So kids will see great buckets brimming with grouper and chickens shuffling in their cages. Warn kids: These are not pets; their destination is the dinner table. Nearby is the Blue House, a s tenement building that offers a rare glimpse of old Hong Kong. Residents strongly hold to a mix of traditions, from Buddhism, Taoism, and folk religion.
During the Lunar New Year, for example, every dish served at traditional dinners bears a name that sounds like the Chinese words for prosperity, happiness, or longevity. As you move about the city, look for signs of traditional Hong Kong. The fortune-tellers with their street stands. The banners of clothing drying on windowsills.
Musicians playing the traditional erhu , a two-stringed violin. The dai pai dong big license-plate stall , open, ramshackle sidewalk restaurants. The earnest chess players hunched over boards on tables and chairs. Vendors stir-frying woks of hot chestnuts or selling sweet potatoes and duck eggs. A shoe repairman hammering away at his open-air worktable. Visit a Chinese herbal shop to show kids the alternative to Western medicine.
Shops typically are crammed with bottles and jars filled with herbs, plants, and other arcane ingredients. And be sure to sample dim sum and dine at one of the ubiquitous Hong Kong noodle shops make sure you use chopsticks.
And if you get up by 7 a. Some parks also offer free tai chi and arts classes through organizations like the Hong Kong Tourism Board. The Goldfish Market in Mong Kok is colorfully symbolic. There are more than temples, shrines, and monasteries in the city. The plus steps to the monastery are flanked by countless golden statues of Buddhas: some chubby, some skinny, some with various animals, some with funny faces.
Keep kids entertained and set up photo opportunities by counting and imitating the poses of the statues. Though the steps can be steep and the climb takes about a half hour, there are benches along the way. The region has its own policies related to money, finance, trade, customs, and foreign exchange. Hong Kong and mainland China even use different currencies. The mainland uses the Chinese yuan as legal tender. Merchants in Hong Kong do not freely accept the yuan.
The economy of Hong Kong has witnessed a tremendous transition in the past decade as services took a lead in the region at a whopping As manufacturing has shifted base to the mainland, its contribution to overall GDP has shrunk over the years 1. Construction contributes around 4.
Overall, the Hong Kong economy is characterized by low tax rates, free trade, and less government interference. The economy of mainland China is more dependent on manufacturing, although, in recent years, the service sector has started to pick up. However, the share of services in the GDP is much less than that of developed countries like the United States and Japan and also less than that of developing countries like Brazil and India.
Hong Kong's GDP per capita is vastly higher than that of mainland China's, although the latter is rapidly climbing. The Hong Kong Stock Exchange has been the preferred destination choice for most Chinese companies looking to raise capital, as the mainland Chinese stock markets are more restrictive and have higher financial requirements.
Hong Kong's stock market also attracts more overseas investors. First, a registration-based IPO system, which enables listing to be relatively faster and easier than in the mainland.
Second, the absence of capital controls and greater international exposure, which allows Hong Kong to serve as an anchor point for global expansion. Third, a sound financial infrastructure, which mitigates operational costs. Fourth, an effective regulatory framework, which focuses on transparency and prudent minimum standards," wrote Tianlei Huang research analyst at the Peterson Institute for International Economics.
In mid-November , a program titled "Shanghai-Hong Kong Stock Connect" was launched, which established a cross-border channel for access to stock markets and investment. There was no direct access for individual investors in Hong Kong or overseas to Chinese stocks before this.
Even in times of twisted diplomatic relations, the economic ties have remained strong between the mainland and its SAR. Hong Kong in many respects is seen as a gateway to China for those who are interested in doing business on the mainland or accessing Chinese stocks or investments.
As of June , 31 of the licensed banks in Hong Kong were of Mainland interests. Mainland China is Hong Kong's largest trading partner and its second-largest source of inward direct investment. It is also the biggest supplier of imports for Hong Kong However, some argue Hong Kong's economic importance and relevance to China's growth story is rapidly falling.
Hong Kong is a special administrative region of China and is an "inalienable part" of the country. Due to its special status, Hong Kong is able to exercise a high degree of autonomy and enjoy executive, legislative, and independent judicial power.
No, people in Hong Kong are considered Chinese. This lease started in when Britain negotiated a major land expansion of the Hong Kong colony. Basic Law. Hong Kong Tourism Board. World Bank. Amnesty International. Accessed June 29, Census and Statistics Department.
Central Intelligence Agency. Peterson Institute fort International Economics. Discover Membership. Editions Quartz. More from Quartz About Quartz. Follow Quartz. These are some of our most ambitious editorial projects. From our Obsession. China is striving for global leadership, and has the economic clout to realize its vision.
By Mary Hui Reporter. Sign me up. Update your browser for the best experience. Next to a shiny new skyscraper sits an old dilapidated apartment building. Sitting underneath towering buildings is an ancient looking temple.
One of the more informative and enjoyable activities I did in Hong Kong was to take a free walking tour offered by a colleague and friend of mine: Virginia of Humid With a Chance of Fishballs yep — not a typo. During the tour, she shared various interesting pieces of trivia, but the following story was my favourite:. The consultant actually said that building was a bit too symmetrical and perfect, which inspired the giant atrium at the bottom, with two off-centre escalators taking visitors up to the lobby — a gorgeous piece of design work unto itself.
The designer the same fella who designed the Louvre in Paris refused to use a feng shui consultant, and as a result all kinds of things are wrong with the place. This is serious stuff; apparently the very same week this building opened, the stock market crashed. It gets better. They look like cannons. Two sets of cannons, pointing directly at the buildings on either side. I found this story absolutely hilarious. I mean — can you imagine! What a fabulous sense of humour — a big serious bank constructing cannons pointing at neighbouring competitors!
This is Kowloon park; a giant park — aviary and flamingos and everything — built atop a shopping centre. Big mistake. A minute taxi ride from just about anywhere in the city will take you to some sort of hiking trail. When a friend found out through Facebook that I was in Hong Kong, he sent me a note with pictures and recommendations from his own hiking experiences that made me immediately regret not doing more research before my trip.
Here are some of my beefs with the place:. Everything is built up into the sky, and down into the ground.
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