Chp12 Hong Kong and Macau

Chinese people always want to be able to complete and unified China. Since the return of Hong Kong and Macau, to restore the territorial integrity of China goes a step further. The relationship between Hong Kong and mainland China is complex. Beijing for the most part has kept its promise to uphold the ‘one country, two systems’ mandate. Officially, Hong Kong is considered a ‘Special Administrative Region’ (SAR), which means that it is treated as a separate country from an immigration standpoint and continues to circulate its own currency, the Hong Kong dollar. Hong Kong also retains an independent legal and judicial system inherited from the previous British rulers. The Chinese government is responsible for the management of Hong Kong's foreign affairs and defense. On the basis of the basic law of the Hong Kong special administrative region shall enjoy the executive power, legislative and independent judicial power, including that of final adjudication. Keep the original Hong Kong society, economic system, lifestyle unchanged and also law basically remain unchanged. Hong Kong residents shall enjoy various rights and freedoms. The gradual development of the Hong Kong special administrative region will be suitable for democracy in Hong Kong's actual situation. Hong Kong after the handover will continue to maintain the status of free port, continue to play to the role of the international financial, trade and shipping center, to continue with other countries regions and relevant international organizations to develop economic and cultural relations. Already, Hong Kong property developers are active in the mainland real estate market with Chinese companies eager to learn from their expertise. The cozy relationship between Hong Kong developers and mainland SOEs is a cause for concern by Hong Kong citizens, as they see their local developers as more interested in appeasing Beijing authorities than providing affordable housing for its own citizens.

Hong Kong

The benefits of Macau SAR.First of all, let us recall that Macau, as one of two SARs of China, enjoys broad autonomy in various sectors (it maintains its own legal system, security forces, monetary system, customs and immigration policy). This high degree of autonomy has allowed Macau to establish itself as one of the most open economies in the world in terms of trade and investment, according to the World Trade Organisation, not only because of its enviable geographical location at the Delta Pearl River and its close ties with Guangdong Province and the Hong Kong SAR, but also because it is a free port and an independent customs area. Macau has a favourable environment for business, with a simple tax system and a reduced tax burden (the Complementary tax rate does not exceed 12%), which allows it to be an offshore financial centre and a platform for import / export between these regions and other economic partners. These competitive advantages are reinforced by the various agreements signed with the mainland (among which the Closer Economic Partnership Agreement between the mainland and Macau, the Pan-Pearl River Delta Regional Co-operation Framework Agreement, the Outline of the Plan for the Reform and Development of the Pearl River Delta, and the Framework Agreement on Co-operation Between Guangdong and Macau), as well as the network of contacts established by the Macau SAR in the international market.On the other hand, the Portuguese heritage in Macau is an undeniable advantage in establishing trade relations with PSC, to the extent that the language and legal systems differ little between these countries. If the language is presented as the most immediate point of contact between Macau and its PSC economic partners, its legal system, heir of the Portuguese legislation that remained in force in the peninsula as a result of the Sino-Portuguese Joint Declaration and the Macau Basic Law, is essentially identical to the Portuguese legal system and, by extension, to those of other Portuguese Speaking countries

Macau