City Information: Hong Kong
OFFICIAL NAME:
Hong Kong Special Administrative Region
Chief Executive--Donald Tsang Yam-kuen
Geography
Area: 1,104.3 sq. km.; Hong Kong comprises Hong Kong Island, Kowloon, the New Territories, and numerous small islands.
Terrain: Hilly to mountainous, with steep slopes and natural harbor.
Climate: Tropical monsoon. Cool and humid in winter, hot and rainy from spring through summer, warm and sunny in fall.
People
Population: 7.0 million.
Population growth rate: 0.8%.
Ethnic groups: Chinese 95%; other 5%.
Religions: About 43% participate in some form of religious practice. Christian, about 9.6%.
Languages: Cantonese (a dialect of Chinese) and English are official.
Education: Literacy--97.1% (98.7% male, 95.4% female).
Work force: 3.66 million. Wholesale, retail, and import/export trades and restaurants and hotels --29.0%; finance, insurance, real estate, and business services--14.3%; manufacturing--4.2%.
Government
Type: Special Administrative Region (SAR) of the People's Republic of China, with its own constitution-like charter (the Basic Law).
Subdivisions: Hong Kong, Kowloon, New Territories.
Suffrage: Permanent residents, at 18 years or over, living in Hong Kong for the past seven years are eligible to vote in certain local elections and for LegCo members.
Economy
GDP (2008): $215.2 billion.
GDP real growth rate (2008): 2.5%.
Per capita GDP (2008): $30,840.
Natural resources: Outstanding deepwater harbor.
Industry: Types--textiles, clothing, electronics, plastics, toys, watches, clocks.
Trade: Exports--$362.1 billion: clothing, electronics, textiles, watches and clocks, office machinery, electrical machinery, telecommunications equipment. Major partners--Mainland China 48.5%, U.S. 12.7%, Japan 4.3%, EU 8.0%. Imports--$387.9 billion: consumer goods, raw materials and semi-manufactures, capital goods, foodstuffs, fuels. Major partners--Mainland China 46.6%, Japan 9.8%, Singapore 6.4%, Taiwan 6.3%, U.S. 5.0%.
Hong Kong is one of the world's most open and dynamic economies. Hong Kong’s per capita GDP is comparable to that of developed countries.
Despite the crisis, Hong Kong’s economic strengths, including a sound banking system, virtually no public debt, a strong legal system, ample foreign exchange reserves, and an able and rigorously enforced anti-corruption regime, enable it to quickly respond to changing circumstances. The government promotes measures designed to improve its attractiveness as a commercial and trading center and is continually refining its financial architecture. The government is deepening its economic interaction with the Pearl River Delta in an effort to maintain Hong Kong's position as a gateway to China. These efforts include the conclusion of a free trade agreement with China, known as “the Closer Economic Partnership Arrangement” (CEPA), which applies zero tariffs to all Hong Kong-origin goods and preferential treatment in 40 service sectors and increasing scope for using the Chinese yuan in Hong Kong as a trade settlement currency, in savings deposits, and to purchase RMB (renminbi)-denominated bonds. Hong Kong, along with the Macau SAR, is also participating in a new pan-Pearl River Delta trade block with nine Chinese provinces, which aims to lower trade barriers among members, standardize regulations, and improve infrastructure.
(Source: US Department of State)
