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Hong Kong became a territory of China in 1997 when it was handed back to the country after 150 years of British rule. The territory governs itself as it always has done, apart from in foreign affairs and defence, which are the responsibility of the Chinese government.
The territory became a crown colony of Britain in 1842 which acted as a trading port between east and west. The British came to the colony and started to develop it in a very western way. Today the influence of British colonialism can still be seen from buildings and street names to the very British orientated education system.
In 1997 Hong Kong was handed back to China by the British in a transfer of sovereignty. The agreement between the two countries was that for the next 50 years Hong Kong would be governed as a special administrative region maintaining their laws. The agreement between Britain and China also stipulated that Hong Kong would maintain its capitalist economic system.
Hong Kong is one of the world's leading financial centres with its highly capitalised company being ranked top by the Index for Economic Freedom for 15 consecutive years. It still remains and important centre for finance and trade with the total value imports and exports exceeding its GDP. The service sector in Hong Kong accounts for 90% of the territory's GDP, while industry now accounts for just 9%.
Over 7 million people reside in Hong Kong of which 95% are Chinese. The population of Brits in the territory dropped dramatically when it was handed back to China in 1997, so the remaining expats make up just 5% of the population. The official languages and Chinese and English with road signs in both languages and business usually carried out in English. There is no official religion in Hong Kong although most of the population are Buddhist or Toaist and 8% Christian.
Hong Kong is ranked fifth in the most expensive cities in the world for expats to live behind Tokyo, Osaka, Moscow and Geneva.
We have strategic links with expert expat financial companies should you need any help with your finances when you move abroad, to find out more or to ask any questions, please contact us.
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