since the mainland liberalised its economy, Hong Kong's transport market confronted extreme Level of competition from other Chinese ports. Half of China's trade products have been routed through Hong Kong in 1997, dropping to about 13% by 2015.[230] The territory's nominal taxation, common legislation method, and civil assistance attract overseas companies wishing to determine a presence in Asia.[230] The city has the next-best range of company headquarters during the Asia-Pacific region.[231] Hong Kong is actually a gateway for foreign immediate investment in China, providing investors open access to mainland Chinese marketplaces by direct backlinks with the Shanghai and Shenzhen inventory exchanges.
The identify on the territory, very first romanised as "He-Ong-Kong" in 1780,[37] initially referred to a small inlet Positioned amongst Aberdeen Island and the southern Coastline of Hong Kong Island. Aberdeen was an initial issue of Get hold of concerning British sailors and local fishermen.[38] Although the supply of the romanised name is unidentified, it is generally thought to get an early phonetic rendering from the Cantonese pronunciation hēung góng, or Tanka Cantonese. The title interprets as "fragrant harbour" or "incense harbour".
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The territory was the main market place exterior mainland China for renminbi-denominated bonds, and is amongst the most significant hubs for offshore renminbi buying and selling.[232] In November 2020, Hong Kong's fiscal providers plus the Treasury Bureau proposed a fresh law which will limit cryptocurrency buying and selling to Skilled traders only, leaving amateur traders (ninety three% of Hong Kong's trading population) away from the market.[233]
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