City Focus - Hong Kong

07/12/2009

Hong Kong is a special administrative region of the People's Republic of China.  It became a colony of the British Empire after the First Opium War (1839–1842). Hong Kong was reclassified as a British dependent territory in 1983 until China regained sovereignty in 1997.

Situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and natural harbour. With land mass of 1,104 km2 (426 sq mi) and a population of 7 million people, Hong Kong is one of the most densely populated areas in the world.

Hong Kong has a capitalist economy, developed under positive non-intervention and has become one of the world's top financial centres. . Hong Kong's currency is the Hong Kong dollar, which has been pegged to the U.S. dollar since 1983.  The Hong Kong dollar is the 9th most traded currency in the world. Its developed economy has been ranked the freest in the world by the Index of Economic Freedom for 15 consecutive years. It is an important centre for international finance and trade, with one of the greatest concentrations of corporate headquarters in the Asia-Pacific region.

The Government of Hong Kong plays a passive role in the financial industry, mostly leaving the direction of the economy to market forces and the private sector. Under the official policy of "positive non-interventionism", Hong Kong is often cited as an example of laissez-faire capitalism.

-The city’s name, Hong Kong means Fragrant Harbor
-Hong Kong is the most densely populated city in the world.
-Hong Kong has more Rolls Royce’s per person than any other city in the world.
-Hong Kong has the most skyscrapers in the world. Classified as buildings with more than 14 floors, Hong Kong has around 8000, almost double that of New York, its nearest rival.

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