Hong Kong is officially the Special Administrative Region of the People’s Republic of China, is an autonomous territory on the eastern side of the Pearl River estuary in East Asia, south of the mainland Chinese province of Guangdong, and east of the special administrative region of Macau. With over 7.3 million of various nationalities in a territory of 1,104 km2, Hong Kong is the fourth-most densely populated region in the world.
Hong Kong has a capitalist mixed service economy, characterized by low taxation, minimal government market intervention, and an established international financial market. It is the 33rd-largest economy in the world. Hong Kong’s economy has consistently ranked at the top of the Heritage Foundation’s index of economic freedom since 1995 and had been described by Milton Friedman as the world’s greatest experiment.
Hong Kong is the world’s seventh largest trading entity in both exports and imports, with the total value of traded goods exceeding its gross domestic product. It is also the world’s largest transshipment center, much of its exports consist of re-exports, products manufactured outside of the territory, especially in mainland China and distributed via Hong Kong.
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