Hong Kong is one of the two most important financial centers in the world. It is the international headquarters of the HSBC Group with branches in Switzerland. Besides that it is also one of the largest trading centers in the world with a turnover of more than $1 trillion every year.
The early years of this glorious trading post were marked by frequent conflicts between the British Empire and the Qing Dynasty. As a result, the region was often referred to as the “Shanghai” or the “Western Regions.” During the period of the later Kangxi Dynasty, Hong Kong became an economic trading center and had several favorable conditions for foreign trade and industry. The British Empire, which had just ended its mandate in India, brought with it heavy investments in the Hong Kong area including Hong Kong Island. There the “HSBC” or “Hong Kong and Shanghai Banking Corporation” was established.
As trade and industry grew in the Hongkong region there were new demands for a more developed and industrialized set up. This was to become possible because of the proximity to the Industrial revolution in England and the new found wealth in China. The British brought with them skilled manpower from India, especially men who had performed such services as clerk and draftsman. By the mid nineteenth century, Hongkong had its own railway system, which linked it to the larger cities of Canton, Shanghai, Beijing and Hong Kong. The first high-speed railway in China was opened in Beijing. Hong Kong became an important destination for trade in the late nineteenth century, when the “swisck rail” arrived in 1849.
In modern times there has been a resurgence of interest in the region as Hong Kong is once again beginning to emerge as a major economic and trade Centre. The International PRC has made a renewed effort to promote a dialogue with the People’s Republic of China over trade and the question of independence. In response the current governor of Hong Kong has been visiting China regularly and meeting with the top leaders from both sides of the border.
The early history of the early Chinese dynasty in the fifth century BC began at the start of what is known as the Western Han Dynasty, following the disintegration of the Eastern Han Dynasty. The name of the Western Han Dynasty is not certain. It may have been related to the Later Han, the reunification period of the later dynasty of China and the beginning of the later dynasty of the Roman Empire.
Trade did not flourish immediately in the region, but following the formation of the first Northern Dynasty, there was a gradual development. At the end of the Fourth Dynasty, the Roman army occupied Hong Kong along with the rest of China, thus effectively annexing the entire region under the control of the British Empire. The same could not be said of the Southern Dynasty, which was at first independent of the British. However, following the takeover of Southeastern China by the British, Hong Kong was incorporated into the Federation of Malaya, later on into the Protectorate of Hong Kong under the terms of a Treatise of commerce between the two governments. During this time, the influence of the British on Hong Kong increased, particularly as a result of the granting of the colony to the British.
Following the Second World War, the area became closely linked with that of London due to its close proximity to the Isle of Wight. Hong Kong’s close proximity also meant that any trade deal with the outside world had to pass through the British. Consequently, trade with other parts of China was regulated via the suppression of piracy with the introduction of the “English Codes” and “Prohibition Orders”. These acts were designed to prevent the entrance of contraband goods into the city-state. These acts later were combined in the passing of the Trading Practices Act in 1960, which brought Hong Kong under the law of the European Free Trade Association.
As indicated earlier, the evolution of this unique metropolis is marked by numerous periods of development. The most notable one was the period between the mid-Qing Dynasty (Xiao dynasty) and the mid-19th century. This was a period of great economic growth, characterized by great strides in communications (particularly telephone and radio service), shipping, and industry. The latter three eras saw the emergence of modern cities (and a new profession for many of them accountants and engineering professionals). As a consequence of this immense wealth accumulated during these eras, the demand for property (especially residential property) grew rapidly, causing prices to soar. This influx of population into the urban areas resulted in the creation of what we know today as “Hong Kong” in the literal sense of the term-a development characterized by bustling, crowded, and noisy townships.