Hong kong has a free market economy highly dependent on international trade. in 2006, the total value of goods and services trade, including the sizable share of reexports, was equivalent to 400% of gdp. the territory has become increasingly integrated with mainland china over the past few years through trade, tourism, and financial links. the mainland has long been hong kong's largest trading partner, accounting for 46% of hong kong's total trade by value in 2006. as a result of china's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 13.6 million in 2006, when they outnumbered visitors from all other countries combined. hong kong has also established itself as the premier stock market for chinese firms seeking to list abroad. bolstered by several successful initial public offerings in early 2007, by september 2007 mainland companies accounted for one-third of the firms listed on the hong kong stock exchange, and more than half of the exchange's market capitalization. during the past decade, as hong kong's manufacturing industry moved to the mainland, its service industry has grown rapidly and now accounts for 91% of the territory's gdp. hong kong's natural resources are limited, and food and raw materials must be imported. gdp growth averaged a strong 5% from 1989 to 2007, despite the economy suffering two recessions during the asian financial crisis in 1997-98 and the global downturn in 2001-02. hong kong continues to link its currency closely to the us dollar, maintaining an arrangement established in 1983.
Air and water pollution from rapid urbanization
7,018,636 (july 2008 est.)
Eastern asia, bordering the south china sea and china
Total: 1,092 sq km land: 1,042 sq km water: 50 sq km
Six times the size of washington, dc
Conventional long form: hong kong special administrative region conventional short form: hong kong local long form: xianggang tebie xingzhengqu local short form: xianggang abbreviation: hk