In 1842 Hong Kong has been grasped by Great Britain and remained its colony till 1997 when the Chinese National Republic has received the sovereignty over territory. According to the joint Chinese-British declaration and the Organic law of Hong Kong, territory the wide autonomy till 2047, this is given within 50 years after sovereignty transfer. Within the limits of a «One Country, Two Systems» course during this period the Central national government of the People’s Republic of China incurs questions of defense and territory foreign policy while Hong Kong reserves the control over the legislation, police forces, monetary system, duties and an immigration policy, and also keeps representation in the international organizations and actions.
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According to the Organic law which is carrying out a role of constitution SAR Hong Kong, local authorities keep the sovereignty over all questions and affairs of territory except for defense and foreign policy. While Hong Kong was a colony, its governor was appointed by the queen of Great Britain. After returning of this territory under jurisdiction of China it is headed by the Main minister of Administration of Hong Kong. It is selected by Committee on elections of the Main minister of Administration of Hong Kong, consisting of 800 persons who represent the Hong Kong business elite. All other civil servants both executive, and legislative branches of the power or are appointed the Main minister of Administration (expressly or by implication), or get out voters. In the theory such agreement should guarantee almost full independence of a political, cultural, legislative and economic infrastructure of Hong Kong of continental China. However in practice Beijing often accuse of excessive intervention in internal affairs of Hong Kong, overstepping the limits, defined by the Organic law.
With 1976 for 1996 average annual growth of gross national product made 5,6 %. In 2009 of gross national product of Hong Kong made 208 billion dollars (- 2.6 % in comparison with previous year), in 2010 – 223.3 billion dollars (+ 7.1 %), in 2011 – 243.2 billion dollars (+ 5 %). Since 1962 prior to the beginning of oil crisis of 1973 the average rate of increase of gross national product per capita made 6.5 % a year. In 2009 of gross national product per capita equaled 29,8 thousand dollars, in 2010 – 31.8 thousand dollars, in 2011 – 34.4 thousand dollars, in 2012 - 34,5 thousand dollars In 2009 inflation growth has made 0,5 %, in 2010 – 2.4 %, in 2011 – 5.3 %.
In 2010 25.5 % of gross national product trade and logistics made, 15.4 % - financial services, 12.8 % - business services, 8.4 % - other services (medical and educational services, innovations and technologies, services in testing and certification, preservation of the environment), 4.4 % - tourism.
Employment and Well-Being
With 1982 for 1997 the unemployment average level equaled 2.5 %, but in 1998-2003 he has grown to 6 % (that has been caused by the Asian financial crisis and epidemic SARS). In 2009 the rate of unemployment with the account of seasonal fluctuations equaled 5.3 %, in 2010 – 4.3 %, in 2011 – 3.4 %, and as of the middle of 2012 – 3.2 %. As of the end of 2002 the small and average enterprises made 98 % of all enterprises of Hong Kong, providing 60 % of employment in a private sector.Want an expert to write a paper for you Talk to an operator now
In first half of 2010 below the breadline in Hong Kong there was 1.26 million persons, or 18 % of all population. In 2011 of the power of Hong Kong at last that have approved the bill according to which there was a concept of the minimum salary (as of spring of the same year it made 28 Hong Kong dollars or 3.6 US dollars at an o'clock). In 2011 retail prices have grown on 5. %, and in first half of 2012 - on 4,7 %.
The increasing role in employment sphere is played by labor migrants from abroad. Natives of the next Guangdong are traditionally occupied on low-wage jobs in port, sphere of services, municipal services and on civil work. Indians and Pakistanis are occupied mainly in retail (quite often - street) trade, women from Philippines, Indonesia and Thailand work as maids, servants and waitresses.
