This is basically their "Constitution".
Article 1 The Hong Kong Special Administrative Region is an inalienable part of the People's Republic of China. Article 2 The National People's Congress authorizes the Hong Kong Special Administrative Region to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial power, including that of final adjudication, in accordance with the provisions of this Law. Article 3 The executive authorities and legislature of the Hong Kong Special Administrative Region shall be composed of permanent residents of Hong Kong in accordance with the relevant provisions of this Law. Article 4 The Hong Kong Special Administrative Region shall safeguard the rights and freedoms of the residents of the Hong Kong Special Administrative Region and of other persons in the Region in accordance with law. Article 5 The socialist system and policies shall not be practised in the Hong Kong Special Administrative Region, and the previous capitalist system and way of life shall remain unchanged for 50 years. Article 6 The Hong Kong Special Administrative Region shall protect the right of private ownership of property in accordance with law. Article 7 The land and natural resources within the Hong Kong Special Administrative Region shall be State property. The Government of the Hong Kong Special Administrative Region shall be responsible for their management, use and development and for their lease or grant to individuals, legal persons or organizations for use or development. The revenues derived therefrom shall be exclusively at the disposal of the government of the Region. Article 8 The laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law shall be maintained, except for any that contravene this Law, and subject to any amendment by the legislature of the Hong Kong Special Administrative Region. Article 9 In addition to the Chinese language, English may also be used as an official language by the executive authorities, legislature and judiciary of the Hong Kong Special Administrative Region. Article 10 Apart from displaying the national flag and national emblem of the People's Republic of China, the Hong Kong Special Administrative Region may also use a regional flag and regional emblem.
The regional flag of the Hong Kong Special Administrative Region is a red flag with a bauhinia highlighted by five star-tipped stamens.
The regional emblem of the Hong Kong Special Administrative Region is a bauhinia in the centre highlighted by five star-tipped stamens and encircled by the words "Hong Kong Special Administrative Region of the People's Republic of China" in Chinese and " HONG KONG" in English.
Article 11 In accordance with Article 31 of the Constitution of the People's Republic of China, the systems and policies practised in the Hong Kong Special Administrative Region, including the social and economic systems, the system for safeguarding the fundamental rights and freedoms of its residents, the executive, legislative and judicial systems, and the relevant policies, shall be based on the provisions of this Law.
No law enacted by the legislature of the Hong Kong Special Administrative Region shall contravene this Law.
Article 105 The Hong Kong Special Administrative Region shall, in accordance with law, protect the right of individuals and legal persons to the acquisition, use, disposal and inheritance of property and their right to compensation for lawful deprivation of their property. Such compensation shall correspond to the real value of the property concerned at the time and shall be freely convertible and paid without undue delay. The ownership of enterprises and the investments from outside the Region shall be protected by law.
Article 111 The Hong Kong dollar, as the legal tender in the Hong Kong Special Administrative Region, shall continue to circulate. The authority to issue Hong Kong currency shall be vested in the Government of the Hong Kong Special Administrative Region. The issue of Hong Kong currency must be backed by a 100 per cent reserve fund. The system regarding the issue of Hong Kong currency and the reserve fund system shall be prescribed by law. The Government of the Hong Kong Special Administrative Region may authorize designated banks to issue or continue to issue Hong Kong currency under statutory authority, after satisfying itself that any issue of currency will be soundly based and that the arrangements for such issue are consistent with the object of maintaining the stability of the currency.
Article 112 No foreign exchange control policies shall be applied in the Hong Kong Special Administrative Region. The Hong Kong dollar shall be freely convertible. Markets for foreign exchange, gold, securities, futures and the like shall continue. The Government of the Hong Kong Special Administrative Region shall safeguard the free flow of capital within, into and out of the Region.
Just a snippet.
Hong Kong having a constitution is pointless because at any given time China can just change its mind and turn it communist
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"Article 1 The Hong Kong Special Administrative Region is an inalienable part of the People's Republic of China."
Logical fail.
Pardon my ignorance, but could Hong Kong ever declare independent soveirgnty? I'm not too familiar with the British colonization -----> Chinese control
I dont think so because the Chinese government regulates Hong Kong... For example, the only way the Hong Kong Chief executive, who is the head of the council, is appointed is by the heads of the communist Chinese government...another example, their military is under the direct leadership of communist China
How come Hong Kong is odd with being changed control was Hong Kong was a city used by China to limit foreign contact, and was a trading city. Then Britain fought China in one of the Opium Wars- and took Hong Kong for X years- which expired recently (wasn't ownership, but a "lease" for X years (forget the #))
This is at least what my AP Comparative Gov't course taught....
If Taiwan succeeds in being accepted worldwide as an independent country, than perhaps HK could have a shot. Plus the day of reckoning for China's malinvestment-rid economy is close, and some foresee a breakup of the whole thing. Than, perhaps Hong Kong will seize the chance and declare independence. Yet in this world of our I doubt many countries would recognize it as such.
Yet in this world of our I doubt many countries would recognize it as such.
If anything it would be internationally opposed, except by the few states that don't see themselves as components of continental unions.
"The Hong Kong dollar, as the legal tender in the Hong Kong Special Administrative Region, shall continue to circulate. The authority to issue Hong Kong currency shall be vested in the Government of the Hong Kong Special Administrative Region. The issue of Hong Kong currency must be backed by a 100 per cent reserve fund. The system regarding the issue of Hong Kong currency and the reserve fund system shall be prescribed by law. The Government of the Hong Kong Special Administrative Region may authorize designated banks to issue or continue to issue Hong Kong currency under statutory authority, after satisfying itself that any issue of currency will be soundly based and that the arrangements for such issue are consistent with the object of maintaining the stability of the currency."
The HK dollar is 100-backed by foreign currency on a currency board regime, right? Fractional reserve banking on HK dollars is also tied by the currency board rules? Does anyone know that?
Plus the day of reckoning for China's malinvestment-rid economy is close, and some foresee a breakup of the whole thing.
Can you elaborate?
That’s not what it looks like. My dissertation was on the 97’ East Asian Financial crisis, and I can say that of the whole region, HK has the hardest peg to the US dollar: they never issue one HK dollar without having the correspondent US dollar in their reserves.
But note that this makes the supply of HK dollars exactly identical to that of US dollars. That’s why when the Fed pulled the breaks in 95, East Asia followed suit. HK was able to survive the crisis only because it had a quite liberal economy. But monetarily speaking, its as reckless as the US.
Well, the Chinese government avoided the fateof the USSR because it modernized promptly. Still the economy is still far from free. Actually, outside of the Free Economic Zones, its not much better than fascist, to my knowledge. And the loads of many the government gained form modernization have been squandered on foolish projects publicly, and financing pointless plants privately. It would not be such a surprise if a bust was near.
But note than, if severe enough, the bust could bust China itself. China is not a country, but an Empire, much like Russia. And like Russia, its made up of many ethnicities who’d like nothing more than to flee. Economic progress is buying them off, but a crisis could induce revolutions. So who knows, perhaps the last remaining colonial empires, China and Russia, will cease to exist soon enough. HK would certainly be the first to want to distance itself form the dying giant, when the day comes.