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.
Hong Kong is a special administrative region of the People’s Republic of China. Hong Kong’s highly favorable geographical position and trading opportunities are wealth-generating assets.
Hong Kong has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.