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Hong Kong Map -- China
Hong Kong has a free market economy highly
dependent on international trade. Natural resources are limited, and food and
raw materials must be imported. Imports and exports, including exports, each
exceed GDP in dollar value. Even before Hong Kong reverted to Chinese
administration on 1 July 1997 it had extensive trade and investment ties with
China. Hong Kong has been further integrating its economy with China because
China's growing openness to the world economy has increased competitive pressure
on Hong Kong's service industries, and Hong Kong's re-export business from China
is a major driver of growth. Per capita GDP compares with the level in the four
big economies of Western Europe. GDP growth averaged a strong 5% in 1989-1997,
but Hong Kong suffered two recessions in the past 10 years because of the Asian
financial crisis in 1998 and the global downturn of 2001-2002. The Severe Acute
Respiratory Syndrome (SARS) outbreak also battered Hong Kong's economy, but a
boom in tourism from the mainland because of China's easing of travel
restrictions, a return of consumer confidence, and a solid rise in exports
resulted in the resumption of strong growth in late 2003. Thank you Hong Kong Hong Kong Map sows us about being occupied by
the UK in 1841. Hong Kong was formally ceded by China the following year;
various adjacent lands were added later in the 19th century. Pursuant to an
agreement signed by China and the UK on 19 December 1984, Hong Kong became the
Hong Kong Special Administrative Region (SAR) of China on 1 July 1997. In this
agreement, China has promised that, under its "one country, two
systems" formula, China's socialist economic system will not be imposed on
Hong Kong and that Hong Kong will enjoy a high degree of autonomy in all matters
except foreign and defense affairs for the next 50 years. |
