Hong Kong

The Hong Kong Special Administrative Region is a specially-administered division of China.

Occupied by the UK in 1841, Hong Kong (香港 pinyin xiang1 gang3, Cantonese Heung Gong) was formally ceded by China the following year. Various adjacent lands, known as the New Territories were added later in the 19th century. Pursuant to an agreement signed by China and the UK on December 19, 1984, Hong Kong became the Hong Kong Special Administrative Region (SAR) of China on July 1, 1997. In this agreement, China has promised that, under the "One Country, Two Systems" policy proposed by Deng Xiaoping, China's socialist economic system will not be practised in Hong Kong and that Hong Kong will enjoy a high degree of autonomy in all matters except foreign and defense affairs for the next 50 years.

Hong Kong Special Administrative Region of the People's Republic of China 中華人民共和國香港特別行政區

File:Hong kong flag medium.png	coat of arms
(In Detail)	(Full size)

National motto: None

Official languages

Cantonese, English

President of China

Jiang Zemin

Chief Executive

Tung Chee-hwa

Area
- Total
- % water

1,092 km²
4.6%

Population

- Total (2002)

- Density

7,303,334

6,688/km²

Establishment

(Handover from United Kingdom to China)
July 1, 1997

Currency

Hong Kong dollar (HKD)

Time zone

UTC +8 (AWST)

Internet TLD

.HK

Hong Kong has a bustling free market economy highly dependent on international trade. Natural resources are limited, and food and raw materials must be imported. Indeed, imports and exports, including reexports, each exceed GDP in dollar value. Even before Hong Kong reverted to Chinese administration on 1 July 1997 it had extensive trade and investment ties with China. Per capita GDP compares with the level in the four big countries of Western Europe. GDP growth averaged a strong 5% in 1989-97. The widespread Asian economic difficulties in 1998 hit this trade-dependent economy quite hard, with GDP down 5%. The economy is recovering, with growth of 1.8% in 1999.