The name on the territory, 1st romanised as "He-Ong-Kong" in 1780,[36] initially referred to a little inlet located in between Aberdeen Island as well as southern Coastline of Hong Kong Island. Aberdeen was an Preliminary position of Get in touch with concerning British sailors and native fishermen.[37] Even though the supply of the romanised title is unfamiliar, it is normally believed to be an early phonetic rendering with the Cantonese pronunciation hēung góng, or Tanka Cantonese. The title translates as "fragrant harbour" or "incense harbour".
As the mainland liberalised its financial state, Hong Kong's shipping and delivery market faced extreme competition from other Chinese ports. Fifty for each cent of China's trade merchandise ended up routed through Hong Kong in 1997, dropping to about 13 for each cent by 2015.[227] The territory's small taxation, common regulation procedure, and civil service entice abroad firms wishing to ascertain a existence in Asia.[227] The city has the next-maximum quantity of corporate headquarters in the Asia-Pacific area.[228] Hong Kong is often a gateway for foreign immediate financial commitment in China, supplying buyers open up use of mainland Chinese markets as a result of immediate back links with the Shanghai and Shenzhen stock exchanges.
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Hong Kong is characterised for a hybrid of East and West. standard Chinese values emphasising family members and instruction Mix with Western beliefs, such as economic liberty as well as rule of regulation.[269] Even though the vast majority in the inhabitants is ethnically Chinese, Hong Kong has formulated a distinct identity. The territory diverged from your mainland because of its lengthy period of colonial administration and another pace of economic, social, and cultural growth. Mainstream society is derived from immigrants originating from a variety of parts of China. This was motivated by British-model education and learning, a separate political method, and the territory's fast improvement throughout the late 20th century.
Originally a sparsely populated place of farming and fishing villages,[sixteen] the territory has grown to be among the environment's most significant money centres and industrial ports.[22] it is actually the planet's tenth-most significant exporter and ninth-biggest importer.[23][24] Hong Kong has A serious capitalist service financial state characterised by very low taxation and cost-free trade, and its currency, the Hong Kong dollar, is definitely the eighth most traded currency on the globe.
Western classical audio has historically had a robust presence in Hong Kong, and stays a big part of community musical training.[292] The publicly funded Hong Kong Philharmonic Orchestra, the territory's oldest professional symphony orchestra, routinely host musicians and conductors from overseas.
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The territory was the first market outside the house mainland China for renminbi-denominated bonds, and is without doubt one of the greatest hubs for offshore renminbi buying and selling.[229] In November 2020, Hong Kong's Financial Services along with the Treasury Bureau proposed a fresh legislation that can limit cryptocurrency buying and selling to professional investors only, leaving newbie traders (93% of Hong Kong's trading inhabitants) out of the market.[230]
[fifty eight] Even though European desire for Chinese commodities like tea, silk, and porcelain was significant, Chinese interest in European produced merchandise was insignificant, to ensure Chinese items could only be bought with treasured metals. To reduce the trade imbalance, the British bought huge amounts of Indian opium to China. confronted with a drug disaster, Qing officials pursued at any time far more intense actions to halt the opium trade.[fifty nine] British colony
[114] Interpretative and amending electric power more than The essential legislation and jurisdiction about acts of condition lie Using the central authority, building regional courts eventually subordinate for the mainland's socialist civil regulation technique.[115] conclusions made by the Standing Committee on the National People's Congress override any territorial judicial course of action.[116] Moreover, in situations the place the Standing Committee declares a point out of crisis in Hong Kong, the point out Council may well implement nationwide law inside the area.[117]
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