Hong Kong is the largest financial center of Asia and the third in the world (after New York and London). The financial sector of Hong Kong has universal value in such branches, as primary placing of actions (IPO), insurance, a banking, service of the private capital (Hong Kong - the second-large center in Asia the private capital). Besides, Hong Kong is the second-large source of direct foreign investments into Asia after Japan and the second-large addressee of FDI in Asia after continental China. Also Hong Kong is the basic supplier of gold and currency (to Hong Kong it is necessary 5 % of a turn of the world currency market) for China
The Real Estate
Hong Kong is the world leader on level of localization of the international business and the second in the world on placing of the service companies that conducts to a constant rise in price of the commercial real estate which has become most expensive in world. Only in 2010 investors among whom the companies from continental China prevailed, have enclosed in the real estate of Hong Kong more than 15 billion dollars. With 2005 for 2010 cost of the typical Hong Kong house has grown on 148 % (from the beginning 2009 on the beginning of 2011 - on 60 %), and the elite real estate with 2007 for 2012 has risen in price for 58.5 % (to 29.6 thousand dollars for 1 m2). From the beginning 2009 on the beginning of 2011 cost of office real estate in sector "prime" has grown on 150 %, having exceeded pre-crisis indicators on 35 %. But the massed inflow of the Chinese investments "has overheated" the real estate market a little
The Administrative Status
Officially Tokyo is not a city, and one of prefectures, more precisely, capital district, the only thing in this class. Its territory, besides an island Honshu part, includes some small islands to the south from it, and also island Izu and Ogasawara. The district Tokyo consists of 62 administrative units - cities, settlements and rural communities. When tell «a city of Tokyo», usually mean 23 special areas entering into capital district which with 1889 for 1943 made an administrative unit a city of Tokyo, and nowadays are equal under the status to cities; everyone has a mayor and city council.
The capital government is headed by in public selected governor. The Government Headquarters are in Shinjuku, the municipal center of district. In Tokyo also there is a state government and an imperial palace of Tokyo (the out-of-date name - the Tokyo imperial lock is also used) - the main residence of the Japanese emperors.
As of October, 2007 by estimations in Tokyo there live 12.79 million persons, from them 8,653 million persons live in 23 special areas. In the afternoon the population increases more than by 2.5 million workers and the students coming from the next areas. This effect has even more strongly pronounced character in three central areas (Chiyoda, Chuo and Minato), which general population as of 2005 is 326 thousand persons at night and 2.4 million in the afternoon. From foreigners for 2008 in Tokyo most of all lived Chinese - 145 320 persons, then inhabitants Southern and the North Korea (117 567), there are less than Filipinos (31 974), Americans (19 408), Indians (9 418), Englishmen (7 482 .
Tokyo is one of three world financial centers, along with New York and London. Also, Tokyo - one of the most economically developed agglomerations in the world. According to the researches spent by company PricewaterhouseCoopers, the Tokyo city zone (prefectures of Tokyo, Kanagawa and Tiba together, 35.2 million persons) for 2005 has gross national product in total $1.191 trillion (at par purchasing capacity) and wins first place among the largest agglomerations in the world under gross national product. In 2008 47 companies from Fortune Global 500 were in Tokyo.
Tokyo is the large international financial center and headquarters of some the largest world investment banks and the insurance companies, and also carries out functions of the concentrator of transport, publishing and broadcasting branch in Japan. During the centralized growth of the Japanese economy after the Second World War many large companies have transferred headquarters from such cities, as Osaka (historical financial capital), to Tokyo, in attempt to take advantage of advantages of wider access to the power. Time this tendency has gone to the last on recession because of proceeding growth of the population in Tokyo and high cost of a life there.
Tokyo has been estimated by magazine "The Economist" as most expensive (the highest cost of a life) a city in the world throughout 14 years on end, till 2006.
The Tokyo stock exchange of Japan is the largest stock exchange, and also the second in the world on market capitalization and the fourth on share size in a turn.
According to the ministry of a rural, wood and fish economy, Tokyo had 20 900 hectares of farmlands in 2003, having got on last place among country prefectures. Perishable food, such as vegetables, fruit and flowers is delivered on the markets in east part of district. The Chinese cabbage and spinach are the most important made products. Tokyo bay was one of the main sources of fish. Now the majority of fish production of Tokyo arrives from the remote islands, such, as Izu %u014Cshima and Hachijojima. The basic oceanic product is the tuna.
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