[216] The city has the next-highest range of corporate headquarters within the Asia-Pacific region.[217] Hong Kong can be a gateway for overseas immediate expenditure in China, providing buyers open up use of mainland Chinese markets by means of direct hyperlinks with the Shanghai and Shenzhen inventory exchanges. The territory was the 1st market outside the house mainland China for renminbi-denominated bonds, and is one of the premier hubs for offshore renminbi investing.[218]
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right away following the transfer, Hong Kong was severely afflicted by numerous crises. The federal government was compelled to utilize considerable international-Trade reserves to maintain the Hong Kong dollar's currency peg throughout the 1997 Asian economic crisis,[sixty nine] and the Restoration from this was muted by an H5N1 avian-flu outbreak[78] and also a housing surplus.
Administrative infrastructure was swiftly crafted by early 1842, but piracy, ailment, and hostile Qing policies in the beginning prevented The federal government from attracting commerce. ailments within the island improved in the Taiping Rebellion while in the 1850s, when numerous Chinese refugees, together with rich merchants, fled mainland turbulence and settled from the colony.[sixteen] even further tensions among the British and Qing over the opium trade escalated into the Second Opium War.
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Western classical new music has Traditionally experienced a powerful existence in Hong Kong, and remains a sizable part of local musical education and learning.[280] The publicly funded Hong Kong Philharmonic Orchestra, the territory's oldest Expert symphony orchestra, commonly host musicians and conductors from abroad.
The name with the territory, 1st romanised as "He-Ong-Kong" in 1780,[35] originally referred to a little inlet Situated involving Aberdeen Island and the southern Coastline of Hong Kong Island. Aberdeen was an Original stage of Get in touch with involving British sailors and native fishermen.[36] Even though the source of the romanised title is mysterious, it is usually considered to get an early phonetic rendering on the Cantonese pronunciation hēung góng. The title translates as "fragrant harbour" or "incense harbour".
The Joint Declaration assures the Basic legislation for fifty many years following the transfer of sovereignty.[75] It does not specify how Hong Kong are going to be ruled after 2047, along with the central federal government's role in figuring out the territory's long term procedure of presidency is the subject of political discussion and speculation.