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Immediately after the transfer, Hong Kong was seriously afflicted by quite a few crises. The federal government was pressured to work with considerable overseas exchange reserves to keep up the Hong Kong greenback's currency peg in the 1997 Asian economical disaster,[sixty nine] and also the Restoration from this was muted by an H5N1 avian-flu outbreak[78] plus a housing surplus.

beginning being a farming fishing village and salt creation internet site, it became a very important no cost port and eventually A significant international economical centre.[1]

Chinese nationwide regulation does not frequently use while in the area and Hong Kong is addressed as a separate jurisdiction.[ninety eight] Its judicial method relies on frequent legislation, continuing the lawful custom established for the duration of British rule.[109] nearby courts may possibly check with precedents established in English legislation and abroad jurisprudence.[110] even so, mainland felony process legislation applies to scenarios investigated by the Workplace for Safeguarding nationwide safety of the CPG from the HKSAR.

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Even though the territory had certainly one of Asia's largest producing economies throughout the latter 50 % on the colonial period, Hong Kong's economic climate is now dominated through the provider sector. The sector generates 92.7 per cent of economic output, with the public sector accounting for about ten per cent.

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Hong Kong retains a individual international dialling code (+852) and phone numbering plan from that on the mainland. phone calls in between Hong Kong along with the mainland nonetheless call for Intercontinental dialling.

The producing marketplace opened a brand new decade employing big sections with the populace. The period is taken into account a turning stage for Hong Kong's economy. the development small business was also revamped with new in depth pointers for The 1st time given that entire world War II. even though Hong Kong began out that has a reduced GDP, it employed the textile field as the foundation to boost the economic system.

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