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Its population rebounded speedily once the war as experienced Chinese migrants fled within the Chinese Civil War, plus much more refugees crossed the border in the event the Communist Social gathering took control of mainland China in 1949.[sixty four] Hong Kong became the first on the Four Asian Tiger economies to industrialise through the 1950s.[sixty five] Which has a quickly increasing population, the colonial governing administration started reforms to enhance infrastructure and community services.
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Hong Kong is often a special administrative region of China, with government, legislative, and judicial powers devolved within the national governing administration.[eighty three] The Sino-British Joint Declaration supplied for economic and administrative continuity from the transfer of sovereignty,[70] resulting in an executive-led governing program mainly inherited with the territory's history like a British colony.
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It has small arable land and handful of pure assets, importing a lot of its food items and Uncooked materials. Imports account for a lot more than 90 per cent of Hong Kong's food stuff offer, such as nearly all its meat and rice.
Revenue inequality has risen since the transfer of sovereignty, as being the area's ageing populace has progressively extra to the amount of nonworking men and women.[a hundred seventy five] Despite the fact that median residence webpage cash flow has steadily greater in the course of the earlier decade, the wage gap stays large;[176] the 90th percentile of earners get 41 per cent of all profits.
Given that the mainland liberalised its economic system, Hong Kong's shipping field confronted intense competition from other Chinese ports. Fifty per cent of China's trade items ended up routed as a result of Hong Kong in 1997, dropping to about thirteen p.c by 2015.[199] The territory's small taxation, popular-legislation process, and civil support attract abroad businesses wishing to determine a existence in Asia.
Quickly once the transfer, Hong Kong was severely impacted by various crises. The federal government was compelled to employ significant international-Trade reserves to keep up the Hong Kong greenback's forex peg over the 1997 Asian economic crisis,[sixty four] plus the Restoration from this was muted by an H5N1 avian-flu outbreak[73] along with a housing surplus.
Political debates once the transfer of sovereignty have centred round the location's democratic progress as well as central federal government's adherence into the "a single region, two devices" principle. Just after reversal of the final colonial-period Legislative Council democratic reforms pursuing the handover,[76] the regional government unsuccessfully attempted to enact nationwide-stability legislation pursuant to Posting 23 of the Basic Legislation.
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Hong Kong signifies itself individually from mainland China, with its have sports activities teams in Intercontinental competitions.[264] The territory has participated in almost every Summer time Olympics considering the fact that 1952, and it has earned three medals.
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