The Link Between Hong Kong and their Economic Future Essays

The Link Between Hong Kong and their Economic Future Essays

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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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