Hong Kong Information
Hong Kong is officially known as the Hong Kong Special Administrative Region. Hong Kong has one of the world's most thriving economies and is a hub for international trade and investment. A cosmopolitan city, Hong Kong weaves Western and Asian influence into a world-class center of business, culture, and trade.
Hong Kong's sovereignty was transfered from the United Kingdom to the People's Republic of China on July 1, 1997 under a "one country, two systems" agreement. Under this agreement, Hong Kong will retain a high level of economic autonomy in all matters except defense affairs for the next 50 years.
Quick Facts
- Population | 7 Million
- GDP | US$293 Billion
- GDP per Capita | US$42,000
- Language | Cantonese
- Land Area | 6x the size of Washington DC
- Legal System | Based upon English Common Law
Cultural Information
Hong Kong is known as the place where the East meets the West. The confluence of cultures is reflected in the customs, culture, and education of Hong Kong. A famous cultural export of Hong Kong is its entertainment industry, especially in movies. Famous actors such as Bruce Lee, Chow Yun-Fat, and Jackie Chan contributed greatly to the martial arts genre of film. Cantopop (Cantonese Popular Music) is a form of popular music from Hong Kong. True to its cosmopolitan population, Cantopop draws influence from Chinese music, jazz, rock & roll, r&b, and western pop music.
Economic Information
Hong Kong is the world's 11th largest trading entity. The economy is dominated by service-related industries that account for an astonishing 90% of GDP. Low in natural resources, Hong Kong has established itself as a center for international trade and finance. It has topped the Economic Freedom of the World Report as the freest economy for 14 straight years. The Hong Kong stock exchange is the 6th largest in the world with a market capitialization of nearly US$3 Trillion.
Hong Kong has a capitalist economy with strong cornerstones of free markets, low taxation, and fiscal responsibility. Hong Kong has the greatest concentration of corporate headquarters in the Asia-Pacific region. The largest trading partner is China with the United States and Japan being the other major partners.
The currency in Hong Kong is the Hong Kong Dollar which has been pegged to the US$ since 1983. The 2007 GDP growth rate was 5.8% and inflation was at just 2%. Hong Kong is known for low corporate and personal taxes.
Political Information
The local Hong Kong Government retains sovereignty over all aspects within the territory with the exception of national defense and foreign relations. Hong Kong has a constitution called the Basic Law that was approved by the China National People's Congress in March of 1990. Hong Kong's Legal system is based on English common law. The chief of state is President of China Hu Jintao and Hong Kong's head of government is Chief Executive Donald Tsang. The chief executive is elected for a 5-year term.
Hong Kong's government is known as transparent, small and efficient. It has a stated philosophy of "maximum help and minimum interference" for business.
Under the Special Administrative Region agreement between Hong Kong and mainland China, Hong Kong maintains a high level of autonomy and retains its own laws. The one country, two system's agreement will be in effect until at least 2047.
