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Introductuion Hong Kong the pearl of Asia has been the center of trade and finance in Asia since the early 20th century In a short history of about 150 years Hong Kong has become the source of growth for many nearby economies In a certain sense it can be even said that it is a merchant city founded and managed by businessmen Traditional hongs or trade houses of Hong Kong were the pillar of the economy Jardine Matheson and Hutchison were major hongs that led the economy and the Hong Kong Shanghi Bank were the financier of these hongs and has today grown to become one of the largest bank in the world These firms were the critical factors of the growth for Hong Kongs economy Their role however has changed overtime They are no longer the de facto leaders of Hong Kong as they were in the mid 1800s Their role has diminished as Hong Kong grew to become more international and the 1997 handover to the Peoples Republic of China has further altered their position Some hongs that adapted well to the changing times prospered while others either went bankrupt or become stagnant Background on Hong Kong Economy The territory of Hong Kong is located at the mouth of the Pearl River a little southwest of the Guangdong Province of the PRC Hong Kong was ceded to the British after the Opium War in 1842 Many believe that the British hongs were behind lobbying the British government into fighting the Chinese Government and the settlement of the island Kowloon was annexed in 1860 and the New territories were leased for 99 years in 1898 In 1984 the British and the PRC government agreed that Hong Kong as a whole would
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