Country Profile
Population: 7.4 Million
Major Threats: Tropical Cyclones, Floods, Landslides, Wildfires, Extreme Weather
Populations Affected: Urban and Rural Communities
Locations Affected: Hong Kong, Kowloon
Industries Affected: Transportation, Manufacture, Financial, Fisheries, Agriculture
Compounding Issues: Environmental Protection, Renewal Energy, Nature Conservation, Agriculture
The Hong Kong Special Administrative Region (HK-SAR) is renowned as one of the most populous countries globally, characterized by high development and significant financial centrality. Its population primarily consists of Chinese ethnicity, accounting for up to 93 percent, while the remaining population comprises various Asian and non-Asian ethnicities. Geographically, Hong Kong covers several major islands, including Hong Kong Island, the Kowloon Peninsula, Lantau, and the New Territories, along with over 200 large and small islands.
Economic improvements in the early 1850s attracted more foreign investors. Hong Kong significantly contributes to the global financial center and is recognized as one of the largest exporters. Moreover, Hong Kong serves as an example of a country with two systems within one nation, and it is also considered one of the safest destinations, appealing to foreigners and offering exceptional shopping experiences.
Hong Kong is challenged by the slowdown of the real economy. Since 2018, deglobalization has led to the continuous deepening of China‑US trade frictions, which has a huge impact on Hong Kong’s exports and re‑exports. As the US and Mainland China are Hong Kong’s two largest economic and trading partners, trade disputes between the two will inevitably affect the business of related merchants. Hong Kong exports stayed on a downward trend for the 15th month in a row (as of mid-2023) as the contraction in trade with mainland China, the United States, and Europe continued.
The struggling real economy has dampened the market confidence in Hong Kong. However, Hong Kong still plays a role as one of the leading international financial centers. Hong Kong is still a prime location for financial services and home to many financial institutions. With the setup of the InvestHK Family Office in 2021, Hong Kong is taking proactive steps in facilitating more family offices, thereby generating more demand for investment management and other related professional services.
Global warming has undeniably had significant effects on numerous countries. In rapidly developing regions like Hong Kong, where there is a growing demand for construction, increased manufacturing, and greater utilization of fossil fuels for industrial purposes, the impacts of climate change have been observed sooner due to the escalation of human activities. The emergence of longer hot nights and shorter cold days has become a reality, accompanied by rising sea levels and elevated seawater temperatures.
The accumulation of carbon emission gases in concerning levels has given rise to several consequential issues addressed by change agents. The rising sea levels not only reduce land area but also make reclamation efforts less effective, and the slower response to these changes magnifies the ensuing impact.
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