Hong Kong Is Known For Their Small And Free Economy System

Hong Kong is known for their small and free economy system. They are deemed as the global monetary foundation. Due to the influence of the worldwide economic catastrophe, its economic growth confronts various new trials. As a result, a complete examination of the Hong Kong’s financial growth and their prominent production standing becomes a vital matter. Hong Kong is presently the world’s most service oriented economy, with facilities divisions responsible for more than 90% of GDP. After the Chinese mainland it is measured as the second major beneficiary of the foreign direct investment and it is the third major cause of FDI in Asia, following Japan and Chinese mainland. â€Å"Hong Kong became part of the People’s Republic of China in 1997, but under the â€Å"one country, two systems† agreement, China promised not to impose its socialist policies on Hong Kong and to allow Hong Kong a high degree of autonomy in all matters except foreign and defense policy for 50 years.† (Hong Kong Economy: Population, Facts, GDP, Business, Trade, and Inflation, 2015). The universal suffrage is the critical issue for China currently, which was promised for 2017 by Chinese officials. Even though government officials have power over all land in Hong Kong, small government, low taxes, and light regulation has been beneficial towards their economy. Key businesses comprise monetary services and distribution; production has mainly traveled to the mainland. 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