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The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation , almost free port trade and a well-established international financial market. [ 15 ] [ 16 ] Its currency, called the Hong Kong dollar , is legally issued by three major international commercial banks, [ 17 ] and is pegged to the US dollar .
9 January: The government formally grant Caritas Institute of Higher Education university status and rename to Saint Francis University, this will be the first catholic university in Hong Kong. [2] 29 January: The High Court of Hong Kong orders Evergrande Group into liquidation after the real estate developer fails to restructure a debt amount ...
HONG KONG (AP) — China's economy expanded at a 5% annual pace in 2024, slower than the year before but in line with Beijing’s target of “around 5%” growth, thanks to strong exports and ...
29 October 2024 Beit Lahia airstrike. At least 93 Palestinians are killed and 40 others are missing in Israeli strikes on a residential building in Beit Lahia in northern Gaza. Siege of North Gaza, Gaza Strip famine, Israeli generals' plan
Hong Kong’s economy has struggled to regain momentum since it reopened after more than two years of self-imposed Covid isolation. In 2023, its GDP grew 3.2%, thanks to a low base in 2022, but it ...
Hong Kong's economy contracted 1.4% in the second quarter from the same period a year earlier, advance government data showed on Monday, as exports and investments remained sluggish, and COVID-19 ...
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
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 ]