Hong Kong
Official Country Name
Hong Kong
Hong Kong Overview
Occupied by the UK in 1841, Hong Kong was formally ceded by China the following year; various adjacent lands were added later in the 19th century. Pursuant to an agreement signed by China and the UK on 19 December 1984, Hong Kong became the Hong Kong Special Administrative Region (SAR) of China on 1 July 1997. In this agreement, China has promised that, under its "one country, two systems" formula, China's socialist economic system will not be imposed on Hong Kong and that Hong Kong will enjoy a high degree of autonomy in all matters except foreign and defense affairs for the next 50 years.
Hong Kong Economy
Hong Kong has a free market economy highly dependent on international trade. The territory has become more closely linked to mainland China over the past few years. Even before Hong Kong reverted to Chinese administration on 1 July 1997, it had extensive trade and investment ties with China. Hong Kong's service industry over the past decade has grown rapidly as its manufacturing industry has moved to the mainland. Hong Kong also has stepped up its efforts to gain approval to offer more mainland financial services in a bid to remain competitive with China's growing financial centers. Hong Kong's natural resources are limited, and food and raw materials must be imported. Gross imports and exports (i.e., including reexports to and from third countries) each exceed GDP in dollar value. Per capita GDP exceeds that of the four big economies of Western Europe. GDP growth averaged a strong 5% from 1989 to 2006, but Hong Kong suffered two recessions in the past eight years because of the Asian financial crisis in 1997-1998 and the global downturn in 2001-2002. Although the Severe Acute Respiratory Syndrome (SARS) outbreak in 2003 also battered Hong Kong's economy, a solid rise in exports, a boom in tourism from the mainland because of China's easing of travel restrictions, and a return of consumer confidence resulted in the resumption of strong growth from late 2003 through 2006. Moreover, several large initial public offerings of Chinese companies on the Hong Kong stock exchange since late 2005 have helped to boost Hong Kong's status as a financial hub and have contributed to the improved performance of the market in late 2006.
Hong Kong Location
Hong Kong is located in Eastern Asia, bordering the South China Sea and China
Region
Hong Kong is located in Asia
Hong Kong Population
Hong Kong has population of 6,940,432 (July 2006 est.)
Hong Kong Climate
Hong Kong has subtropical monsoon; cool and humid in winter, hot and rainy from spring through summer, warm and sunny in fall
Hong Kong Terrain
hilly to mountainous with steep slopes; lowlands in north
Hong Kong Natural Resources
outstanding deepwater harbor, feldspar
Ethnic Groups in Hong Kong
Hong Kong has the following ethnic groups - Chinese 95%, other 5%
Hong Kong Religions
eclectic mixture of local religions 90%, Christian 10%
Hong Kong Languages
Chinese (Cantonese), English; both are official
Hong Kong Capital
Hong Kong capital is Hong Kong
Hong Kong Currency
Hong Kong currency is Hong Kong dollar
Map of Hong Kong
