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The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. [15] [16] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, [17] and is pegged to the US dollar.
The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s. By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for export orientation . [ 10 ]
The region of Hong Kong has been inhabited since the Old Stone Age, later becoming part of the Chinese Empire with its loose incorporation into the Qin dynasty (221–206 BC). Starting out as a farming fishing village and salt production site, it became an important free port and eventually a major international financial center.
Hong Kong [e] is a special administrative region of the People's Republic of China. With 7.4 million residents of various nationalities [f] in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated territories in the world. Hong Kong was established as a colony of the British Empire after the Qing dynasty ...
History of Hong Kong. Hong Kong in the 1970s underwent many changes that shaped its future, led for most of the decade by its longest-serving and reform-minded Governor, Murray MacLehose. Economically, it reinvented itself from a manufacturing base into a financial centre.
Law and order. The first disturbance in the 1960s was the Hong Kong 1966 riots over the rising fares of the Star Ferry. A petition was created with 20,000 signatures in protest against any increases in transportation costs. The result led to the arrest of 1,800 people, but the end came swiftly.
Despite the uncertainty brought by handover and economic crisis, the population of Hong Kong in the 1990s had still increased. In 1990, there were approximately 5,700,000 people in Hong Kong. A 500,000 growth in population was seen until 1996.
Hong Kong’s economy has struggled to regain momentum since it reopened after more than two years of self-imposed Covid isolation. In 2023, its GDP grew 3.2%, thanks to a low base in 2022, but it ...