Hong Kong is a special administrative region of the People's Republic of China. Hong Kong's highly favourable geographical position and trading opportunities are wealth-generating assets. China is in Eastern Asia, bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam. The climate in Hong Kong is subtropical with a warm and humid spring, hot and rainy summer, pleasant and sunny autumn, and a cool and dry winter. The official languages are Chinese and English. Business is conducted in English, which all Hong Kong business people speak, although they may converse in Cantonese with their colleagues. Overall, the standard of spoken English outside business circles has deteriorated in recent years, making communication for non-Cantonese speakers increasingly difficult in many routine transactions. The main religions are Buddhism and Taoism. The economy of Hong Kong is characterised by the principle of "one country, two systems", whereby Hong Kong runs on economic and political systems different from those of mainland China. Hong Kong is one of the world's leading international financial centres, with a major capitalist service economy characterized by low taxation, free trade and minimum government intervention under the ethos of positive non-interventionism. Business introductions are usually formal, for example it is expected to use formal professional titles followed by surname. Expatriate business dress is conservative. Men typically wear a suit and tie, while women wear a dress or a skirt and blouse. The security risk for expatriates in Hong Kong is low overall. Risks are mainly petty crime such as tourist scams, muggings and business corruption, as well as those related to protests. The currency of Hong Kong is the Hong Kong Dollar (HKD). Banking is on a par with that of Western Europe and North America. Medical facilities are good, however the cost of treatment for expatriates can be high. People entering HK may undergo temperature screening at borders. Depending on the results, further medical examinations may be required. The population of Hong Kong is 7.4 Million (2018 est.), while the inflation rate (CPI) is 2.1% for Hong Kong as at May 2018. For a single Expat, the personal income tax rate in Hong Kong is progressive up to 17%.
Cost Of Living
The cost of living for expatriates / professional migrants in In Hong Kong, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Hong Kong as at 1 July 2018 is very high in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: High 2) Clothing: Very High 3) Communication: Low 4) Education: High 5) Furniture & Appliances: Average 6) Groceries: Very High 7) Healthcare: Very High 8) Household Accommodation: Very High 9) Miscellaneous: Very High 10) Personal Care: High 11) Recreation & Culture: High 12) Restaurants Meals Out and Hotels: Very High 13) Transport: Very High Hong Kong is for example 85.7% more expensive than Houston TX for groceries, 335.6% more expensive for household costs than Kuala Lumpur, and 47.6% more expensive for transport costs than Dubai. The hardship premium for Hong Kong for an expat from Perth, is for example 10%, i.e. host location (Hong Kong) premium of 20% minus home (Perth) location premium of 10%. Hong Kong is ranked as a some hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Hong Kong? Register subscribe to your home location and Hong Kong and run your personalised reports.