Economy,Demographics and Education In Hong Kong

Economy

Continuing the practice established under the British administration, the Government of Hong Kong mostly leaves the direction of the economy to market forces and the private sector. Since 1980, the government has generally played a passive role under the official policy of positive non-interventionism. Hong Kong has often been cited as a prime example of laissez-faire capitalism in practice, most notably by economist Milton Friedman. It has ranked as the world's freest economy in the Index of Economic Freedom for 13 consecutive years, since the inception of the index in 1995. It also places first in the Economic Freedom of the World Report.

Hong Kong has little arable land and few natural resources within its borders, and must therefore import most of its food and raw materials. Hong Kong is the world's eleventh largest trading entity,^[29] with the total value of imports and exports exceeding its gross domestic product. As of 2006, there are 114 countries that maintain consulates in Hong Kong, more than any other city in the world. Much of Hong Kong's exports consists of re-exports, which are products made outside of the territory, especially in mainland China, and distributed through Hong Kong. Even before the transfer of sovereignty to the People's Republic of China, Hong Kong has established extensive trade and investment ties with mainland China. The territory's autonomous status enables it to serve as a point of entry for investments and resources flowing into the mainland. It is also a connecting point for flights from the Republic of China on Taiwan destined for the mainland.

The currency used in Hong Kong is the Hong Kong dollar. Since 1983, it has been pegged at a fixed exchange rate to the United States dollar. The currency is allowed to trade within a range between 7.75 and 7.85 Hong Kong dollars to one United States dollar. The Hong Kong Stock Exchange is the seventh largest in the world, with a market capitalisation of about US$1.69 trillion as of February 2007. In 2006, the value of initial public offerings conducted in Hong Kong was second highest in the world after London. The City of London Corporation's Global Financial Centres Index (GFCI) 2007, which evaluates the competitiveness of 46 financial centres worldwide, ranks Hong Kong as the third-best financial centre globally and the strongest centre in Asia.

Hong Kong's economy is dominated by services, which accounts for over 90 percent of its gross domestic product. In the past, manufacturing had been the most important sector of the economy, as Hong Kong industrialised following the Second World War. Driven by exports, the economy grew at an average annual rate of 8.9 percent in the 1970s. Hong Kong underwent a rapid transition to a service-based economy in the 1980s, when growth averaged 7.2 percent annually. Much of the manufacturing operations moved to mainland China during this period, and industry now constitutes just 9 percent of the economy. As Hong Kong matured to become a financial centre, growth slowed to an average of 2.7 percent annually in the 1990s. Together with Singapore, South Korea, and Taiwan, Hong Kong is known as one of the Four Asian Tigers for its high growth rates and rapid industrialisation between the 1960s and the 1990s.

The economy suffered a 5.3 percent decline during 1998, in the aftermath of the Asian financial crisis. A period of recovery followed, with growth rate reaching 10 percent in 2000, although deflation persisted. In 2003, the economy was greatly affected by the outbreak of Severe Acute Respiratory Syndrome (SARS), which reduced economic growth to 2.3 percent that year. A revival of external and domestic demand led to a strong recovery the following year, as cost declines strengthened Hong Kong export competitiveness. The 68-month-long deflationary period ended in mid-2004, with consumer price inflation hovering at near zero levels.^[33] Beginning in 2003, the Individual Visit Scheme has allowed travellers from some cities in mainland China to visit Hong Kong without an accompanying tour group. As a result, the tourism industry of Hong Kong has benefitted from an increase in mainland visitors, further aided by the opening of Hong Kong Disneyland Resort in 2005. The economy continues to grow strongly with the return of consumer confidence and rising trade. Hong Kong has set low rates in both personal and corporate taxation.

In 2006, Hong Kong's per-capita GDP ranked as the 6^th highest in the world at US$38,127, ahead of countries such as Switzerland, Denmark, and Japan. Its GDP ranked as the 40^th highest at US$253.1 billion.

