"EAST ASIA/SOUTHEAST ASIA : CHINA." However, their political differences remain entrenched. Hong Kong is hopeful its next air travel bubble could be with mainland China, the executive director of the city's tourism board said. "2018 Annual Report," Page 285. Peterson Institute fort International Economics. Hong Kong is a financial and business center in China, known as a special administrative region (SAR). Mainland China and Hong Kong have different governments; communist China is controlled by a single party, and Hong Kong is a limited democracy. Hong Kong, China. In Dec. 2016, a similar "Shenzhen-Hong Kong Stock Connect" was launched., As of the end of 2018, the Hong Kong Stock Exchange listed 1,146 mainland Chinese companies, nearly 50% of the total number on the exchange. Hong Kong was a British colony until the handover in 1997, when the "one country, two systems" principle was enacted. In 2018, the value of goods re-exported through Hong Kong from and to the Mainland was $467.6 billion and accounted for 89.1% of Hong Kong's total re-export trade value. The new security rules for Hong Kong that China passed this week — without input from the city’s Beijing-backed leadership — have made Mr. Xi’s promise of … Another news story made the rounds in May of 2020, when Beijing passed through a security bill that challenged the “one country, two systems” doctrine. “China has once again broken its promises and undermined Hong Kong’s high degree of autonomy,” said Raab. Hong Kong continues to use the Hong Kong dollar, which is pegged under the Linked Exchange Rate System to the U.S. dollar. As manufacturing has shifted base to the mainland, its contribution to overall GDP has shrunk over the years (1.1%), while agriculture barely contributes to the GDP (0.1%), as Hong Kong is not rich in natural resources and depends on imports for food and raw materials. The region has its own policies related to money, finance, trade, customs, and foreign exchange. Which Countries Were First To Elect Women Leaders? However, Hong Kong may attend events of select international organizations like the Asian Development Bank, the International Monetary Fund, the World Health Organization, and the United Nations World Tourism Organization, though as an associate member and not a member state. Census and Statistics Department. Accessed Oct. 11, 2019. Hong Kong, a cosmopolitan metropolis of 7.6 million known for its freewheeling spirit, has seen many of those who challenged China’s authoritarian … Accessed Oct. 14, 2019. Mainland China and Hong Kong have different governments; communist China is controlled by a single party, and Hong Kong is a limited democracy. Your source for credible news and authoritative insights from Hong Kong, China and the world. "Chapter V : Economy." Hong Kong has the second freest and 35th largest economy in the world with a GDP of $366 billion in 2019.  The economy of Hong Kong has witnessed a tremendous transition in the past decade as services took a lead in the region at a whopping 93.5% of GDP; the service sector includes services related to travel, trade, financial, and transportation. The chief executive is accountable to the Central People's Government. The principle of “one country, two systems” allows for the coexistence of socialism and capitalism under “one country,” which is mainland China. Ministry of Commerce of China. The 10 Worst Presidents in the History of the United States. To change things, British merchants starting smuggling opium into China, and would only take payment for these drugs in silver. Central Intelligencte Agency. Their 2015 proposal limited the pool of candidates down to two or three, changing it from the existing method of universal voting. World Bank. China… After suffering more losses, the Chinese requested a truce in 1841. In international diplomacy, Hong Kong has no separate identity from mainland China. Hong Kong also has its own legal and judicial systems (including a proprietary police force), district organizations (with no political power), and public servants, broadly based on the British common law model. Hong Kong Exchanges and Clearing. There are two main areas where Hong Kong defers to China… A man displays the Hong Kong colonial flag Wednesday, the anniversary of the city's handover to China from Britain in 1997. The police later backed down on the claim, saying that among the protesters, only five o… Hong Kong and mainland China boost each other's economies, and the two have good economic relations with annual bilateral trade valued at over $544.8 billion in 2019., Hong Kong in many respects is seen as a gateway to China for those who are interested in doing business on the mainland or accessing Chinese stocks or investments. Though the two share a chief of state (President of China), each has a separate head of government. Basic Law. This bill bypassed Hong Kong’s government, and could lead to long-term reforms. View our Webcam. Investopedia requires writers to use primary sources to support their work. Accessed Nov. 28, 2020. What Were the Main Causes of World War II? Hong Kong is a special administrative region of China and is an "inalienable part" of the country. "Neither Shanghai nor Shenzhen is likely to win this competition with Hong Kong, at least over the short term. Of late, consumer demand has driven growth. The "Umbrella Protests," as they were known, failed to achieve any concessions from Beijing. Both share the President of China as their chief of state. Foreign countries may have consulate