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Hong kong

About Hong Kong

Hong Kong - Asia’s World City

Hong Kong is often described as the land of opportunities, overwhelming at first sight. The nicely designed sidewalks, buzz of people, the lights and the modern infrastructure never fails to dazzle first-time visitors. This land has a mighty entrepreneurial spirit and beckons businessmen to come and fulfill their desired dreams.

Hong Kong is located at China’s south coast and enclosed by the Pearl River Delta and South China Sea. “Hong Kong” means “fragrant harbor” in spoken Cantonese. Hong Kong is well-known for its expansive skyline and deep natural harbour. With a land mass of 1,104 km2 (426 sq mi) and a population of seven million people, Hong Kong is one of the most densely populated areas in the world.

Previously a British colony, Hong Kong is one of two special administrative regions (SARs) of the People's Republic of China (PRC), the other being Macau. “The one country, two systems” principle has given Hong Kong the privilege to have a different political system from mainland China. The Hong Kong Special Administrative Region's constitutional document, the Basic Law, ensures that the current political situation will remain in effect for 50 years after the handover from the British to the Chinese. The rights and freedoms of people in Hong Kong are based on the impartial rule of law and an independent judiciary. The Basic Law stipulates that the region maintain its capitalist economic system for at least 50 years beyond the 1997 handover. With an 800 person strong election committee, a powerful Chief Executive of Hong Kong is selected as the head of the government.

Chinese and English are the official languages of Hong Kong. English is widely used in the Government and by the legal, professional and business sectors.

Hong Kong has a free market economy highly dependent on international trade and finance. Hong Kong is also a major service economy, with particularly strong links to mainland China and the rest of the Asia-Pacific region. Hong Kong is an important centre for international finance and trade, with one of the greatest concentrations 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 development.

Hong Kong’s economy has been ranked the freest in the world by the Index of Economic Freedom for 15 consecutive years. Hong Kong’s capitalist economy is characterized by low taxation and free trade, very condusive to start up a new venture or business. Its currency, the Hong Kong dollar, is the ninth most traded currency in the world. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Since Hong Kong is an island, the lack of space has caused demand for denser constructions, consequently leading the city to be developed into a centre for modern architecture. It is the world's most vertical city providing the best transportation network. The public transport travelling rate in Hong Kong exceeds 90 percent, the highest in the world.

Hong Kong has been ranked highly in numerous international rankings for its economic freedom, financial and economic competitiveness, quality of life, corruption perception, Human Development Index, etc. In 2011, Hong Kong was ranked second in the Ease of Doing Business Index, behind Singapore.