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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 .
Hundreds of executives, diplomats and foreign business chambers congregated at Hong Kong’s landmark M+ art museum over canapés and cocktails last month with a clear mission – reinvigorate ...
The worst decline among world markets was in Hong Kong, where share values dropped by 45.8 percent. [51] In its biggest-ever single fall, the Hang Seng Index of the Hong Kong Stock Exchange fell by 420.81 points, eliminating HK$65 billion' (10 percent) of its share value. [57]
The Hong Kong economy officially slid into recession in the final quarter of 2008. The economy is predicted to grow at 2 percent in 2009. Hong Kong is an advanced tertiary economy built on services, retail, tourism, transport and financial industries.
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 ...
Experts mostly attribute this year's sharp decline in HKIA's cargo volume to the U.S.-China trade war and tepid economic growth in key regional markets – the same forces that have led to a ...
Stock disaster in 1967 (Hong Kong 1967 Leftist riots) 1970s. Stock disaster in 1973 (1973–74 stock market crash) 1980s. Stock disaster in 1983 (Negotiation deadlock between China and United Kingdom on Transfer of sovereignty over Hong Kong) Stock disaster in 1987 (Black Monday) Stock disaster in 1989 (Tiananmen Square protests) 1990s
Many factors contributed to the decline of manufacturing in Hong Kong. The late 1970s saw increases in land prices. Along with the opening up of global trade with China via the 1978 economic reforms , factories were gradually relocated to the mainland, where labour costs were lower.