Economy of Hong Kong Research Paper Example | Topics and Well Written Essays - 2750 words

Economy of Hong Kong - Research penning ExampleHong Kong has played a crucial agency not only in Asias economic system but also linked to the western. British successfully prospered Hong Kongs economy and several impacts has brought into by dint of this development which could be said as a path to Hong Kongs Modernization.The role of Opium War in Hong Kongs economic developmentDuring the start of the 19th century, Hong Kong did not show any indication that it would later(prenominal) become a world trade center in Asia. The country was way beyond in terms of economic development. Unlike today, chinaware was not interested into foreign trade so Hong Kong dwelled broadly on farming and fishing. This did not last until British ocean-going ships discovered Hong Kong as useful for un freight and loading cargo to be barged up the Pearl River to Canton (Liu). During that time, there was a trade imbalance between the western countries and china because china had more to offer than it n eeded in return.Because of the on-going trade imbalance, the British had to rally of ways to prevent it. One of the solutions that they thought of is to hotly import opium to China. Opium was used for medicinal purposes in China toward the end of the 15th century (ThoMas). It was used to cure dysentery, cholera, and other diseases. However, it was in 1729 when the Chinese imperial governing had found out of the detrimental effects of opium smoking. The opium sale had been banned since 1729 and its importation had been illegal until 1820 (Liu).The British axiom this as an opportunity to offset the trade imbalance. According to Liu, the illegal opium trade thrived in Canton where they import 40,000 chests of opium to China annually. The British and the US have made a good fortune in this illegal trade. This illicit massive transfer of wealth from China, one of the worlds richest and largest economies at the time, played a key role in financing the economic development of Europe an d North America in the 1800s. (Liu)As the British continue the opium trade, the Qing dynasty ordered to stop the Opium trade by assigning troops in Canton and demanded that the British troops turn over their opium contraband. More than 20,000 chests of opium were surrendered by the British after six weeks (Liu). This happening boost British traders to occupy since