The federal government has experienced a passive position in the economic system. Colonial governments had little industrial policy and executed Just about no trade controls. underneath the doctrine of "beneficial non-interventionism", publish-war administrations deliberately averted the direct allocation of methods; Lively intervention was thought of detrimental to economic progress.
The territory was the first marketplace outdoors mainland China for renminbi-denominated bonds, and has become the most significant hubs for offshore renminbi buying and selling.[232] In November 2020, Hong Kong's fiscal products and services plus the Treasury Bureau proposed a new legislation that may prohibit cryptocurrency investing to Skilled buyers only, leaving amateur traders (ninety three% of Hong Kong's investing population) from the industry.[233]
The identify on the territory, initial romanised as "He-Ong-Kong" in 1780,[37] at first referred to a small inlet Positioned concerning Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was an Original issue of Call concerning British sailors and local fishermen.[38] Although the supply of the romanised identify is unfamiliar, it is generally thought being an early phonetic rendering on the Cantonese pronunciation hēung góng, or Tanka Cantonese. The name translates as "fragrant harbour" or "incense harbour".
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