Even though the territory had among Asia's most significant production economies in the latter fifty percent from the colonial era, Hong Kong's financial system has become dominated with the provider sector. The sector generates 92.seven for every cent of financial output, with the general public sector accounting for approximately 10 for every cent.
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given that the mainland liberalised its financial state, Hong Kong's shipping and delivery market faced intensive Level of competition from other Chinese ports. Fifty for every cent of China's trade goods were routed by way of Hong Kong in 1997, dropping to about 13 for every cent by 2015.[216] The territory's small taxation, common legislation program, and civil service appeal to abroad organizations wishing to establish a existence in Asia.
The title on the territory, to start with romanised as "He-Ong-Kong" in 1780,[35] originally referred to a little inlet Positioned concerning Aberdeen Island as well as southern Coastline of Hong Kong Island. Aberdeen was an Preliminary position of Call in between British sailors and local prediksi hongkong prize fishermen.[36] Even though the supply of the romanised name is not known, it is usually believed for being an early phonetic rendering from the Cantonese pronunciation hēung góng. The title translates as "fragrant harbour" or "incense harbour".
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Administrative infrastructure was promptly created by early 1842, but piracy, disorder, and hostile Qing policies initially prevented The federal government from attracting commerce. problems over the island enhanced through the Taiping Rebellion inside the 1850s, when quite a few Chinese refugees, which includes wealthy merchants, fled mainland turbulence and settled within the colony.[16] even further tensions amongst the British and Qing more than the opium trade escalated into the Second Opium War.
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The territory is split into 18 districts, Every single represented by a district council. These advise the government on community challenges including general public facility provisioning, Local community programme routine maintenance, cultural advertising, and environmental plan.
The territory's jurisdictional independence is most evident in its immigration and taxation policies. The Immigration Division troubles passports for permanent inhabitants which differ from All those of your mainland or Macau,[114] and the area maintains a controlled border with the rest of the region.
Originally a sparsely populated place of farming and fishing villages,[sixteen] the territory happens to be on the list of environment's most important economic centres and business ports.[21] it's the planet's tenth-major exporter and ninth-major importer.[22][23] Hong Kong has A serious capitalist services economic system characterised by low taxation and no cost trade, and its currency, the Hong Kong dollar, could be the eighth most traded currency on this planet.
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To reduce the trade imbalance, the British marketed significant amounts of Indian opium to China. confronted with a drug crisis, Qing officials pursued at any time extra intense actions to halt the opium trade.[57]