Even though the territory experienced considered one of Asia's largest manufacturing economies in the latter half with the colonial era, Hong Kong's financial system has become dominated with the provider sector. The sector generates ninety two.7 per cent of economic output, with the public sector accounting for approximately 10 for each cent.
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as being the mainland liberalised its economy, Hong Kong's transport industry faced intense Opposition from other Chinese ports. Fifty for every cent of China's trade goods were routed via Hong Kong in 1997, dropping to about thirteen for every cent by 2015.[216] The territory's small taxation, popular regulation technique, and civil provider appeal to abroad corporations wishing to ascertain a existence in Asia.
The identify on the territory, to start with romanised as "He-Ong-Kong" in 1780,[35] initially referred to a little inlet Situated involving Aberdeen Island as well as the southern Coastline of Hong Kong Island. Aberdeen was an Original level of Make contact with concerning British sailors and local prediksi borneo vs arema fishermen.[36] Although the supply of the romanised title is mysterious, it is mostly thought to become an early phonetic rendering from the Cantonese pronunciation hēung góng. The title translates as "fragrant harbour" or "incense harbour".
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After the Qing conquest, maritime trade was banned under the Haijin guidelines. The Kangxi Emperor lifted the prohibition, letting foreigners to enter Chinese ports in 1684.[55] Qing authorities recognized the Canton process in 1757 to manage trade far more strictly, proscribing non-Russian ships to your port of Canton.[56] Despite the fact that European need for Chinese commodities like tea, silk, and porcelain was superior, Chinese interest in European produced goods was insignificant, making sure that Chinese items could only be purchased with valuable metals.
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Hong Kong represents alone independently from mainland China, with its possess sports activities groups in Intercontinental competitions.[282] The territory has participated in nearly every summertime Olympics since 1952, and it has earned 3 medals.
Chinese nationwide law does not frequently use from the location and Hong Kong is taken care of to be a individual jurisdiction.[ninety eight] Its judicial program is based on widespread law, continuing the legal custom set up in the course of British rule.[109] nearby courts may well confer with precedents set in English legislation and abroad jurisprudence.[one hundred ten] on the other hand, interpretative and amending electrical power around the Basic legislation and jurisdiction about functions of point out lie With all the central authority, generating regional courts in the long run subordinate to your mainland's socialist civil law procedure.
The territory's jurisdictional independence is most obvious in its immigration and taxation policies. The Immigration Office issues passports for long lasting residents which vary from People of the mainland or Macau,[114] plus the location maintains a controlled border with the rest of the place.
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right away following the transfer, Hong Kong was seriously influenced by numerous crises. The government was pressured to implement considerable foreign-Trade reserves to keep up the Hong Kong greenback's forex peg in the 1997 Asian financial disaster,[69] and the Restoration from this was muted by an H5N1 avian-flu outbreak[78] plus a housing surplus.
To decrease the trade imbalance, the British sold substantial amounts of Indian opium to China. confronted with a drug crisis, Qing officials pursued at any time far more aggressive actions to halt the opium trade.[57]