Citizens of Hong Kong
have been taking to the streets to protest China’s planned extradition of
suspects from Hong Kong to China for trial.
Hong Kong likes China’s trade, but not their laws. They want to govern
themselves independently. Hong Kong is an Island at the southern tip of
mainland China. It is an Asian Financial Center.
Hong Kong Island has
been populated since 30,000 BC and grew to be a Trading and Shipping Center and
British Colony.
Hong Kong was returned
from the UK to China in 1997, but planned to operate independently with it own
government and own currency. Hong Kong operates a free market economy and local
government, but is officially part of China.
Hong Kong
Economy - Hong Kong has a
population of 7.44 million and a land area of 427 square miles. Labor force is
4 million. Labor force by occupation is wholesale and retail trade, restaurants
and hotels 43.3%, finance, insurance and real estate 20.7%, community and
social services 19.5%, transportation and communications 7.8% manufacturing
6.5% and construction 2.1%.
Nominal GDP is $363
billion, rank 35th. Nominal Per Capita GDP is $48,517. GDP growth is
2.7%. GDP by sector is agriculture 0.1%, industry 7.6%, services 92.3%
Unemployment is 3.1%,
Inflation is 2.4%, Poverty is 20% due to minimum wage service jobs.
Main industries are
textiles, clothing, tourism, banking, shipping, electronics, plastics, toys,
watches and clocks. Ease of doing business 4th.
Exports are $534.8
billion of electrical machinery, appliances, textiles, apparel, watches,
clocks, toys, jewelry, goldsmith silversmith gemstone goods sold to China 54.1%,
US 7.7%.
Imports are $561.8
billion of raw materials, semi-manufactured consumer goods, capital goods,
foodstuffs and re-exported fuels to China 44.6%, Singapore 6.4%, Japan 6.1%,
South Korea 5.5%, US 5.2%.
Government revenue is
$79.34 billion, spending is 61.64 billion. Debt to GDP is 0.1%. External debt
is $633.6 billion. Reserves are $431 billion.
Comments
Hong Kong land area is
421 square miles, smaller than Nashville TN, but its Nominal GDP is $386
billion, larger than Denmark. Singapore has a Nominal GDP of $361 billion and
is an independent country. The UK should have made Hong Kong an independent
country instead of giving it back to China.
Norb Leahy, Dunwoody
GA Tea Party Leader
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