Facts Regarding Hong Kongs Vibrant Economy
The freest economy index as per the most recent reports with a freedom score of 89.7%
Hong Kong has been successful in maintaining its score since last year with negligible fall in matters like government spending and labor freedom. Backed with a strong legal and regulatory framework with a broad acceptance of global competition and encouraging foreign investments Hong Kong has secured its economic position as one of the most stable ones by preventing uncertainties through all round macroeconomic strength. Hong Kong has become one of the most lucrative locations for trade and commerce which keep it connected with the whole world. Hong Kong serves as an entry to the mainland of China thus facilitating trade and business for the nation as a whole.
Hong Kong belongs politically and officially to the country of China. However, the level of independence it has displayed since its recently achieved freedom from the British rule has left the whole world in wonder to decide whether it is a part of a country like China or a sovereign entity by itself. Hong Kong has its own money, passports and legal system for which it is treated more often as an independent entity. This level of confidence and strength along with a very friendly and simple tax system has undoubtedly made Hong Kong to be a great place to live, work and invest.
The Special Administrative Region (SAR) of Hong Kong is controlled by the Peoples Republic of China. Hong Kongs currency is the Hong Kong dollar and according to 2010 reports its GDP is HK$1,743.5 billion, GDP per capita is HK$246,677 and real GDP growth is +5.8%. Labor force comprises 3.70 million of a population of 7 million. Natural resource is that of deepwater harbor and industry types include textiles, clothing, electronics, plastics, toys, watches, clocks and so on. Items such as clothing, electronics, textiles, watches and clocks, office machinery, electrical machinery, telecommunications equipment are exported while items like consumer goods, raw materials and semi-manufactures, capital goods, foodstuffs, fuels are imported.
Hong Kong boasts of a very mature form of governance where freedom, openness for all communities and races are practiced and human rights are given their due respect. The rule of law is held with utmost reverence and the courts are independent in their judicial control. Economically Hong Kong is a strong competitor for many nations as it has developed and maintained almost no public debt, an efficient banking system, plenty foreign exchange reserves, a strong legal system and also an anti-corruption system which is very capable and meticulously imposed and maintained.
by: Bryan Wong
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