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Addition of further information about HK's economy
[[Image:674uygjh.png|right|thumb|250px|The flag of Hong Kong.]]
[[Image:674uygjh.png|right|thumb|250px|The flag of Hong Kong.]]
'''Hong Kong''' ([[Mandarin Chinese]] '''香港'''） is a [[Special Administrative Region]] of [[China]], situated at the mouth of the [[Pearl River]] in southern China, opposite the former Portuguese possession of [[Macau]]. It consists of Hong Kong, Lamma, Lantau and various smaller islands, and [[Kowloon]] and the [[New Territories]] on the Chinese mainland. The name Hong Kong means ''fragrant harbour''.
'''Hong Kong''' ([[Mandarin Chinese]] '''香港''' Xianggang） is a [[Special Administrative Region]] of [[China]], situated at the mouth of the [[Pearl River]] in southern China, opposite the former Portuguese possession of [[Macau]]. It consists of Hong Kong, Lamma, Lantau and various smaller islands, and [[Kowloon]] and the [[New Territories]] on the Chinese mainland. The name Hong Kong means ''fragrant harbour''.
The population of Hong Kong is about 7 million people. The largest urban areas are Kowloon (With a population about 2 million), Central, Tsuen Wan and Sha Tin. Property prices in Hong Kong's Central District are the second most expensive in the world, after those of central [[Tokyo]].
The population of Hong Kong is about 7 million people. The largest urban areas are Kowloon (With a population about 2 million), Central, Tsuen Wan and Sha Tin. Property prices in Hong Kong's Central District are the second most expensive in the world, after those of central [[Tokyo]].
Before 1997, Hong Kong was a British crown [[colony]]. The island had been ceded to [[Britain]] in perpetuity by the Treaty of [[Nanjing]] in 1842 at the conclusion of the [[Opium War]] (having been occupied by British forces in 1839), and Kowloon was ceded in 1860, but the New Territories had only been leased in 1898 for 99 years in an agreement with the Qing government (using the "preferred nation status" of the British empire at the time). In the late 1970's and early 1980's, the United Kingdom approached China as to the return of their reversion to China. The Chinese government were adamant that the whole of Hong Kong should be returned to China and not just the New Territories. [[Margaret Thatcher]], the [[Prime Minister]] at the time wanted to hold out for continued British rule in some form, but without success. Realising that the remaining possessions lacked a viable water supply, and without Chinese acquiescence their continued retention by the United Kingdom would have become impractical, she relented and agreed to the Chinese proposal of "one country, two systems" under which Hong Kong's freedoms and way of life would be guaranteed for fifty years following the territory's return in 1997. The two countries signed a treaty known as the Sino-British Joint Declaration to that effect and Hong Kong became a Special Administrative Region of China with a Basic Law giving effect to those promises on 1 July 1997.
Before 1997, Hong Kong was a British crown [[colony]]. The island had been ceded to [[Britain]] in perpetuity by the Treaty of [[Nanjing]] in 1842 at the conclusion of the [[Opium War]] (having been occupied by British forces in 1839), and Kowloon was ceded in 1860, but the New Territories had only been leased in 1898 for 99 years in an agreement with the Qing government (using the "preferred nation status" of the British empire at the time). In the late 1970's and early 1980's, the United Kingdom approached China as to the return of their reversion to China. The Chinese government were adamant that the whole of Hong Kong should be returned to China and not just the New Territories. [[Margaret Thatcher]], the [[Prime Minister]] at the time wanted to hold out for continued British rule in some form, but without success. Realising that the remaining possessions lacked a viable water supply, and without Chinese acquiescence their continued retention by the United Kingdom would have become impractical, she relented and agreed to the Chinese proposal of "one country, two systems" under which Hong Kong's freedoms and way of life would be guaranteed for fifty years following the territory's return in 1997. The two countries signed a treaty known as the Sino-British Joint Declaration to that effect and Hong Kong became a Special Administrative Region of China with a Basic Law giving effect to those promises on 1 July 1997.
=== World War II ===
=== World War II ===
== Trade and Industry ==
== Trade and Industry ==
Hong Kong's economy was founded upon trade between Britain and China, most notably the trade in [[opium]], which was not made an illegal drug until the early 20th century. After [[World War II]], many refugees from China fled to Hong Kong to escape from the Chinese [[civil war]], with further inluxes following the [[Communist]] victory in 1949. This led to the development of light industry in the territory and the emergence of some of today's major business families. Hong Kong thus became a major light industrial export centre. When China opened up its economy in the 1980's many of these light industrial businesses moved their manufacturing centres over the border in search of lower land and labour costs, with the exception of the garment industry, which was governed by quotas under the [[Multi-Fibre Agreement]]. The garment industry resorted to clever subterfuge by transferring most of the manufacturing process to China, exporting the unfinished goods to Hong Kong, where the process was completed, thereby allowing them to place "Made in Hong Kong" labels on the finished product.
The transfer of manufacturing industry to China has resulted in a further transformation of the Hong Kong economy to a service-based economy, with its financial and legal services highly regarded internationally.
[[Image:Hongkong.jpg|center|thumb|950px|The Hong Kong skyline.]]
[[Image:Hongkong.jpg|center|thumb|950px|The Hong Kong skyline.]]
Hong Kong has an excellent deep-water [[harbour]], and is one of the world's largest and busiest ports.
Hong Kong has an excellent deep-water [[harbour]], and is one of the world's largest and busiest ports.
It is a major tourist destination and transport hub.
It is a major tourist destination and transport hub.
It is also a major [[drug]]-[[smuggling]] centre, notably of [[heroin]].
It is also a major [[drug]]-[[smuggling]] centre, notably of [[heroin]].