Overview of Hong Kong
Overview of Hong Kong
Geographical location and area
The Hong Kong Special Administrative Region is located in the south of China, east of the the Pearl River Estuary, across the sea from Macao to the west, and adjacent to Shenzhen to the north. The regional scope includes Hong Kong Island, Kowloon, the New Territories, and 262 surrounding islands, with a land area of 1113.76 square kilometers, a sea area of 1641.21 square kilometers, and a total area of 2754.97 square kilometers.
administrative division
The Hong Kong Special Administrative Region has 18 administrative regions, including Hong Kong Island, Kowloon Peninsula, and the New Territories. Hong Kong Island includes Central and Western District, Wan Chai District, Eastern District, and Southern District; The Kowloon Peninsula covers Yau Tsim Mong District, Sham Shui Po District, Kowloon City District, Wong Tai Sin District, and Kwun Tong District; The New Territories include the North District, Tai Po District, Sha Tin District, Sai Kung District, Tsuen Wan District, Tun Tin District, Yuen Long District, Kwai Tsing District, and Islands District.
Population and ethnicity
As of mid-2024, the total population of Hong Kong is approximately 7.5318 million people. The population density is extremely high, with the world's highest life expectancy and the fourth highest human development index. The main ethnic group is Han Chinese, Cantonese is the main language used, English is also widely used, and Mandarin is becoming increasingly popular.
historical background
Hong Kong was occupied by Britain from 1842 to 1997, and on July 1, 1997, China resumed sovereignty over Hong Kong. Hong Kong has experienced rapid economic development, becoming one of the "Four Asian Tigers" and occupying an important position in global finance, trade, and shipping.
Economic situation
Hong Kong is the third largest financial center in the world, second only to New York and London. Hong Kong is an important international financial, trade, and shipping center with developed service industries such as finance, insurance, accounting, and law. The Hong Kong stock market holds an important position globally, and industries such as trade, logistics, and tourism are also highly developed.
Cultural characteristics and tourist attractions
Hong Kong is a place where Chinese and Western cultures blend together, with abundant tourist attractions. Famous attractions include Victoria Harbour, Victoria Peak, Hong Kong Disneyland, and Ocean Park. In addition, Hong Kong's food culture integrates Chinese and Western characteristics. Famous food includes traditional Cantonese cuisine such as baked wax, Dim sum and Wonton noodles, as well as western food, Japanese cuisine and Korean cuisine.
Transportation and infrastructure
Hong Kong has a well-developed public transportation network, including subways, buses, trams, and ferries. The subway system is convenient and efficient, covering the main areas of Hong Kong. There are numerous bus routes that can reach every corner. Trams are a distinctive mode of transportation in Hong Kong, operating in certain areas of the island. Ferries provide a unique way of crossing the sea.
The economic situation of Hong Kong can be summarized as follows:
Overall economic performance
In the first three quarters of 2024, Hong Kong's Gross Domestic Product (GDP) increased by 2.6% year-on-year, with a real year-on-year increase of 1.8% in the third quarter and a 3.2% increase in the second quarter. Despite a slowdown in economic growth, the Hong Kong economy continued to expand year-on-year in the third quarter of 2024, mainly due to an increase in cross-border economic activity and a moderate increase in service exports.
Main economic indicators
GDP: In the first three quarters of 2024, GDP increased by 2.6% year-on-year, and in the third quarter, GDP increased by 1.8% year-on-year in real terms.
Goods trade: The total export value of goods recorded a real increase of 3.9% compared to the same period last year, while the import value of goods increased by 2.6% in real terms.
Service output: Supported by the increase in cross-border economic activities, service output increased by 2.4% in real terms compared to the same period last year.
Private consumption expenditure: Under the change in citizens' consumption patterns, private consumption expenditure decreased by 1.4% in real terms in the third quarter compared to the same period last year.
Government consumption expenditure: Government consumption expenditure recorded a real increase of 2.1%.
Total fixed capital formation: The local total fixed capital formation increased by 3.7%.
economic structure
The economic structure of Hong Kong is dominated by the service industry, which accounts for 93.3% of GDP and mainly includes industries such as finance, logistics, tourism, and trade. Industry accounts for 6.6% of GDP, mainly high-tech and light industry, while manufacturing only accounts for 1%, mainly consisting of high value-added products and small-scale production. Agriculture accounts for a very small proportion, only 0.1%, mainly relying on imports to meet food demand.
Policy environment
Hong Kong implements the "One Country, Two Systems" policy, maintains its status as a free port, and has a relatively independent economic system. The SAR government has taken a number of measures to boost the market atmosphere, including easing the financial situation and introducing measures to benefit Hong Kong. These measures are conducive to promoting fixed assets investment and public consumption. In addition, the central government's multiple pro Hong Kong measures have also provided support for the market atmosphere and economic activities in Hong Kong.
In summary, the Hong Kong economy has shown a steady growth trend in the first three quarters of 2024. Despite facing some challenges, the overall economic situation is good, and the future growth potential is still enormous.
