Contemporary Hong Kong is a Special Administrative Region of the People's Republic of China (PRC). Modern Hong Kong economy is more dependent on the service sector. It is presently a major corporate and banking sector of the country. Hong Kong also serves as the passage for the export goods of China.
Hong Kong has a limited democratic form of government. Contemporary Hong Kong has a government where the Chief Executive yields the executive power. He is responsible to the State Council of the People's Republic of China. The administrative work is looked after by a board of Executive Council appointed by the Chief Executive.
In 1984, a treaty was signed between the Chinese and
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British, following which Hong Kong was conceded autonomy, especially in the economic sector. The British handed over the hegemony of Hong Kong to the Chinese in July, 1997. The first election under the domination of the Chinese took place in May, 1998. Democratic Party for the Betterment of Hong Kong (DAB), a pro-Beijing political party, put its hand over Legislative Council. Tung Chee Hwa continued to be the Chief Executive till 2005.
The Asian financial crisis took place immediately after handing over of the Hong Kong territory to China. This resulted in a state of depression in Hong Kong. China is trying to bring an anti-subversion law in Hong Kong with a view to fight against the Falun Gong Christian religious sect.
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