Even though the territory experienced one of Asia's major manufacturing economies over the latter 50 percent of your colonial period, Hong Kong's economy is currently dominated through the company sector. The sector generates 92.seven per cent of financial output, with the general public sector accounting for about 10 for each cent.
Hong Kong has been a Specific administrative region of China due to the fact 1997, with executive, legislative, and judicial powers devolved with the countrywide federal government.[ninety] The Sino-British Joint Declaration delivered for financial and administrative continuity through the transfer of sovereignty,[75] leading to an government-led governing technique largely inherited in the territory's history as a British colony.
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it's little arable land and few organic resources, importing the majority of its foods and raw components. greater than 90 per cent of Hong Kong's food stuff is imported, like almost all its meat and rice.
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The government maintains a policy of "mom tongue instruction"; most universities use Cantonese since the medium of instruction, with created instruction in both Chinese and English.
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Hong Kong signifies by itself individually from mainland China, with its own athletics groups in Global competitions.[282] The territory has participated in almost every summertime Olympics because 1952, and it has earned 3 medals.
The Joint Declaration assures The essential regulation for fifty a long time after the transfer of sovereignty.[seventy five] It does not specify how Hong Kong will be governed following 2047, as well as the central authorities's purpose in deciding the territory's foreseeable future procedure of presidency is the subject of political discussion and speculation.
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Originally a sparsely populated location of farming and fishing villages,[16] the territory is becoming on the list of entire world's most significant economical centres and commercial ports.[21] it truly is the globe's tenth-greatest exporter and ninth-premier importer.[22][23] Hong Kong has a major capitalist services economic system characterised by very low taxation and no cost trade, and its forex, the Hong Kong dollar, could be the eighth most traded forex in the world.
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To lessen the trade imbalance, the British sold big quantities of Indian opium to China. confronted with a drug disaster, Qing officials pursued ever more intense steps to halt the opium trade.[fifty seven]