Firstly....A little story about Hong Kong
In 1699, The British East India Company made the first successful sea venture to Hong Kong and Hong Kong's trade with British merchants developed rapidly soon after. After the Chinese defeat in the First Opium War (1839-42), Hong Kong was ceded to Britain in 1842 under the Treaty of Nanking. In the late 19th century and early 20th centuries, Hong Kong developed as a warehousing and distribution center for U.K. trade with southern China.
After the end of World War II and the communist takeover of Mainland China in 1949, hundreds of thousands of people fled from China to Hong Kong. Hong Kong became an economic success and a commercial, finance, and textile and garment manufactory capital of the world. On July 1, 1997, China resumed the exercise of sovereignty over Hong Kong, ending more than 150 years of British colonial rule. Hong Kong is a Special Administrative Region of the People's Republic of China with a degree of autonomy in all matters except foreign and defense.
Imperial Preference began in 1932. Hong Kong enjoyed tax privileged tax for products imported into the British Empire and its territories. This had boosted cotton fabrics and the manufacture of rubber shoes, torches and batteries. On the eve of the Japanese invasion of Hong Kong, there were 1,200 registered factories and the industrial workforce was over 90,000. However, during the Japanese occupation that followed, many of the factories were either sequestered by the Japanese army or destroyed. Many factory owners fled and industrial production came to a virtual standstill.
The drastic changes in China in the few years after the war stimulated the rapid growth of Hong Kong’s industry. The civil war in the mainland from 1946 and the change of government in 1949 led to an exodus of migrants into Hong Kong. The immigrants from different backgrounds bolstered Hong Kong’s manufacturing industry in different ways. From Shanghai, which had been the nation’s industrial centre before the war, over 30 leading cotton spinners arrived in Hong Kong between 1945 to 1950, bringing with them advance machinery, substantial capital and modern management and technological knowhow, and prompting the growth in Hong Kong of the spinning, weaving and garment industries.
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