Hong Kong 香港 (Hong Kong Special Administrative Region of the People's Republic of China)
Hong Kong Special Administrative Region of the People's Republic of China
Hong Kong (Chinese: 香港; literally: "Fragrant Harbour or Incense Harbour"), officially Hong Kong Special Administrative Region of the People's Republic of China, is an autonomous territory south to Mainland China at the Pearl River Estuary of the Asia Pacific. With 7.2 million residents of various nationalities in a total land and sea area of 2,754 km², Hong Kong is the world's fourth most densely populated sovereign state or territory.
After the First Opium War (1839–42), Hong Kong became a British colony with the perpetual cession of Hong Kong Island, followed by the Kowloon Peninsula in 1860 and a 99-year lease of the New Territories from 1898. Hong Kong was later occupied by Japan during the Second World War until British control resumed in 1945. In the early 1980s, negotiations between the United Kingdom and China resulted in the 1984 Sino-British Joint Declaration, which paved way for the transfer of sovereignty of Hong Kong in 1997, when it became a Special Administrative Region with a high degree of autonomy.
Under the principle of "one country, two systems", Hong Kong maintains its own executive, legislative and judiciary powers, including an independent legal system, public security force, monetary system, customs policy, and immigration policy while the State Council of China is responsible for military defense and foreign affairs. In addition, Hong Kong develops relations directly with foreign states and international organisations in a broad range of appropriate fields.
Hong Kong is one of the world's most significant financial centers, having the highest Financial Development Index score and ranked as the world's most competitive economy in the World Competitiveness Yearbook. It is also the world's most visited city.Its service sector dominated economy is characterized by free trade and low taxation, and has consistently been listed as the freest market economy in the world.] While Hong Kong ranks within the top 10 in GDP (PPP) per capital, it also suffers from the most severe income inequality among developed economies and has the world's most affordable housing. As the 44th-largest economy (in purchasing power parity terms) in the world, Hong Kong issues the world's 13th most traded currency, the Hong Kong dollar.
Hong Kong is known for its skyline and deep natural harbor. The territory has the second largest number of high-rises than any other urban agglomeration in the world. Its highly developed public transportation network covers 90% of the population, the widest in the world.] Air pollution largely from nearby industries in Mainland China, which has loose emissions standards, has resulted in a high level of atmospheric particulates. Furthermore, the territory has also been affected by political issues centered on achieving full democratic suffrage and tensions with the central Chinese government. Nevertheless, Hong Kong people enjoy one of the world's highest quality of life, with the longest life expectancy, and the highest national IQ estimate.
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