Hong Kong
Basic information
- Area: 1,104 km²
- Calling code: +852
- Population (EST): 6,985,200
- Official language: Chinese, English
- Time zone: HKT (UTC+8)
Overview
Hong Kong is an administrative region of China, occupying an area in excess of 1,000 square kilometres on the country`s southeastern coast, and is bordered by China`s Guangdong Province to the north and by the South China Sea to the south, east and west. The total population of Hong Kong is approximately 7 million people and Chinese and English are the official languages. The region, which had been a British dependency since 1842, passed to Chinese sovereignty in July 1997 as the Hong Kong Special Administrative Region, with China agreeing that its socialist economic system would not be imposed on Hong Kong and that the region would remain highly autonomous, except in the areas of foreign and defence affairs, for the next 50 years. The Chinese Capital of Beijing is just over 1,200 miles to the north.
Economy
The economic competitiveness of Hong Kong is second only to the United States according to the IMD world competitiveness scoreboard 2005 with Mainland China in 31st place. It operates a thriving free market economy, which is largely based upon commerce, trade, and shipping and is one of the world`s most important economic centres, being the principal link between China and the rest of the world. Industry and tourism are also important to the region and there is some agriculture, although natural resources are scarce and the majority of food and raw materials are imported. Banking, clothing and Textiles, electronics, plastics, shipping and Tourism are all major factors in the economic makeup of Hong Kong and its surrounding territories. Almost all of the world`s main banks and financial institutions have offices or branches in the region. Also Hong Kong is home to a well-established film industry that is rapidly gaining status globally, due to the government`s active promotion of the industry overseas. Almost all of the leading economies of the world have a low perception of corruption and Hong Kong scores well in this area. Transparency International`s corruption perception index 2005 places Hong Kong in 15th place in a survey of 158 countries worldwide, better than other developed countries such as the United States and Japan. The World fact book indicates the GDP per capita is around $34,200 (USD) estimated in 2004.
Infrastructure
Companies in Hong Kong benefit strategically from its position on the western Pacific`s main shipping and air routes midway between Japan and Singapore. The region also has an excellent transport infrastructure, including an extensive local mass transit metro system with a direct link between the city centre and the airport. Hong Kong International Airport, situated at Chek Lap Kok on Lantau Island, opened in 1998 and is the fifth busiest international passenger airport in the world. In the year ending August 2004 the airport catered for some 36 million passengers. It is home to approximately 60 scheduled passenger carriers and 15 cargo operators, which together offer flights to and from more than 140 destinations globally, including about 40 in Mainland China. Hong Kong is also home to a large and well-equipped container port, with the capacity to handle around 18 million TEU`s (Twenty foot Equivalent Units), which is at the centre of all maritime activities in southern China. The port is served by 80 international shipping lines and is connected to more than 500 destinations around the world. With power generation accounting for nearly a third of emissions, pollution is one drawback of Hong Kong`s highly industrialised economy. In 2003 Hong Kong`s PM10 concentrations were higher than London, New York and Tokyo.
Standard of Living
It has been noted that Hong Kong has one of the highest standards of living in Asia, although the cost of living is amongst the highest in the world. The Mercer Human Resource Cost of Living Survey 2005 ranks Hong Kong in 9th position out of 144 cities world wide, with a score of 109.5. New York is the median for the index, in 13th place (100) Tokyo is in 1st place (134.6). The region is said to have in excess of 9000 restaurants located in several food districts, each with their own unique atmosphere, serving almost all international cuisine. Entertainment in Hong Kong is amongst the most varied on the globe, many events take place in Hong Kong throughout the year, both traditional and internationally themed. The Hong Kong tourist board run many free classes for those wishing for a more hands on approach; Chinese cake making and Tai Chi are two of many examples. Also the tourist board have a number of guided tours on offer, again at no cost. Despite the problems with air pollution, the ecology is not forgotten the region has 21 National parks and a number of country parks taking part in conservation activities.
Business Costs
Currently office occupancy costs are in the region of $765 (USD) per square metre per annum in central Hong Kong.
