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Hong Kong

Capital Hong Kong
Area Sq Km 1097
Area Sq Miles 423.6
Population 6,687,200
Languages Chinese, English
Religions Buddhist, Confucian and Taoist, Christian, and Muslim minorities
Currency Hong Kong Dollar
National Day

Hong Kong

Economy Overview
The mainstays of Hong Kong's economy are light manufacturing, shipping and financial services. The last of these is now the most important as Hong Kong has developed into a major international financial centre. Manufacturing is concentrated in textiles, consumer electronics and other consumer goods (Hong Kong is the world's largest producer of children's toys). The shipping industry is assisted by Hong Kong's natural deep-water harbour, probably the best in the region. Much regional trade is still conducted through Hong Kong. Within months of the handover of the territory to China in July 1997, the financial crisis which affected the whole region started to take hold. With a more mature and stable banking system than most of the rest of the region, Hong Kong showed few immediate ill effects. However, the severe impact on many of the territory's major trading partners and the depression of the regional economy was sure to cause some damage, and did so in the form of a 7 per cent drop in output during 1999. However, the economy recovered during 2000 and is set to continue its steady 2 per cent growth into, and throughout, 2001. The USA, Japan, Taiwan, Singapore and Germany are Hong Kong's main trading partners.
Government
Hong Kong is now a Special Administrative Region of the People's Republic of China (PRC). Under the Basic Law which is the governing instrument of the region, executive power is held by a Chief Executive, who is appointed by a 400-strong Selection Committee. The Chief Executive is answerable to the State Council of the PRC (see the China section for details of the State Council) and serves a five-year term. The Chief Executive appoints a 15-member Executive Council to assist in the administration of the Region. Hong Kong's legislature is the 60-member Legislative Council; 24 members are directly elected in geographical constituencies, 30 members are elected by 'functional constituencies' (mostly professional bodies and business interests) and the remaining six by an Election Committee composed of 800 'representatives of the community'.

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