Hong Kong - thriving alongside China

On 1 July 1997 British colonial rule in Hong Kong came to an end, as political control of the province was handed over to the People's Republic of China. Its first Chief Executive under this new status was Tung Chee Hwa, and he initially presided over some turbulent times. Although Hong Kong suffered during the Asian financial crisis, as well as the outbreak of the so-called ‘bird flu', it has remained an economically robust hub. In 2009 it hosted the fifth East Asian Games, the largest multi-sport event held in the territory.

The fact is, with the growth of the Chinese economy, Hong Kong is continuing to face interesting and challenging times. It has always been renowned for its position as a truly global business city, and its commercial environment is currently thriving. The burgeoning growth of the economy of its larger neighbour on the other side of the Shenzhen River bodes well for Hong Kong. The territory consistently plays an active brokering role for global entrepreneurs wishing to access the mainland Chinese economy.

At a conservative estimate, almost two-thirds of the worldwide middle class will soon be Asian. What this means for China, and Hong Kong in particular, is that entrepreneurs from all over the globe will be taking an intense interest in economic matters in the vicinity. Hong Kong itself will feature heavily in this. Aside from its bustling business community, the very location of the territory, right in the heart of Asia, makes it a very attractive destination. The city is within four hours flight from all of Asia's most important regional markets.

Its strategic location to mainland China means that it will continue to play a crucial role in providing access to the Chinese markets. The territory has taken active steps to promote itself as the gateway to China money. Developments such as the Shenzhen-Hong Kong Innovation Circle are encouraging Chinese businesses to undertake research in the former UK colony. Being a mere one hour's drive from the Pearl River Delta, the largest manufacturing region on the planet, has given Hong Kong's own entrepreneurs access to a potential consumer market numbering some 450 million.

Hong Kong has forged tighter ties with the mainland through the Closer Economic Parnership Agreement, and this will undoubtedly boost Hong Kong's economic development immensely, allowing it to take full advantage of its proximity to China: Asia's fastest rising economy.

Top 5 Greatest Chinese inventions

As China continues to lead the world in many key areas of science and economics, it is worth considering that the present-day entrepreneurs and innovators shaping the nation's destiny are actually following in illustrious footsteps. China has a rich heritage of inventors, dynamic individuals whose intellectual abilities not only made life better for their fellow citizens; in many cases they completely transformed the world.

China's booming 21st century economy owes much to the pioneers who have strived for greatness over the centuries. Although it is impossible for any list to be anything other than subjective, here is a suggested top 5 for those historic achievements.

1. Gunpowder While Medieval Europeans were settling their differences on the battlefield by bashing each other with sharp pieces of metal in the 12th century, the Chinese had already invented gunpowder. By extrapolation, harnessing the power of these explosives led to cannons, and then guns, mines and rockets. Possessing these potentially destructive weapons gave successive Chinese Imperial dynasties supreme power in the Far East. Firearms and fireworks became popular trade items along the so-called Silk Route across Central Asia to Europe.

2. Music It was the Ling-lun, musician to the Chinese court, who fashioned the world's first recorded reed instrument. Carved from a bamboo pipe, he was creating his unique melodies for Chinese royalty sometime between 3000 and 2500 B.C. From these relatively simplistic origins, Chinese music grew ever more complex, eventually employing a five note scale.

3. Pasta While this has been associated with Italy for many years, this foodstuff owed its origins to the Chinese. Pasta is simply a variation on the much older Chinese noodle, something that has formed a staple part of the diet in this part of the world for over 4,000 years. It was only when early European traders arrived in China that they discovered this highly versatile foodstuff and decided to borrow the recipe!

4. Science Chinese scientific advancements have been leading the way for the rest of the world for thousands of years. The decimal system was introduced in China in the 4th century, almost 600 years before the Europeans cottoned on to its revolutionary simplicity. In the 2nd century there is evidence that Chinese scholars were aware of the notion of blood circulation, even although the history books falsely credit its ‘discovery' with English physician William Harvey in 1628. In 1080 Chinese science was advancing theories about climate change based on the study of plant fossils. They also went on to explain the causes of solar and lunar eclipses.

