Why important in Indian Context

There is a sense of urgency in creating more Hong Kongs in the country like India. In Indian metro city, no one is like Hong Kong; but metro like Mumbai, Bangalore, Delhi can be somewhat closer. On the other hand china has many metros like Hong Kong.
We have to think why it is important for the country like India. In my personal view, there are following reasons:

• In the developing countries, it considers as a pace setter of economic growth and one of the most important determinants for economic development.
• It affects economic development through demand side and supply side.
• On the demand side, it opens up the possibilities of investment by making availability of necessary inputs and services, opening up the size of the market and increasing the supply elasticity and efficiency of factors of production. On the contrary, supply side gives emphasis on development of infrastructure that helps in mobilizing potential saving and hence, translating them into productive investment.
• It plays an important role in world trade.
• It brings prosperity in the nation due to the open gateway for mutiple business option.
• And last but not the least, it improves the nation's image on the global front.

Why necessity for more Hong Kongs

• Helps in urbanization.
• Bigger chunk of GDP of a nation comes from such city.
• Such city can take the nation growth to a new high.
• Brings prosperity to the nation.
• Can enhance the nation's image on the global front.
• Large number of employement can be generated over there.
• Improve the quality of life of the people.
• Area of less importance/ no use can be converted into the money making machine.

Hong Kong's Importance to China

http://www.cnbc.com/id/15840232?play=1&video=1534753803

Please click on the above link to watch the video

Hong Kong’s International Importance (By World Ranking)

     
 CATEGORY                              World Ranking                        Remarks

Stock Market	6th (Second in Asia)
GDP Per Capita	17th	HK$ 153,372
Foreign Exchange Reserves	4th	US$ 87 bn
Foreign Trade	8th	Merchandise  trade  totaled
		HK$ 2,820 bn in 1995
Airport (No. Of International	4th
Passengers
Container port traffic	1st
(Throughput)
Banking (Volume of external	5th
banking transactions)
Foreign Exchange Market	5th
(Turnover)
Economic Competitiveness	3rd	Survey by World Economic
		Forum

Brief About Hong Kong

Hong Kong^[is one of two special administrative regions (SARs) of the People's Republic of China (PRC), the other being Macau. Situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour. With a land mass of 1,104 km² (426 sq mi) and a population of seven million people, Hong Kong is one of the most densely populated areas in the world. Hong Kong's population is 95 percent ethnic Chinese and 5 percent from other groups. Hong Kong's Han Chinese majority originate mainly from the cities of Guangzhou and Taishan in the neighbouring Guangdong province.

Hong Kong became a colony of the British Empire after the First Opium War (1839–42). Originally confined to Hong Kong Island, the colony's boundaries were extended in stages to the Kowloon Peninsula and the New Territories by 1898. It was occupied by Japan during the Pacific War, after which the British resumed control until 1997, when China regained sovereignty.The region espoused minimum government intervention under the ethos of positive non-interventionism during the colonial era. The time period greatly influenced the current culture of Hong Kong, often described as "East meets West" and the educational system, which used to loosely follow the system in England until reforms implemented in 2009.

Under the principle of "one country, two systems", Hong Kong has a different political system from mainland China. Hong Kong's independent judiciary functions under the common law framework. The Basic Law of Hong Kong, its constitutional document, which stipulates that Hong Kong shall have a "high degree of autonomy" in all matters except foreign relations and military defence, governs its political system. Although it has a burgeoning multi-party system, a small-circle electorate controls half of its legislature. An 800-person Election Committee selects the Chief Executive of Hong Kong, the head of government. As one of the world's leading international financial centres, Hong Kong has a major capitalist service economy characterised by low taxation and free trade, and the currency, Hong Kong dollar, is the ninth most traded currency in the world. The lack of space caused demand for denser constructions, which developed the city to a centre for modern architecture and the world's most vertical city. The dense space also led to a highly developed transportation network with public transport travelling rate exceeding 90 percent, the highest in the world.

CREATING MORE HONG KONGS

Topic to be covered

• Brief about Hong Kong
• Hong Kong's Importance to China
• How charter cities can change the rule for struggling economies
• Necessity of more Hong Kongs
• Importance of city like Hong Kong in Indian context