Hong Kong, China News

About Hong Kong, China

Hong Kong is one of the world's leading financial centres. Its highly capitalist economy, built on a policy of free markets, low taxation and government non-intervention, has been ranked as the most free economy in the world in the Index of Economic Freedom for 14 consecutive years.

It is an important centre for international finance and trade, with the greatest concentration of corporate headquarters in the Asia-Pacific region, and is known as one of the Four Asian Tigers for its high growth rates and rapid industrialisation between the 1960s and 1990s.

The Hong Kong Stock Exchange is the sixth largest in the world, with a market capitalisation of US$2.97 trillion as of October 2007, and the second highest value of initial public offerings, after London. The currency used in Hong Kong is the Hong Kong dollar, which has been pegged to the US dollar since 1983.

Hong Kong is the world's eleventh largest trading entity, with the total value of imports and exports exceeding its gross domestic product. Much of Hong Kong's exports consist of re-exports, which are products made outside of the territory, especially in mainland China, and distributed via Hong Kong.

Even before the transfer of sovereignty to the People's Republic of China, Hong Kong had established extensive trade and investment ties with mainland China. The territory's autonomous status enables it to serve as a point of entry for investments and resources flowing into the mainland. It is also a connecting point for flights from Taiwan destined for the mainland.

At the end of 2007, there were 3.46 million people employed full-time, with the unemployment rate averaging 4.1%, the fourth straight year of decline. Hong Kong's economy is dominated by the service sector, which accounts for over 90% of its GDP, while industry now constitutes just 9%.

Hong Kong's tourism industry has recently benefitted from an increase in mainland visitors and the opening of Hong Kong Disneyland Resort in 2005. Inflation was at 2% in 2007, and Hong's Kong's largest export markets are China, the United States, and Japan.

Other Major Cities:

• Shanghai
• Beijing
• Guangzhou
• Tianjin
• Wuhan
• Shenzhen
• Chongqing
• Shenyang
• Chengdu
• Foshan
• Xi'an
• Dongguan
• Nanjing
• Harbin