Hong Kong

Hong Kong, a special administrative region of the People’s Republic of China, has a population of approximately 7.4 million residents from various nationalities, ranking it as the fourth most densely populated region in the world within its 1,104-square-kilometre area. On China’s southeast coast, this vibrant city has a rich and complicated past that has molded its distinct character and global position today.

Modern Hong Kong started off as a British colony in the middle of the 19th century. After the First Opium War, the Qing government turned Hong Kong Island over to the British Empire between 1841 and 1842. This was the start of Hong Kong’s development from a collection of thinly inhabited fishing and agricultural communities into a major worldwide center. The boundaries of the colony grew to encompass the Kowloon Peninsula in 1860 and grew yet further in 1898 when the United Kingdom signed a 99-year lease of the New Territories.

1941 to 1945 Hong Kong was under Japanese rule during World War II. Following this turbulent period came a restoration under British control until 1997 when the area was turned over to China. With this hand-off of sovereignty, Hong Kong’s history underwent a sea change and entered the “one country, two systems” age. Hong Kong maintains distinct governance and economic systems under this concept from mainland China, therefore preserving its capitalist system and certain liberties.

Now among the most important financial hubs and commercial ports worldwide is Hong Kong. Its rankings clearly show its economic strength: it ranks fourth worldwide financial center, ninth-largest exporter, and eighth-largest importer. Being the ninth most traded currency in the world, the Hong Kong dollar highlights the financial importance of the territory on international scene.

Hong Kong’s skyline is evidence of both urban growth and financial achievement. With an amazing 554 structures over 150 meters in height, the city claims the most skyscrapers in the world. The limited buildable land causes this vertical expansion, which produces a high-density urban setting with closely packed residential tenements and commercial buildings. Rising as monuments of Hong Kong’s architectural and economic success, iconic buildings such the International Commerce Centre and Two International Finance Centre dominate the skyline.

With low taxes, minimum government interference, and a well-established international financial sector, Hong Kong’s market-oriented strategy defines her economy. With a nominal GDP of around US$407 billion, Hong Kong’s economic model has helped to explain its wealth; it is the 38th biggest economy in the world. Globally, the territory’s dedication to economic freedom is well-known; Hong Kong often ranks first on the Heritage Foundation’s economic freedom index over many years.

Ranked as the seventh-largest in the world, the Hong Kong Stock Exchange is very vital in the worldwide financial scene. As of December 2018, its market capitalization of HK$30.4 trillion (US$3.87 trillion) makes it an essential center for commerce and foreign investment. The city’s creative energy also shows itself in its Global Innovation Index rating, which ranks it as the 17th most inventive location in the world.

Notwithstanding its economic prosperity, Hong Kong has major problems especially with regard to wealth disparity and housing affordability. The city has one of the greatest per capita incomes worldwide and ranks eighth in the world for billionaires overall. Still, this riches coexists with extreme economic differences among the people. Hong Kong’s always strong demand for homes results in some of the most expensive real estate markets globally and presents continuous difficulties for many of its citizens.

Three tiers comprise Hong Kong’s administrative system: areas, districts, and sub-districts. Further split into eighteen districts, the territory consists of three major sections: Hong Kong Island, Kowloon, and the New Territories. A district council representing each area advises the government on local concerns like public amenities, community projects, cultural development, and environmental legislation.

In numerous respects, Hong Kong’s standard of living is remarkable. Reflecting the caliber of its healthcare system and general living circumstances, the area claims the greatest life expectancy in the world. With utilization reaching 90 percent, public transportation is very efficient and helps the daily mobility of millions of people as well as support of environmental sustainability initiatives in the city.

With 5% of Hong Kong’s GDP going toward tourism, it is quite important for its economy. Before current world events, Hong Kong was a popular travel destination especially for mainland China’s visitors. Visitors from all across the globe find the city appealing because of its contemporary infrastructure and natural surroundings as well as its unique fusion of Eastern and Western traditions.