Hong Kong is one of the most densely populated places in the world, and this adds to its charm and colorful culture. Here you will find a dichotomous way of life - its society is largely modern and capitalistic, but its people still maintain Chinese traditions. It is indeed one of the world's most dynamic cities, and it looks likes it will live up to this reputation for a very long time. The story of Hong Kong is the story of the Opium War. Great Britain successfully colonized the island in the middle of the nineteenth century, when it won against the Chinese fleet. In 1898 a 99-year 'lease' was signed, stating that the British has possession of Hong Kong (and the Kowloon Peninsula). But in 1984, Britain agreed to hand back Hong King to China over a 13-year period. The agreement stated that China could take over the entire colony by July 1, 1997, but Hong Kong's free market economy would be sustained for at least 50 years. Because of this stipulation, China made Hong Kong its 'Special Administrative Region,' and unlike mainland China, it continues to enjoy free enterprise to this day. It has very lenient import and export controls, and a maximum tax rate of only 15 percent. Hong Kong is known for its booming service industry. A majority of Hong Kong residents are employed in either telecommunications, banking, insurance, or tourism. Hong Kong is also celebrated for its entertainment industry, and is in fact considered to be the 'Movie Capital of Asia.' Most of the industrial factories present during the British time have all been transferred to Shenzhen and other such regions in the mainland. Despite the British occupation, Hong Kong has managed to maintain a culture consistent with Chinese traditions. |
