Hong Kong – City of Finance, Tourism and Nights of Sparkling Lights

Hong Kong is one of the most potent cities on the globe as regards financial affairs, ranking amongst  the world's most open and dynamic economies, is a world-leading financial capital, a foremost business and cultural hub and one of the most densely populated areas on earth. It is counted among the most modern Asian metropolises where the flavours of Eastern and Western traditions, both future and past, are strongly blended. However, whatever you may have heard and read about this place, the most important thing to remember is that Hong Kong is, and always has been, Chinese.

Official name of the country:  Hong Kong Special Administrative Region,
Population:  7 million
Area:  1,092 sq km (six times the size of Washington, DC). Hong Kong comprises Hong Kong Island, Kowloon, the New Territories, and numerous small islands. It is located on the Pearl River Delta in East Asia, surrounded by the South China Sea to the east, west and south.
Coastline:  733 km
Government:  Limited democracy
Head of State:  President of China, Hu Jintao (since 15 March 2003)

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History of Hong Kong
Hong Kong became a dependent territory of the United Kingdom in 1842, and  remained so until it was handed back to the Chinese in July 1997. In company with Macau, Hong Kong is one of two special administrative regions in China. The slogan  „One Country, Two Systems“ was coined by the Chinese to describe the the region‘s future regime and its relationship with mainland China. In fact, the principle  guarantees Hong Kong its right to preserve a high degree of autonomy in all of its affairs, with the exception of foreign affairs and defence.

Hong Kong and the world economy
Hong Kong enjoys a number of economic strengths amongst which are a sound banking system, powerful legal system, and rigorously enforced anti-corruption regime. Despite strenuous law enforcement efforts, the territory’s au­thorities face difficult challenges in controlling the trafficking of heroin to regional and world markets, the rising indigenous use of synthetic drugs, especially among young people, and fighting money laundering operations.

Hong Kong’s liberal economic system enables it to respond quickly to changing circumstances. The Hong Kong Stock Exchange is the 6th largest in the world. Hong Kong has been ranked as the world's freest economy by the Wall Street Journal and by the Heritage Foundation’s Index of Economic Freedom for 15 consecutive years since its inception in 1995.  This index measures restrictions on business, trade, investment, finance, property rights and labour, and also considers the impact of corruption, government size and monetary controls in 183 economies. The classification of Hong Kong as a „free economy“ also signifies that anyone can buy real estate property which has led many foreigners to invest heavily in the territory. Land is essentially rented from the government under a lease, even if one owns the property, and prior to 1997 lease terms were 75, 99 or 999 years. Since Hong Kong's return to China, new land grants last for 50 years.

Tourist attractions in Hong Kong
When visiting Hong Kong, the cultural influence of neighbouring China is very apparent. No wonder that the mix of Asian and Western cultures surprises many foreign tourists.

The territory offers a number of memorable tourist attractions within its compact area, with The Peak, Victoria Harbour and the Giant Buddha among the most awe-inspiring.

When visiting Hong Kong a ride on the countless ferries, boats, hovercrafts and native vessels zipping across the harbour is a must. On a clear day it provides an unforgettable sight of Hong Kong Island and Kowloon.

Another thing not to be missed is a real „Bird Market“ which consists of an entire street devoted to the sale and showing of birds hanging in cages from shops all along the street..

The traditional flower market in Hong Kong is a place where you can find a huge selection of flowers and plants.

An important part of Honk Kong’s religious beliefs and daily life are its temples and monasteries. Visiting one of the oldest one, The Man Mo Temple located on Hong Kong Island, takes visitors back to the past.

One of the most well known monasteries in the world, built on the island of Lantau, is the Po Lin monastery, often called the “Big Buddha“. This Buddhist temple lays claim to possessing the largest seated bronze outdoor Buddha statue in the world.

If you enjoy history, a trip to The Hong Kong Heritage Museum will be a real cultural pleasure as the museum has numerous permanent exhibits highlighting the history of Hong Kong and its people through the ages.

Spectacular sports
Dragon boat racing and horse riding are the most popular sports here. Dragon Boat racing is the traditional Chinese sport that has spread internationally with races held all around the world.

Horse riding, as the  British tradition of horse racing left its mark, has become one of the most important entertainment and gambling institutions in Hong Kong. Off-track betting is also available from overseas bookmakers.

By Beata Pašková
Photo: J. Bilik, B. Pašková, iStockPhoto

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