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Hong Kong

Special administrative region of China

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  • 13 chapters

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Through China, World War II and Human Development Index

Hong Kong was established as a colony of the British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as a result of losing the First Opium War. The colony expanded to the Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained a 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II. The territory was handed over from the United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from those of mainland China under the principle of one country, two systems.

Originally an area of farming and fishing villages, Hong Kong is now one of the world's most significant financial centres. Hong Kong is the world's third-ranked global financial centre behind New York City and London, the ninth-largest exporter, and the eighth-largest importer in the world. Its currency, the Hong Kong dollar, is the ninth-most traded currency globally. Home to the third-highest number of billionaires of any city in the world, Hong Kong has the second largest number of ultra high-net-worth individuals. The city has one of the highest per capita incomes, although severe income inequality still exists among the population.

Hong Kong has the most skyscrapers of any city in the world. Housing is consistently in high demand, making the city of Hong Kong the most expensive residential property market in the world and one of the most expensive cities in the world. It is also one of the most visited cities in the world.

Hong Kong is a highly developed territory and has a Human Development Index (HDI) of 0.955, ranking eighth in the world, and is currently the only place in Asia to be in the top ten. Hong Kong is categorized as an Alpha+ city by the Globalization and World Cities Research Network. The city has the highest life expectancy in the world, and has a public transport usage exceeding 90 percent.

Etymology

The name of the territory, first romanised as "He-Ong-Kong" in 1780, originally referred to a small inlet located between Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was an initial point of contact between British sailors and local fishermen. Although the source of the romanised name is unknown, it is generally believed to be an early phonetic rendering of the Cantonese (or Tanka Cantonese) phrase hēung góng. The name translates as "fragrant harbour" or "incense harbour". "Fragrant" may refer to the sweet taste of the harbour's freshwater influx from the Pearl River or to the odour from incense factories lining the coast of northern Kowloon. The incense was stored near Aberdeen Harbour for export before Victoria Harbour was developed. Sir John Davis (the second colonial governor) offered an alternative origin; Davis said that the name derived from "Hoong-keang" ("red torrent"), reflecting the colour of soil over which a waterfall on the island flowed.

The simplified name Hong Kong was frequently used by 1810. The name was also commonly written as the single word Hongkong until 1926, when the government officially adopted the two-word name. Some corporations founded during the early colonial era still keep this name, including Hongkong Land, Hongkong Electric Company, Hongkong and Shanghai Hotels, and the Hongkong and Shanghai Banking Corporation (HSBC).

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