Even though the territory experienced amongst Asia's most significant producing economies through the latter 50 % of your colonial period, Hong Kong's financial system is currently dominated by the services sector. The sector generates ninety two.seven for each cent of economic output, with the public sector accounting for around ten per cent.
Hong Kong has become a special administrative area of China considering that 1997, with govt, legislative, and judicial powers devolved within the countrywide federal government.[90] The Sino-British Joint Declaration presented for economic and administrative continuity in the transfer of sovereignty,[seventy five] leading to an govt-led governing process largely inherited from your territory's heritage being a British colony.
Political debates once the transfer of sovereignty have centred round the area's democratic development plus the central governing administration's adherence towards the "a single place, two techniques" theory. soon after reversal of the final colonial era Legislative Council democratic reforms pursuing the handover,[eighty one] the regional federal government unsuccessfully tried to enact national protection laws pursuant to post 23 of the Basic legislation.[82] The central governing administration determination to implement nominee pre-screening just before letting Chief govt elections triggered a number of protests in 2014 which turned known as the Umbrella Revolution.
given that the mainland liberalised its economic climate, Hong Kong's shipping business faced intensive competition from other Chinese ports. Fifty for each cent of China's trade goods ended up routed by means of Hong Kong in 1997, dropping to about 13 for each cent by 2015.[216] The territory's negligible taxation, popular regulation process, and civil service draw in overseas companies wishing to establish a presence in Asia.
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After the Qing conquest, maritime trade was banned under the Haijin guidelines. The Kangxi Emperor lifted the prohibition, permitting foreigners to enter Chinese ports in 1684.[fifty five] Qing authorities proven the Canton System in 1757 to regulate trade much more strictly, limiting non-Russian ships into the port of Canton.[fifty six] Although European demand for Chinese commodities like tea, silk, and porcelain was high, Chinese interest in European made goods was insignificant, so that Chinese products could only be bought with treasured metals.
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Hong Kong signifies itself individually from mainland China, with its possess athletics groups in Worldwide competitions.[282] The territory has participated in nearly every summer season Olympics due to the fact 1952, and it has earned 3 medals.
The territory is divided into eighteen districts, Just about every represented by a district council. These suggest the government on local troubles like general public facility provisioning, Group programme routine maintenance, cultural advertising, and environmental plan.
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The federal government has experienced a passive function from the economy. Colonial governments had minor industrial coverage, and implemented Pretty much no trade controls. Under the doctrine of "constructive non-interventionism", post-war administrations intentionally averted the direct allocation of methods; Lively intervention was regarded as detrimental to financial development.
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instantly after the transfer, Hong Kong was seriously impacted by a number of crises. The government was compelled to implement significant international-Trade reserves to keep up the Hong Kong dollar's forex peg through the 1997 Asian money disaster,[69] as well as Restoration from this was muted by an H5N1 avian-flu outbreak[seventy eight] plus a housing surplus.
[33][34][37] "Fragrant" may perhaps check with the sweet style in the harbour's freshwater inflow within the Pearl River or to the odour from incense factories lining the Coastline of northern Kowloon. The incense was stored in close proximity to Aberdeen Harbour for export ahead of Victoria Harbour developed.[37] Sir John Davis (the 2nd colonial governor) presented an alternate origin; Davis mentioned which the identify derived from "Hoong-keang" ("pink torrent"), reflecting the colour of soil about which a waterfall over the island flowed.[38]