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Essay on Hong Kong and China
Economic policy hong kong
Essay on Hong Kong and China
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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 sig...
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This essay will discuss the issue of migration. Migration is movement by humans from one place to another. There are two types of migration, it is immigration and emigration. Immigration is movement by people into the country and emigration is movement by humans, who want two leave countries voluntary or involuntary. Economic, religious, education social and problems are reasons of migration. Mankind often migrates to modern, rich, multicultural countries, towns with high economy and good standard of living such as Prague, Germany, London, Los-Angeles, New York and shanghai. I would like to draw on the city Shanghai.
China’s trade with the world grew substantially in the first three decades of the 20th century, marking a historic time for the country. In the 1840s, the Chinese economy was strongly closed; however, when Great Britain and other powerful countries pressured their economy, China was willing to open international trade within their own economy. Over the next 60 years, China experienced a small opening of trade amongst other foreign powers, allowing transactions amongst foreigners allowed. The funded railroad aroused industrialization, as well as publicity and overseas shipping (Yan, 2014). The main reason for moderation in China is because they are so much more focused on production rather than consumption. Last year, China’s consumption accounted for 35 percent of their economy; a little over 10 years ago, it was rated that 50 percent accounted for their overall consumption (Reich, 2010). Foreign exports and imports arose dramatically, increasing the yearly expansion rate of trade to about 7.4 percent. The Chinese economies share in world trade grew a little under 2 percent from the late 1800s to the mid 1900s. By the early 20th century, comparative advantage was presented all throughout their economy (Yan, 2014).
The British wanted to increase the west influence in China, and shake it up from its ideal that it was the most important country in the world. The objective was to make China recognize the equality among other countries, such as England, France, Russia and USA. (Alexander, 1896). Some of the treaties made after the Opium Wars were abolished during World War II, when China became a member in the Security Council of the UN. It was complete with the return of Hong Kong in 1997.
Hong Kong Reading - "The Book of the Year" Through imperialism, British rule encouraged industrialization and modernization which led to visible growth in the economy as the city is described as a trade center and important in manufacturing and banking, which suggests that the industries and businesses prospered. Additionally, the fear of Chinese rule suggests that businesses operated better under British rule, which shows how imperialism improved the lives of the people of Hong Kong compared to the government before imperial rule. The way that citizens of Hong Kong left the colony before it was returned to China further highlights the different effects of British rule and Chinese rule on the people, suggesting that British rule was preferred by the citizens of Hong Kong which is why they left rather than live under Chinese rule. This implies that the colonized people considered Great Britain’s imperialist rule to be better than the government before which was Chinese. This demonstrates that imperialism improved the lives of the colonized people because it helped the economy grow and prosper.
Hong Kong has always remained a very unique city, one which is said to have ‘a Western past, an Eastern future’. Since its colonisation by the British in the 1860s, it has maintained to a very large extent its Chinese identity and its connection to its Motherland, while at the same time, has frequent contact with the Western world, politically, economically, and culturally. Hong Kong’s unique position has made the city a vibrant international metropolis that acts as a bridge between East and West. Yet after it was returned to China in 1997, this former British colony has been constantly reassessing its British past, struggling to find its new position and redefining its identity.
Australian Consulate-General Hong Kong, China 2001, Yolngu Boy. Available from: < http://www.hongkong.china.embassy.gov.au/hkng/AFF_Yolngu.html> [16 Aug 2010]
Bordwell, David. A. Planet Hong Kong. Cambridge, Massachusetts: Harvard University Press, 2000. Chungking Express. Dir.
China has been the fastest growing economy in the last thirty years. Its contributions to the global economic growth are substantial. China is the second largest exporter and holds the largest foreign currency reserve in hand. China's account surplus reached 11% of its GDP as of 2008. All of these successful and positive economic indicators increased the global expectations of China. Even though China was extremely responsive in its own borders, during the 2008 G2 submit, China displayed very low-key appearance in front of the world. Moreover, China was still artificially devaluating its currency to sustain its trade surplus, and increasing unnecessary tax cut/incentives on a large number of goods to encourage the exports to be more competitive in pricing. China’s policies were the great indicators that it did not display enough effort to show its global leadership role.
The massive increase in the Chinese trading relations was fueled by the United States in the year 1979 through the normal trade relations between the two countries. In addition, the Chinese non-concession to the World Trade Organization (WTO) in the year 2001 also facilitated its trading activities with different countries including the United States (Kaplan, 57). However, trading relations with the Chinese have been uneasy resulting from the massive trade imbalances in the recent past, which grows exponentially. The protectionist policies of the United States especially in Washington and Beijing have been putting pressure on the Chinese to revalue their currency as well as protecting it from counterfeits, which may be of adverse effects to the trading relations. This paper gives a comprehensive discussion on the foreign trade relations with china. It further gives an elaborate discussion on the impacts of foreign tr...
Whereas China ushered in the 21st Century as member of the World Trade Organization (WTO) and as an economic power, Japan entered the Asian Century with a stagnant economy. And as China transforms its economy into a ‘socialist market economy’ it is held that the attendant social, economic, and political transformations necessitate that its state controlled IRs system is decentralized and more so, it should be converge with international best practice IR sta...
“Philips, Sony, and Toyota factories are popping up all over—to the self congratulatory applause of the nation’s governors and mayors, who have lured them with promises of tax abatements and new sewers, among other amenities.” (Paragraph 17) People are born into their jobs, and are doomed for their economic boats. IN other countries such as China, it has been proven that the families with the moneys are the ones with the money, are the ones with the economic power. “Many wealthy Chinese and western residents moved their money abroad and some actually left the colony. By 1971, the Cultural Revolution in China had ended in failure and conditions in Hong Kong calmed,” (Lannom) such as Gloria Lannom states, yet it took a while for Hong Kong to rebuild its economic standings because of this
China's development is praised by the whole world. Its developments are not only in the economic aspect, but as well in its foreign affairs. Compared with other developed countries, China is a relatively young country. It began constructing itself in 1949. After 30 years of growth, company ownership had experienced unprecedented changes. Entirely, non-state-owned companies can now be more involved in sectors that used to be monopolized by state-owned companies.
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