5. Printing and Publishing Ts'ai Lun perfected the process for manufacturing paper in 105 A.D. This was far superior to the baked clay or papyrus used elsewhere in the world at that time. Four centuries later China produced the world's first printing press, while the first newspaper was published in Beijing in 700 A.D.

Without these innovations, civilization could not have advanced on any level – educational, political or literary – to the extent that it has to this day.

Deng Xiaoping: profile of a visionary reformer

History reveals that many of the seismic changes in the political or economic fates of entire nations have often hinged on the drive of a handful of individuals. In the case of China's economy, much of the modernization that occurred towards the turn of the 20th century can be laid firmly at the foot of one visionary reformer: Deng Xiaoping.

As leader of the Communist Party of China he led his nation from an insular outlook towards a global market economy. Although he never held office as China's head of state, his position was known as the ‘paramount leader' of the People's Republic – a position he held from 1978 until 1992.

He was born into a relatively lowly peasant background in 1904 in Guang'an in Sichuan, a province in the rural heartland of China. Studying and working in France, he became strongly influenced by Marxist and Leninist doctrines, joining the Communist Party of China in 1923. After returning to his homeland he served as a commissar for the party in rural regions, working hard to convince the often conservative and distrustful peasant workers of the need to embrace the political change advocated by Communism.

His place in the annals of the history of the People's Republic was assured by his status as a revolutionary veteran of the Long March (the tactical retreat by Mao Zedong's forces facing the onslaught of General Chiang Kai-shek's Nationalist armies – an epic 12,500 kilometre struggle through some of western China's most barren terrains). Following the triumph of the Communist forces and the establishment of the People's Republic in 1949, Deng continued to serve the party in mainly rural locations, such as Tibet and other southwestern provinces, in order to consolidate the control of the new regime.

Deng played an active role in the economic reconstruction of China in the 1960s, a period known as ‘The Great Leap Forward'. The following years were characterized by intense political turmoil. Nevertheless Deng proved himself to be an apt leader, and became known as one of the chief architects of progressive forms of socialist thinking. Following on from this, he spearheaded economic reform in the late 1970s, principally through a fusion of socialist principles with free market aspirations, otherwise known as the ‘socialist market economy'.

Deng's contribution to China's economic evolution can never be understated. He is widely credited as having developed the Chinese economy into one of the fastest growing in the planet, raising living standards for hundreds of millions of his fellow citizens.

Chinese trade in Africa

If you ever holiday in Africa you will notice a curious phenomenon. In many countries, when state television has concluded its daily broadcasts, the channels do not shut down for the night. Neither do they switch to wall-to-wall CNN news reports as if often the case in other countries across the globe. What the casual viewer is far more likely to be treated to are reports about domestic affairs in China.

In Malawi, President Bingu wa Mutharika had a visionary moment that has had a long-term impact on his country's economic fortunes. Five years ago he made a decision to abandon Malawi's longstanding business partner, Taiwan, and go for the potential of the distinctly larger of the Chinese markets, establishing diplomatic and economic ties with the People's Republic.

For anyone jetting into Malawi's capital, Lilongwe, the results of this new collusion are plain to see. Chinese contractors have been responsible for some distinctive alterations to the city skyline. The new parliament building was constructed in under a year, and a brand new conference centre took a mere couple of weeks longer. Both of these major construction projects are estimated to have created jobs for a total of 1400 Malawian workers; split into 500 and 900 respectively.

China is also responsible for the delivery of the luxurious five-star Golden Peacock hotel, offering hundreds more permanent jobs for African locals. The Asian superpower is also behind numerous other initiatives, such as presidential accommodation, schools, universities and roads, not to mention over 600 drilling holes for water. In the near future Malawians can expect a national sports stadium and an agriculture technology centre.

While these are all obvious and highly visible examples of Chinese investment in Africa, there are also a great deal of projects at grass-roots level. Chinese expertise has helped to equip farmers for the vagaries of the continent's climatic conditions, as well as training up doctors with the latest in medical and pharmaceutical facilities. Many Africans have taken up Chinese scholarships.

China has long surpassed the USA as Africa's leading trading partner, with bilateral trade growing to $160 billion from $10.6 billion in the last couple of years. This phenomenal leap in the figures is symptomatic of China's devotion to the potential markets Africa has to offer, such as its untold riches in minerals, oil and gas.