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Immediately following the transfer, Hong Kong was severely influenced by quite a few crises. The federal government was forced to implement substantial foreign-Trade reserves to keep up the Hong Kong dollar's forex peg in the 1997 Asian monetary crisis,[sixty nine] and the Restoration from this was muted by an H5N1 avian-flu outbreak[seventy eight] along with a housing surplus.
following the Qing conquest, maritime trade was banned under the Haijin guidelines. The Kangxi Emperor lifted the prohibition, enabling foreigners to enter Chinese ports in 1684.[55] Qing authorities set up the Canton method in 1757 to control trade more strictly, limiting non-Russian ships towards the port of Canton.[fifty six] Whilst European demand from customers for Chinese commodities like tea, silk, and porcelain was superior, Chinese desire in European produced items was insignificant, to ensure Chinese goods could only be bought with precious metals.
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Political debates after the transfer of sovereignty have centred within the region's democratic growth as well as the central authorities's adherence to the "1 region, two techniques" basic principle. following reversal of the final colonial era Legislative Council democratic reforms following the handover,[81] the regional federal government unsuccessfully attempted to enact national stability laws pursuant to short article 23 of The essential regulation.[82] The central authorities final decision to put into practice nominee pre-screening right before letting Main govt elections brought on a number of protests in 2014 which grew to become known as the Umbrella Revolution.
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The government has had a passive job inside the economic system. Colonial governments had minimal industrial policy, and implemented Nearly no trade controls. beneath the doctrine of "favourable non-interventionism", put up-war administrations deliberately avoided the direct allocation of methods; Lively intervention was regarded harmful to economic progress.
[216] the town has the 2nd-maximum number of corporate headquarters from the Asia-Pacific region.[217] Hong Kong is a gateway for foreign immediate expenditure in China, offering buyers open up use of mainland Chinese marketplaces through immediate links Together with the Shanghai and Shenzhen stock exchanges. The territory was the first marketplace exterior mainland China for renminbi-denominated bonds, and has become the major hubs for offshore renminbi investing.[218]