Although the territory experienced one of Asia's largest producing economies in the latter 50 % of the colonial period, Hong Kong's economy has become dominated through the support sector. The sector generates 92.7 per cent of economic output, with the public sector accounting for around 10 for every cent.
Hong Kong has long been a special administrative location of China considering that 1997, with executive, legislative, and judicial powers devolved through the national government.[90] The Sino-British Joint Declaration presented for financial and administrative continuity in the transfer of sovereignty,[75] causing an govt-led governing system mainly inherited with the territory's history for a British colony.
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it's minor arable land and few organic resources, importing most of its food items and raw products. a lot more than ninety for each cent of Hong Kong's foods is imported, such as nearly all its meat and rice.
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The government maintains a plan of "mom tongue instruction"; most schools use Cantonese as being the medium of instruction, with composed education in the two Chinese and English.
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Hong Kong is characterised as a hybrid of East and West. standard Chinese values emphasising loved ones and instruction Mix with Western ideals, which includes financial liberty and also the rule of law.[257] Although the vast majority of your inhabitants is ethnically Chinese, Hong Kong has formulated a distinct id. The territory diverged with the mainland as a consequence of its long duration of colonial administration and a unique speed of financial, social, and cultural enhancement. Mainstream tradition is derived from immigrants originating from numerous areas of China. This was motivated by British-design education and learning, a individual political process, plus the territory's speedy advancement through the late 20th century.
Chinese nationwide law isn't going to normally apply in the area and Hong Kong is treated for a independent jurisdiction.[ninety eight] Its judicial method is based on typical regulation, continuing the lawful custom founded in the course of British rule.[109] nearby courts could consult with precedents set in English regulation and abroad jurisprudence.[one hundred ten] However, interpretative and amending ability above the Basic regulation and jurisdiction over acts of point out lie While using the central authority, creating regional courts in the end subordinate for the mainland's socialist civil legislation program.
The territory's jurisdictional independence is most obvious in its immigration and taxation insurance policies. The Immigration Department troubles passports for lasting people which differ from Individuals on the mainland or Macau,[114] plus the location maintains a regulated border with the rest of the place.
Originally a sparsely populated place of farming and fishing villages,[sixteen] the territory is now one of many globe's most vital monetary centres and business ports.[21] it can be the planet's tenth-biggest exporter and ninth-major importer.[22][23] Hong Kong has a major capitalist assistance financial system characterised by lower taxation and absolutely free trade, and its forex, the Hong Kong dollar, is the eighth most traded forex on the earth.
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[216] the town has the next-best variety of corporate headquarters within the Asia-Pacific region.[217] Hong Kong is a gateway for overseas immediate expenditure in China, supplying traders open up use of mainland Chinese marketplaces as a result of immediate back links with the Shanghai and Shenzhen stock exchanges. The territory was the initial industry outside mainland China for renminbi-denominated bonds, and is among the largest hubs for offshore renminbi investing.[218]
To lessen the trade imbalance, the British bought big quantities of Indian opium to China. confronted with a drug crisis, Qing officers pursued at any time more intense actions to halt the opium trade.[fifty seven]