wealthy merchants, fled mainland turbulence and settled inside the colony.[sixteen] Further tensions among the British and Qing over the opium trade escalated into the Second Opium War.
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Hong Kong is characterised as a hybrid of East and West. standard Chinese values emphasising family members and training blend with Western beliefs, including financial liberty as well as the rule of legislation.[257] Although the overwhelming majority on the population is ethnically Chinese, Hong Kong has produced a distinct identification. The territory diverged through the mainland on account of its very long period of colonial administration and another rate of economic, social, and cultural growth. Mainstream lifestyle is derived from immigrants originating from several parts of China. This was motivated by British-type instruction, a independent political procedure, and also the territory's speedy development in the late twentieth century.
The Joint Declaration assures The essential legislation for fifty decades following the transfer of sovereignty.[seventy five] it doesn't specify how Hong Kong are going to be ruled right after 2047, along with the central authorities's purpose in determining the territory's long run system of government is the subject of political discussion and speculation.
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The government has experienced a passive role in the financial system. Colonial governments experienced small industrial policy, and carried out Virtually no trade controls. Under the doctrine of "positive non-interventionism", article-war administrations intentionally avoided the direct allocation of methods; Energetic intervention was deemed harmful to economic advancement.
The Hong Kong Jockey Club, the territory's largest taxpayer,[288] features a monopoly on gambling and provides more than seven for every cent of government earnings.[289] a few varieties of gambling are legal in Hong Kong: lotteries and betting on horse racing and soccer.[288] Education
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