Hong Kong SAR, China
Definition of 'Hong Kong SAR, China'
The Hong Kong dollar is the official currency of Hong Kong. It is issued by the Hong Kong Monetary Authority (HKMA), and is pegged to the US dollar at a rate of HK$7.80 to US$1. The HKMA maintains a currency board system, which means that it is committed to maintaining the peg at all times.
The Hong Kong stock market is one of the largest in Asia. It is home to some of the world's largest companies, including HSBC, Alibaba, and Tencent. The stock market is regulated by the Securities and Futures Commission (SFC).
The Hong Kong economy is one of the most open and free in the world. It is ranked 1st in the world for economic freedom by the Heritage Foundation. The economy is driven by its service sector, which accounts for over 90% of GDP. The main industries in Hong Kong are financial services, trade, and tourism.
Hong Kong is a member of the World Trade Organization (WTO), and has free trade agreements with over 50 countries. It is also a member of the Asia-Pacific Economic Cooperation (APEC) forum.
Hong Kong is a popular destination for foreign investment. It is ranked 1st in the world for foreign direct investment (FDI) by the United Nations Conference on Trade and Development (UNCTAD). The main sources of FDI in Hong Kong are mainland China, the United States, and Japan.
Hong Kong is a safe and prosperous city. It has a low crime rate, and a high standard of living. It is also a very international city, with people from all over the world living and working there.
Hong Kong is a unique and vibrant city. It is a major global financial centre, a popular tourist destination, and a great place to live and work.
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