Hong Kong is a Special Administrative Region of the People’s Republic of China and is headed by Chief Executive, Carrie Lam Cheng Yuet-ngor, who took office in July 2017.
Hong Kong is the seen as the gateway to mainland China with a population of approximately 7.52 million and a GDP of £273 billion in 2019.
It is the second largest foreign exchange market in Asia, and the fourth largest in the world, with particularly strong links to Britain, mainland China and the rest of the Asia-Pacific region. Hong Kong signed a free trade agreement with the ASEAN region in November 2017, reinforcing its role as a gateway to the rest of Asia. Hong Kong also has free trade agreements with Mainland of China, New Zealand, the Member States of the European Free Trade Association, Chile, Macao, and Georgia.
Hong Kong has significant strengths in the Financial and Professional Services sector, with 70 of the 100 largest banks in the world having a base there. The FinTech industry in Hong Kong continues to develop at a rapid pace, as the demand for innovative products and technologies rises. The Hong Kong government launched Cyberport, offering dedicated services and programmes in the city to connect FinTech start-ups with financial institutions and other potential investors and collaborators.
About 90% of Hong Kong's GDP comes from service industries, with specialisms in: management, design and marketing, legal services, transport and logistics, finance and accounting services.
Greater Bay Area
Hong Kong is an important part of the Greater Bay Area, which comprises the two Special Administrative Regions of Hong Kong and Macao, and nine key cities in southern China. These are Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing. The development of the Greater Bay Area has great significance in China’s implementation of innovation-driven development and commitment to reform and opening-up. The objectives are to further deepen cooperation amongst Guangdong, Hong Kong and Macao to promote coordinated regional economic development, with a view to developing an international first-class bay area ideal for living, working and travelling.
The Greater Bay Area occupies less than 1 per cent of China’s land area but contributes 12 per cent of GDP, with a GDP 1,642.5 billion USD. The population of the Greater Bay Area is 71 million, more than the whole of the UK and twice that of Canada.