ABOUT HONG KONG

About Hong Kong

Hong Kong, formally called Hong Kong Special Administrative Region, a Special Administrative Region of the People's Republic of China and the Basic Law came into effect since the 1st of July, 1997. The Basic Law serves as the constitutional framework for the Hong Kong Special Administrative Region (HKSAR). It formally establishes key principles such as "one country, two systems," "Hong Kong people governing Hong Kong," and a significant level of autonomy. Under the provisions of the Basic Law, the HKSAR possesses executive, legislative, and independent judicial authority, which encompasses the power of final adjudication.

Economy

Hong Kong's economic landscape is defined by principles of free trade, minimal taxation, and limited government involvement. It ranks as the tenth largest trading economy globally, with mainland China serving as its primary trading partner. Additionally, Hong Kong operates as a prominent service-oriented economy, maintaining robust connections with both mainland China and the broader Asia-Pacific region. It is important to note that the Hong Kong dollar is pegged to the US dollar, resulting in a stable exchange rate over the long term. This stability is beneficial for companies that utilize either Hong Kong dollars or US dollars as their trading currencies or for long-term investments.

Currency: Hong Kong dollar
GDP: HK$2,981.6 billion (2023)
GDP per capita: HK$395,642 (2023)
Real GDP growth: 3.3% (2023)
Labour force: 3.822 million (2023)

Political climate

The "One Country, Two Systems" framework has been effectively in place since July 1, 1997, when Hong Kong was returned to Mainland China. In 1987, Deng Xiaoping proposed that "Hong Kong will remain unchanged for at least 50 years, and there is no need to change after." Under this framework, Hong Kong enjoys its own administrative, legislative, and independent judicial powers, along with final adjudication authority, as stipulated in the Basic Law of Hong Kong. Additionally, Hong Kong operates under a capitalist system, in contrast to the socialist model of China. This capitalist environment positions Hong Kong as a vital conduit for the free flow of capital for Mainland China. The independence of Hong Kong's legal and economic systems ultimately serves the long-term interests of the Chinese government, which is committed to maintaining the status quo in Hong Kong. This stability instills significant confidence in overseas investors regarding the protection of both movable and immovable assets.

Geography

At the southeastern extremity of China, Hong Kong encompasses Hong Kong Island, Lantau Island, the Kowloon Peninsula, and the New Territories, which comprise 261 surrounding islands. Victoria Harbour, recognized as one of the most famous deep-water harbors globally, is situated between Hong Kong Island and the Kowloon Peninsula.

Population

Hong Kong's population was estimated to be around 7.54 million in the middle of 2023, with individuals of Chinese descent making up the predominant portion of the demographic. The Chinese ethnicity occupies 91.6% of the Hong Kong community.

Language

Chinese and English serve as the official languages of Hong Kong. English is extensively utilized within the Government as well as in the legal, professional, and business communities. Professionals who are trilingual in English, Cantonese, and Putonghua are essential to the many enterprises operating in Hong Kong or engaging in commerce with mainland China and Taiwan.

Climate

Hong Kong experiences a subtropical climate characterized by distinct seasonal variations. The months of January and February tend to be overcast and can experience cold spells. In contrast, March and April are generally milder and more humid, often accompanied by fog. The period from May to August is marked by high temperatures and humidity, with the likelihood of heavy rainfall and thunderstorms. Tropical cyclones typically occur from June to October, resulting in strong winds, significant rainfall, and occasional storm surges. The months of November and December usually present clear and dry conditions, featuring pleasantly cool weather, although nighttime and early morning temperatures can occasionally drop to relatively cold levels