It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
As one of the world's leading international financial centres, Hong Kong's service-oriented economy is characterized by its low taxation, almost free port trade and well established international financial market. Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and pegged to the US dollar. Interest rates are determined by the individual banks in Hong Kong to ensure they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority.
According to the Index of Economic Freedom, Hong Kong has had the highest degree of economic freedom in the world since the inception of the index in 1995. Its economy is governed under positive non-interventionism, and is highly dependent on international trade and finance. For this reason it is regarded as among the most favorable places to start a company. In fact, a recent study shows that Hong Kong has come from 998 registered start-ups in 2014 to over 2800 in 2018, with eCommerce (22%), Fintech (12%), Software (12%) and Advertising (11%) companies comprising the majority. The Economic Freedom of the World Index listed Hong Kong as the number one country, with a score of 8.97, in 2015.
Hong Kong is classified as an alpha+ global city, indicating its influence throughout the world. It is one of the most significant global financial centres, holding the highest Financial Development Index score and consistently ranking as the most competitive and freest economic area in the world (2012, 2016, 2017). The city has the largest number of skyscrapers, most surrounding Victoria Harbour. On the Human Development Index, it ranks the highest in Asia and seventh in the world, and it has one of the world's highest life expectancies.
Hong Kong and the Economy of Hong Kong
South Korea is known for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just a few generations. This economic growth is called by some a miracle, and described as the Miracle on the Han River, which has brought South Korea to the ranks of elite countries in the OECD and the G-20. South Korea still remains one of the fastest growing developed countries in the world following the Great Recession. It is included in the group of Next Eleven countries that will dominate the global economy in the middle of the 21st century.
In 1950, a North Korean invasion began the Korean War and after its end in 1953, the country's economy began to soar, recording the fastest rise in average GDP per capita in the world between 1980 and 1990. Authoritarian rule ended in 1987 and the country is now the most advanced democracy with the highest level of press freedom in Asia. South Korea is a member of the OECD's Development Assistance Committee, the G20 and the Paris Club.
South Korea is a highly developed country and the world's 11th largest economy by nominal GDP. Its citizens enjoy the world's fastest Internet connection speeds and the longest years of tertiary education in the world, along with the world's second best healthcare system and most equal access to quality healthcare, resulting in the third highest health adjusted life expectancy in the world.
South Korea and the Economy of South Korea
originally posted by: odzeandennz
So America should go "free" Hong Kong?
Also show an index of corruption and corporations controlling the governments in capitalistic governments...
originally posted by: DJMSN
Why is Hongkong being rated as a country ? They are not, instead they are considered a part of China, just as they were considered a British colony previously.
I don't advocate for China but there is an official agreement. China should be held to the agreement, and considering the importance of Hongkong to the economic health of China, as to the world, I cannot see them destroy that which lays the proverbial golden eggs. I believe they have taken a serious misstep in announcing this extradition law, and since they almost immediately backed off, it seems they also recognize their mistake.