Demographics

Hong Kong's population increased sharply throughout the 1990s, reaching 6.99 million in 2006.^[35] About 95% of Hong Kong's population is of Chinese descent, the majority of which are Cantonese or from ethnic groups such as Hakka and Teochew. Cantonese, a Chinese language commonly spoken in southern China, is Hong Kong's official dialect. English is also an official language widely spoken by more than 38% of the population. In the statistics, some 3.1% regard English as their "usual" language with 34.9% speaking it as "another" language. Signs displaying both Chinese and English are extremely common throughout the territory. Since the 1997 handover, new groups of mainland China immigrants have arrived. The usage of Mandarin, the official dialect of mainland China, has also increased. The integration with mainland economy led to a demand in Mandarin speakers.

The remaining 5% of the population is composed of non-ethnic Chinese forming a highly visible group despite their smaller numbers. A South Asian population comprised of Indians, Pakistanis and Nepalese are found. Vietnamese refugees have become permanent residents. Approximately 140,000 Filipinos work in Hong Kong as foreign domestic helpers. An increasing number of domestic workers also originate from Indonesia. There are also a number of Europeans, Americans, Australians, Canadians, Japanese, and Koreans working in Hong Kong's commercial and financial sector.

Considered as a dependency, Hong Kong is one of the most densely populated countries/dependencies in the world, with an overall density of more than 6,200 people per km? Hong Kong has a fertility rate of 0.95 children per woman,^[37] one of the lowest in the world and far below the 2.1 children per woman required to sustain the current population. However, population in Hong Kong continues to grow due to the influx of immigrants from mainland China approximating 45,000 per year. Life expectancy in Hong Kong is 81.6 years as of 2006, 5th highest in the world.

Hong Kong's population has an extremely dense urban core, consisting of Kowloon and the north of Hong Kong Island. The rest is relatively sparsely populated, with millions of residents scattered irregularly throughout the New Territories, south Hong Kong island and Lantau Island. An increasing number of citizens are living in Shenzhen, and commuting from mainland China.

Education

A former Crown colony, Hong Kong's education system has roughly followed the system of the United Kingdom, and in particular, the education system in England. At the higher education levels, both British and American systems exist. The University of Hong Kong (HKU), being the oldest institution of tertiary education in the territory, has traditionally been based on the British model but has incorporated some elements of the American model in recent years. Second to HKU in terms of history, the Chinese University of Hong Kong (CUHK) follows the American model with a characteristically British college system. The Hong Kong University of Science and Technology (HKUST) was established on the American model of higher education. There are nine public universities in Hong Kong, and a number of private higher institutions. Lingnan University in Tuen Mun is a very good example, it is the only university in Hong Kong that provides Liberal Arts Education.

Hong Kong's public schools are operated by the Education and Manpower Bureau of the Government of the Hong Kong Special Administrative Region. The system features a non-compulsory three-year kindergarten, followed by a compulsory six-year primary education, three-year junior secondary education; a non-compulsory two-year senior secondary education leading to the Hong Kong Certificate of Education Examinations and a two-year matriculation course leading to the Hong Kong Advanced Level Examinations. A new ?+3+4”curriculum, consisting of a three-year junior secondary, three-year senior secondary and four-year undergraduate academic system, will be implemented from 2009 (for senior secondary) and 2012 (for tertiary) onwards. There are also tertiary institutions offering various Bachelor's, Master's, and Doctoral degrees, other higher diplomas, and associate degree courses.

Most comprehensive schools in Hong Kong fall under three categories: Public schools, subsidised schools and private schools. Public schools are rare, and subsidised schools are the most common, which include government aids and grant schools, run by charitable organisations often with religious affiliations. The majority of such religious affiliations are Christian and Catholic, but there are also Buddhist, Daoist (Taoist), Islamic and Confucian ones as well. Meanwhile, private schools, often run by Christian organisations, have admissions based on academic merit rather than on financial resources. Outside this system are the schools under the Direct Subsidy Scheme (DSS) and private international schools.

Transport and Military in Hong Kong

Culture, Religion and Architecture in Hong Kong

Politics,government , Legal system and judiciary in Hong Kong

History of Hong Kong

General Introduction of Hong Kong