Hong Kong
HSBC and Ripple Labs are developing Hong Kong's CBDC.
Key words
- Wield: to have and use power, authority, influence, etc., especially in a particular way or for a particular purpose
She wields considerable influence in the industry.
- Prone to: likely to suffer from, do, or experience something, typically something regrettable or unwelcome
He is prone to making impulsive decisions.
- Dissent: to publicly disagree with an official opinion, decision, or set of beliefs
Several members of the committee voiced their dissent.
- Redress: to correct something that is unfair or wrong
Efforts are being made to redress the balance of power.
- Burgeoning: growing or developing quickly
The burgeoning tech industry is creating new opportunities.
Read the article to find the answers
- What was the State ideology of the Qing Dynasty?
- What commodity did Britain begin to export to China to redress the trade imbalance?
- What event led to the First Opium War between Britain and China?
- What is the role of HSBC and Ripple Labs in Hong Kong's financial sector today?
Hong Kong
The emperor of the Qing Dynasty, China's last imperial dynasty, was the supreme authority, wielding absolute power through the State ideology of Confucianism, and was often regarded as a divine ruler, the 'Son of Heaven'.
The vast bureaucracy was prone to corruption and inefficiency, which occasionally led to social unrest and local rebellions. Despite efforts to integrate different ethnic groups, there were persistent tensions between the Manchu rulers and ethnic minorities. The Qing rulers sometimes suppressed dissent, often by military force.
The waters around Hong Kong were notorious for piracy and there were minor instances of local unrest around Hong Kong during the Qing Dynasty, but Hong Kong was a relatively small and unimportant part of the Qing Empire. There were only about 7000 indigenous people working as fishermen and farmers, and the government presence was minimal.