offices in Hong Kong, but locate their main Chinese embassies on the mainland. – Article 2, Basic Law. Hong Kong does not have its own military, nor does it have a separate international diplomatic identity from China. "Table 036: Gross Domestic Product (GDP) by major economic activity - percentage contribution to GDP at basic prices." Accessed Oct. 11, 2019. There are two main areas where Hong Kong defers to China, and those are international relations and military defense. "BEIJING'S "RED LINE" IN HONG KONG," Page 34. Due to its special status, Hong Kong is able to exercise a high degree of autonomy and enjoy executive, legislative, and independent judicial power. The Hong Kong Stock Exchange has been the preferred destination choice for most Chinese companies looking to raise capital, as the mainland Chinese stock markets are more restrictive and have higher financial requirements. Even foreign tourists who visit Hong Kong must obtain a separate visa before entering China. As with many things in Hong Kong, the answer is not clear cut. Agriculture constitutes around 8% of China's GDP, while it is negligible in Hong Kong's., Hong Kong's GDP per capita is vastly higher than that of mainland China's, although the latter is rapidly climbing. Demonstrations and Protests. Many of them speak Cantonese, a language originating from the city of Guangzhou (AKA Canton) and the surrounding area in the Guangdong Province. A Special Administrative Region (SAR) is a relatively autonomous region within the People's Republic of China that maintains separate legal, administrative and judicial systems from the rest of the country. However, Beijing last year ramped up its control of the Special Administrative Region by introducing the national security law that has led to the incarceration of numerous democracy activists, including Christian Joshua Wong. In terms of market capitalization, these companies accounted for almost 68% of the stock market in Hong Kong. By the end of 2019, Hong Kong's stock market was the third-largest in Asia and fifth-largest in the world by market capitalization at $4.9 trillion., Even in times of twisted diplomatic relations, the economic ties have remained strong between the mainland and its SAR. Accessed Oct. 11, 2019. China's GDP growth rate is over 6%, while Hong Kong's was 2% in 2018, the latest numbers available.. Hong Kong remained under British rule until 1898. During these military and trade clashes, China was forced to cede Hong Kong Island and a part of Kowloon to Great Britain in perpetuity. The mainland uses the Chinese yuan as legal tender. "Economic and Trade Information on Hong Kong." However, the Chinese were not buying British products, and would only exchange their goods for silver. Britain gave Hong Kong back to China as a Special Administrative Region in 1997 after its 99-year lease on China ended. In mainland China it is the premier, and in Hong Kong their chief executive is the head of the Hong Kong Special Administrative Region. They then used this silver to buy the Chinese goods. It also has its own currency, the Hong Kong dollar; the mainland uses the Chinese yuan. "HONG KONG AND MAINLAND OF CHINA: SOME IMPORTANT FACTS." "Welcome Message." Britain negotiated a new land expansion of Hong Kong, and ended up signing a 99-year lease with China. By the 19th century, British merchants were reaping profits by trading in Chinese goods like tea, porcelain, and silk. China permitted Hong Kong to govern itself for a period of 50 years. "History." It is also known to have less government interference than the mainland; their peoples’ rights to freedom of speech and freedom of assembly are protected. Hong Kong's stock market also attracts more overseas investors. Cinema stocks listed in Hong Kong surged on Tuesday, with IMAX China and Alibaba Pictures up 31.14% and 34.58%, respectively. In 1997, Britain returned Hong Kong to China as a Special Administrative Region. Hong Kong also has separate legal, judicial, and law enforcement systems. Put simply, it … Driving the news: China's Foreign Ministry and state media declared victory after 53 countries backed Beijing's new national security law for Hong Kong. This is better understood as the “coexistence of socialism and capitalism.”. This was when Hong Kong and part of Kowloon were surrendered to Britain. However, the share of services in the GDP is much less than that of developed countries like the United States and Japan and also less than that of developing countries like Brazil and India. It can also participate in trade-related events and agreements under the name "Hong Kong, China.". "Hong Kong has multiple advantages that are missing in China. First, a registration-based IPO system, which enables listing to be relatively faster and easier than in the mainland. Hong Kong is a major supplier of entrepôt services to China. Accessed Nov. 28, 2020. However, the region's identity crisis and resistance to Beijing's interference are at the heart of the civil unrest in the former British colony. Hong Kong Trade Development Council. Hong Kong defers to mainland China in two primary areas: military defense and international relations. World Bank. Before Hong Kong and mainland China can truly unify, they must overcome significant differences. Accessed Nov. 28, 2020. Basic Law. China is one step closer to having near total control over Hong Kong. In November 1839, the British defeated 29 Chinese vessels and evacuated British refugees from Canton.
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