The Link Between Hong Kong And Their Economic Future

1345 words - 6 pages

It is no secret that the mainland of China is a powerful communist country. But one of the biggest cities in China, Hong Kong, is a free, capitalistic city. People here are free of the managed economy of a communist state and are allowed to work and make their own choices. So how do they make this work? Hong Kong is exclusively in charge of its internal affairs and external relations, while the Government of the People’s Republic of China is responsible for its Foreign affairs and Defense. Hong Kong was actually under British rule until July 1, 1997. Under British rule, Hong Kong could actually represent their own personal interests through the Hong Kong Economic and Trade Office (HKETOs) for short. Hong Kong’s currency is the Hong Kong dollar and their trade organizations are APEC and WTO. Their philosophy is considered much different than the communist country they reside. They believe in low taxation, a near free port trade, and a well established international financial market. There is also no Central Banking System here. Hong Kong’s best economic strengths include their sound banking system, almost no public debt, and a strong legal system. In China’s economy they have a socialist market economy, and it is the world’s second largest GDP (Gross Domestic Product) only behind the United State. China’s economy is also the fastest growing economy, expanding at rates of 10 percent each year over the past thirty years. China’s currency is the renminbi (RMB) and the Yuan. China does have an established World Bank. While China and Hong Kong share one country, they maintain two separate systems both economically and culturally.

Hong Kong was brought back to China in 1997 from the British rule. At that time, Hong Kong signed a Joint Declaration that would preserve their way of life and economic structure. The only exceptions being Foreign policy and Defense. The phrase used by everyone to sum up their relationship was “One Country, two systems”. Hong Kong and China would agreed to maintain sovereignty under one country with two different systems that work together. Now, in present day, Hong Kong still operates as a thriving capitalist market and one of the largest in the world. Hong Kong lets the “people” run Hong Kong. This theory has lead to create one of the most international financial centers, and one of the busiest container ports in the world. The diversity of Hong Kong continues to be very visible today. With its ties to early British Colonization and direct ancestral relations China as well as territory, Hong Kong reflects a very unique city that has created its own national identity. There are still British practices in Hong Kong today. For example, lawyers are still required to wear white wigs when practicing in court, and many British given street names have been left unchanged. Even the mainland Chinese view Hong Kong as their version of a place where you can pursue a type of “American Dream” or the Chinese dream. ...

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