Economy of Hong Kong
Set of productive activities developed in Hong Kong
Economy of Hong Kong
Hong Kong has a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. The Hong Kong dollar is legally issued by three major international commercial banks, and since 1983 has pegged to the US dollar. Interest rates are determined by individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority. Highly dependent on international trade and finance, it is regarded as a favorable place to start a company. A study showed that Hong Kong went from 998 registered start-ups in 2014 to 4694 in 2024, with Fintech (13%) companies comprising the plurality. The Economic Freedom of the World Index lists Hong Kong as the freest economy, with a score of 8.58 based on data from 2022.
Read on Wikipedia · Image Benh LIEU SONG (Flickr), CC BY-SA 4.0
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