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About Hong Kong

Hong Kong is a Special Administrative Region,  the autonomic territory of  the People’s Republic of China. Hong Kong is located on Hong Kong Island and the Kowloon Peninsula, and on over 260 islands, washed from the east, south and west by the South China Sea. On the north Hong Kong borders Shenzhen special economic zone, the  part of the neighboring Chinese province Guangdong. The territory of Hong Kong can be divided into three parts: Hong Kong Island, the Kowloon Peninsula and  the New Territories. Hong Kong is included into the Pearl River Delta region, being situated on the left bank of the river mouth.

From 1842 and till 1997 Hong Kong remained a colony of the British Empire. Сhina resumed its sovereignty over the territory in 1997. According to the Sino-British Joint Declaration and the Basic Law of Hong Kong this territory was granted broad autonomy until at least 2047. Following the «One country, two systems» concept Central People’s Government of China takes on and becomes responsible for the matters of defense and foreign policy areas for the whole given period of autonomy, while Hong Kong reserves it control of legislation, police forces, monetary system, customs duties and immigration policies and maintains its membership and missions in international organizations and events.

The population of Hong Kong is about 7 mln. people (as on 2007), over 98% of which are the Chinese. The official languages are Cantonese and English.

The official currency of Hong Kong is the Hong Kong dollar adopted as such in February 1985. Following the Basic Law of Hong Kong and the Sino-British Joint Declaration Hong Kong reserves full autonomy in monetary policy area. Hong Kong primary money are issued by the Government of Hong Kong and by three local banks under the supervision of  Hong Kong Monetary Authority which serves as the Central Bank of the territory. Since 1983 the Hong Kong dollar ( HKD or HK$) has been  pegged to the US dollar with the exchange rate to be fluctuated between 7, 75 HKD and 7, 85 HKD for one US dollar.

Over one million companies, a large number of  banks, stock exchanges, financial institutions, as well as branches of major international accounting and legal firms are registered in Hong Kong. Hong Kong represents   a highly-developed service of local secretarial companies, corporate management, trust companies.