[216] town has the 2nd-highest quantity of company headquarters while in the Asia-Pacific region.[217] Hong Kong is actually a gateway for international immediate expenditure in China, offering investors open entry to mainland Chinese markets by means of direct back links While using the Shanghai and Shenzhen inventory exchanges. The territory was the first marketplace outside the house mainland China for renminbi-denominated bonds, and is probably the premier hubs for offshore renminbi trading.[218]
The Hong Kong Jockey Club, the territory's largest taxpayer,[288] includes a monopoly on gambling and supplies above seven per cent of presidency income.[289] 3 sorts of gambling are authorized in Hong Kong: lotteries and betting on horse racing and football.[288] education and learning
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Administrative infrastructure was quickly constructed by early 1842, but piracy, illness, and hostile Qing guidelines to begin with prevented The federal government from attracting commerce. problems over the island enhanced in the Taiping Rebellion during the 1850s, when many Chinese refugees, which includes wealthy retailers, fled mainland turbulence and settled within the colony.[16] further more tensions between the British and Qing in excess of the opium trade escalated into the 2nd Opium War.
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Hong Kong is characterised to be a hybrid of East and West. standard Chinese values emphasising family members and schooling blend with Western beliefs, such as economic liberty as well as rule of legislation.[257] Although the vast majority in the population is ethnically Chinese, Hong Kong has designed a definite id. The territory diverged from the mainland on account of its lengthy period of colonial administration and a distinct tempo of economic, social, and cultural development. Mainstream tradition is derived from immigrants originating from numerous portions of China. This was motivated by British-type education, a independent political program, and the territory's rapid progress throughout the late twentieth century.
Hong Kong is usually a Exclusive administrative area of China, with executive, legislative, and judicial powers devolved from your nationwide government.[ninety] The Sino-British Joint Declaration supplied for economic and administrative continuity in the transfer of sovereignty,[seventy five] resulting in an government-led governing program mostly inherited in the territory's history being a British colony.