Although the territory experienced one among Asia's premier production economies during the latter half of your colonial era, Hong Kong's economy has become dominated because of the service sector. The sector generates 92.seven for every cent of financial output, with the public sector accounting for approximately 10 for each cent.
Hong Kong is a special administrative area of China because 1997, with government, legislative, and judicial powers devolved from the countrywide government.[90] The Sino-British Joint Declaration offered for economic and administrative continuity in the transfer of sovereignty,[seventy five] leading to an executive-led governing process largely inherited within the territory's historical past to be a British colony.
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As the mainland liberalised its economic system, Hong Kong's transport business faced intensive Level of competition from other Chinese ports. Fifty for every cent of China's trade items were being routed by way of Hong Kong in 1997, dropping to about 13 for each cent by 2015.[216] The territory's minimum taxation, typical law process, and civil service attract abroad businesses wishing to determine a presence in Asia.
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once the Qing conquest, maritime trade was banned underneath the Haijin insurance policies. The Kangxi Emperor lifted the prohibition, making it possible for foreigners to enter Chinese ports in 1684.[fifty five] Qing authorities proven the Canton program in 1757 to control trade more strictly, limiting non-Russian ships on the port of Canton.[fifty six] Though European need for Chinese commodities like tea, silk, and porcelain was high, Chinese fascination in European created products was insignificant, to ensure Chinese goods could only be bought with precious metals.
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The territory is split into 18 districts, Just about every represented by a district council. These suggest the government on nearby challenges which include general public facility provisioning, Group programme routine maintenance, cultural marketing, and environmental plan.
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[216] the town has the second-greatest amount of company headquarters during the Asia-Pacific region.[217] Hong Kong is actually a gateway for foreign immediate expense in China, providing buyers open up use of mainland Chinese markets by means of immediate back links with the Shanghai and Shenzhen stock exchanges. The territory was the initial sector outdoors mainland China for renminbi-denominated bonds, and is among the greatest hubs for offshore renminbi trading.[218]
To decrease the trade imbalance, the British sold big quantities of Indian opium to China. confronted with a drug disaster, Qing officers pursued at any time much more aggressive actions to halt the opium trade.[57]