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In 2009, Hong Kong's real economic growth fell by 2.8% as a result of the Great Recession. [33] By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York City and Rotterdam in terms of container throughput. Hong Kong is a full Member of the World Trade Organization. [34]
The Government of the People's Republic of China (PRC), from which the Hong Kong government is financially independent, is responsible for Hong Kong SAR's defence and foreign policy, while decisions made by the Standing Committee of the National People's Congress can, in certain circumstances, override territorial judicial processes.
The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s. By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for export orientation. [10]
The East Asian model, [1] pioneered by Japan, is a plan for economic growth whereby the government invests in certain sectors of the economy in order to stimulate the growth of specific industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Japan, South Korea, Hong Kong and ...
Anti-government protests in 2019, followed by Beijing’s swift imposition of a sweeping national security law in 2020 and three years of draconian COVID lockdowns prompted an exodus of tens of ...
While some in the legal sector advocated that the National People's Congress (NPC) should be asked to amend the part of the Basic Law to redress the problem, the Government of Hong Kong (HKSAR) decided to seek an interpretation to, rather than an amendment of, the relevant Basic Law provisions from the Standing Committee of the National People ...
Hong Kong's leader said Tuesday the city would seek to strengthen its economic and trade ties with Thailand after a meeting with the country's prime minister, as the Chinese financial hub looks ...
Following in the footsteps of Hong Kong; South Korea, Taiwan, and the city-state of Singapore soon industrialized thanks to capitalist and open policies by their efficient governments. By 1997, Hong Kong, Taiwan, and South Korea joined Japan as developed economies in East Asia, while Singapore became the sole developed economy in Southeast Asia.