Hong Kong

China COUNTRY

7,482,194 CITY POPULATION

Devolved executive-led system GOVERNMENT TYPE

Introduction

The official name of Hong Kong is the Hong Kong Special Administrative Region of the People's Republic of China. Located in eastern Asia, Hong Kong is southeast of China, also known as the People’s Republic of China. Hong Kong shares borders with more than one significant body of water as well as well as China. It is a commercial complex including five office towers which have a shopping centre, office buildings, a hotel and a ferry terminal in Tsim Sha Tsui, Kowloon, Hong Kong. It is situated along Canton Road, next to The Gateway and the Tsim Sha Tsui Fire Station. The complex is managed by Sino Group.

Data and facts

Since 1997 Hong Kong has been a Special Administrative Region of China, retaining rights such as freedom of speech guaranteed in its Basic Law
Hong Kong has a population of approximately 7,455,564 people.
The total area of Hong Kong is 1,063 square miles. The population density is a value calculated by dividing the population of Hong Kong by the entire area.
Hong Kong ranks as the 4th most dense country in terms of the relationship between population and total area.
The GPS coordinates of Hong Kong are 22.3964° N, and 114.1095° E.
Hong Kong is broken up into three territories. The New Territories are located in the northern region of Hong Kong. To the south lies Hong Kong Island. The Kowloon Peninsula is also in the south, but it is north of Hong Kong Island. Unlike Hong Kong Island, the Kowloon Peninsula is part of the mainland of Hong Kong.
A number of historic government buildings have been turned into cultural or creative centers through public-private partnerships
While Hong Kong remains a key Asian economic powerhouse, its GDP now stands at just 2.7% of China's - $364 billion.

Administration

The Government of the Hong Kong Special Administrative Region of the People's Republic of China, commonly known as the Hong Kong Government or HKSAR Government, refers to the executive authorities of Hong Kong SAR. It was formed in July 1997 in accordance with the Sino-British Joint Declaration of 1983, an international treaty lodged at the United Nations. This government replaced the former British Hong Kong Government (1842–1997). The Chief Executive also nominates principal officials for appointment by the State Council of the People's Republic of China (Central People's Government). The Government Secretariat is headed by the Chief Secretary of Hong Kong, who is the most senior principal official of the Government. The Chief Secretary and the other secretaries jointly oversee the administration of the SAR, give advice to the Chief Executive as members of the Executive Council, and are accountable for their actions and policies to the Chief Executive and the Legislative Council.

Economy

Back in 1993, Hong Kong's economy was more than a quarter the size of China's. It had a GDP of $120 billion, more than many industrialized nations, while Chinese GDP was approximately $445 billion, according to the World Bank. Fast forward to 2018 and the emergence of megacities such as Chongqing, Shanghai, Shenzhen, Beijing, Chengdu and Harbin has powered the country's GDP to $13.6 trillion. While Hong Kong remains a key Asian economic powerhouse, its GDP now stands at just 2.7% of China's - $364 billion. Currently, the pace of Chinese economic growth is slackening which has caused Hong Kong's economy to stutter and that has been exacerbated by the protests which have paralyzed the city. Retail sales and tourism numbers have declined while there are fears of a recession occurring in the next quarter.

Despite the economic eclipse, a move to deploy the PLA on the streets of Hong Kong would be risky for China. Many observers believe such a crackdown would cause the city's stock market and housing sector to crash. That would in turn prompt an exodus, sending economic aftershocks rippling through the mainland at a time when the Chinese economy is vulnerable due to the ongoing trade war with the United States. A crackdown would also result in immense diplomatic fallout, given Hong Kong's large expatriate population and status as a global financial hub. As the military buildup continues, the stakes are unimaginably high.

Business Environment

Hong Kong offers an unusually stable and efficient business environment with the modern infrastructure and telecommunications that could be expected of what is effectively the world's ninth largest economy. Very probably, the territory has the most laissez-faire economyin the world. The government's policy is strictly non-interventionist. Government controls and disclosure requirements on businesses are minimal, except for public limited companies. There are only minimal capitalization requirements for private companies and financial statements need not be filed if a company incorporates as a wholly-owned subsidiary in Hong Kong. Six-month visas are normally granted to intending residents with employment, and holders of dependant visas (like spouses and children) are allowed to accept employment with no special consent. Hong Kong has no compulsory union membership and copyright laws essentially follow those of the United Kingdom; Hong Kong is party to the Paris Convention. Although now a special administrative region of China, Hong Kong follows English common law, which means it recognizes trusts as a concept. British and Hong Kong company and trust law are virtually identical: the tight secrecy, minimal corporate disclosure and loose administrative requirements that characterize some offshore island common law jurisdictions have little effect in the territory. In any event Hong Kong does not consider itself an offshore centre in the traditional sense of the word.

Infrastructure

Hong Kong has a superb infrastructure, which meets its population's needs and contributes to the efficiency and growth of the economy. Hong Kong has an advanced land, sea, and air transport and communications system. With over 7.4 million inhabiting a land area of just 1,073 square kilometers, Hong Kong is one of the world’s most densely populated cities, each square kilometer accommodating over 6,800 citizens on average. Meeting the needs for mobility, economic productivity, livability and sustainability has propelled the city to envision and realize infrastructure feats, garnering it international recognition, such as World No.1 for infrastructure competitiveness in the World Economic Forum’s Global Competitiveness Report 2017 - 2018. With forecasted population growth in the next decades, addressing infrastructure demands will be the biggest challenge. Despite its lauded public transportation system, travel is becoming increasingly stressful. With nearly all of Hong Kong's easily available land already used, providing future capacity necessitates a rethink of the urban ecosystem. And against a backdrop of climate, technological, and geopolitical changes, our research reveals that many feel uncertain about the city’s resiliency.

Technology

Innovation and technology (I&T) are drivers for economic growth and the key to enhance competitiveness of our industries. In November 2015, the Innovation and Technology Bureau (ITB) was established to formulate holistic I&T policies, thereby fostering the development of I&T and related industries in Hong Kong, raising the competitiveness of Hong Kong and improving the quality of life of our citizens. In her Policy Address in October 2017, the Chief Executive set out eight major areas to step up Government’s efforts to develop I&T, namely increasing resources for research and development (R&D), pooling technology talent, providing investment funding, providing technological research infrastructure, reviewing legislations and regulations, opening up government data, bettering procurement arrangements and popularizing science education. The Chief Executive also chairs personally a high-level steering committee to co-ordinate the Government’s efforts to spearhead the I&T drive.

The Innovation and Technology Commission (ITC) under the ITB implements related policies and measures as well as provide software and hardware support for key players to collaborate on R&D and innovation activities. The approach in promoting I&T development is underpinned by five core strategies: providing world-class technology infrastructure for enterprises, research institutions and universities; offering financial support to stakeholders in the industry, academia and research sector to develop and commercialize their R&D results; nurturing talent; strengthening science and technology collaboration with the Mainland and other economies; and fostering a vibrant culture of innovation. The ITC also works closely with other government departments, the industrial and business sectors, tertiary institutions and industrial support organizations to promote applied R&D in different technology areas, as well as the upgrading of foundation industries