Hong Kong |
Special Administrative Region of the People's Republic of China
Hong Kong, described as a 'barren rock' over 150 years ago, has become a world-class financial, trading and business center and, indeed, a great world city-state.
Hong Kong became a Special Administrative Region, or SAR, of the People's Republic of China on July 1, 1997, after a century and a half of British administration. Under Hong Kong's constitutional document, the Basic Law, the existing economic, legal and social system will be maintained for 50 years. The SAR enjoys a high degree of autonomy except in defense and foreign affairs.
Hong Kong is the world's 10th largest trading economy, one of the world's four largest gold markets, the world's 7th largest foreign exchange market, the world's 12th largest banking center, and Asia's 3rd biggest stock market. Hong Kong is one of the world's top exporters of garments, watches and clocks, toys, games, electronic products and certain light industrial products. Hong Kong is the world's 10th largest exporter of services. Civil aviation, shipping, travel and tourism, trade-related services, and various financial and banking services are the main components of trade in services. The prices of many services are among the lowest in the world.