Hong Kong

The region of Hong Kong, composed of the island of Hong Kong, Kowloon and the New Territories, has a surface of 1.092 km square and one present population of 6.310.000 inhabitants, of who 95% are Chinese. Well-known as the “Rep it of East”, Hong Kong is a great contemporary international large city and an important center of finances, commerce, navigation, tourism and information.

The 1 of July of 1997 finalized the 150 years of the colonial regime of Hong Kong on the part of Great Britain and the region returned without disadvantages to the sine of the mother country. Since then, Hong Kong entered a new historical period governed by the principles of “a country, two systems”, of “the administration of Hong Kong by the hongkoneses” and a high degree of autonomy.

At the time of the return, some people asked: “Hong Kong would be as prosperous as before” “The Chinese would be able to administer Hong Kong” Nowadays, to more than three years of the return, Hong Kong, with new face and prosperity, declares before the world that the great conception of “a country, two systems”, formulated by Deng Xiaoping, has had the best practice here. By means of the administration in agreement with the Fundamental Law, the Government of Special the Administrative Region of Hong Kong (RAEHK), headed by Tung Chee Hwa, overcame the impact of the financial crisis, fortify a position, to consolidate a position of Hong Kong like international center of finances, commerce and navigation and maintained the prosperity and the stability of the region. In the region the financial system has been done more abierto, the firmer economic base, the foundations for the administration according to the law most solid, and the confidence of the residents in the future of the region more hard.

Hardly when it returned to the mother country, Hong Kong ran into with the violent attack of the financial crisis of Asia. Facing up with seriousness, the Government of the RAEHK fixed them so that the economy returned to begin to appear in 1999 and tended to impetuous a total recovery in the 2000. According to statistical data developings by the Government of the RAEHK, after the baptism of the financial crisis and counting on the powerful endorsement of the interior of China, the local economy advanced esforzadamente, it controlled to the difficulties and it returned to show a mighty vigor and in the 2000 it created eight records at least:

-- The annual economic growth exceeded the 10,5%, very over the anticipated thing by the Government of the RAEHK, the international organizations and all the deprived institutions of economic analysis. One is about the highest rate of growth of Hong Kong registered thirteen years in the last and the greater margin of growth known in the region of Asia and even throughout the world.

-- Ample growth in the volume of the imports and exports. In the first eleven months of the 2000, according to data, the total value of the import and exports increased in 17.8% in comparison with the same period of the previous year; between that one, the value of the transfer merchandize rose in 19.2%, the value of the exports of products made in Hong Kong raised in 8% and the one of the concerned merchandize was increased in 20.4%.

-- The volume of mobilization of containers was increased in 9.8% against the preceding year, and with a new standard mark of 17,8 million containers it surpassed once again to Singapore to be placed firmly in the first place of the world. Between 1992 and 1997, Hong Kong monopolized this position by six years consecutive, but in 1998 it was escaped by Singapore. Retaking the first place in 1999, it raised a new height in the 2000 when being high and mighty in his favor difference with Singapore, from a little more 200.000 containers standard to 760,000.

-- The sector of the tourism, that is an important one to pound economic, grew quickly. In the 2000 they visited Hong Kong 13,06 million tourists, number that an increase of 15% means on the previous year and exceeded the record of 12,97 million registered in 1996; and the rate of lodging in hotels was of 83%, with an increase of 4 percentage points against the previous year.

-- Until 2000 ends, the currency reserve reached 107,500 million American dollars, leaving back to Taiwan and being placed only after Japan and the interior of China, to jump to the third place in the world. It demonstrates that the force of Hong Kong has become strong in greater degree in terms of commerce, finances and fiscal resources of the government.

-- The volume of aerial transport of passengers and merchandize increased to a great extent. In the 2000, the international airport of Hong Kong registered an increase of 8,7% in number of airplanes of takeoff and landing against the previous year, a number of 33,4 million passengers with an increase of 9,8%, a number of more than 2,24 million tons of merchandize with an increase of 13,3%, and an increase of near 20% of transfer passengers. The status of Hong Kong as an important joint of world-wide the aerial transport was accentuated with greater clarity.

-- The number of regional main offices (including the ordinary ones) of registered overseas companies in Hong Kong has had a new increase. To the closing of the 2000, these offices added more than 3.000, with an increase superior in 20% on the previous year. This is a convincing test of how the commercial community international sight with good eyes the perspective of the economy of Hong Kong and its atmosphere of commerce and businesses.

-- According to the most recent statistics, there are 581 boats of diverse registered parts of the world in Hong Kong, with a total of 10,71 million tons, number that occupies the seventh place in the world. Hong Kong has held fast more in its position of navigation information collection and processing of world-wide category.

The fast rehabilitation of the economy of Hong Kong must, first of all, to the accelerated economic growth of the continental part of the mother country. The 2000, the impetuous economic growth of the rear area and the acceleration of their reform and opening became the main motive force for the growth of the economy of Hong Kong. The deepening of the reform of the system of the state companies of the continental part and the increase of quoted overseas companies in stock market for the harvesting of bottoms also contributed to impel the operation of the capital in the local market. In second term, being Hong Kong a center of finances and commerce of the region of Asia and the Pacific, is inevitable that the growth of its economy receives influence of the global economic development. On the other hand, the general recovery of the economies of the Asian countries has had certain paper of impulse for the economy of Hong Kong.

It is more, the quick economic growth has been inseparable of some measures of reform adopted by the Government of the RAEHK. Like an international center of finances, Hong Kong unfolded with dynamism a series of changes to adapt itself to the current of the time, including the fusion of future and stock markets, the implantation of a system of liquidation in American dollars and the fast application of the technology of alert networks in the system of values and banking transactions, which effectively elevated the supervision level on the financial market and the efficiency of its management and increased the capacity of the economy as a whole against the risk and its competitiveness in the international market. Considering it, the Heritage Foundation of the United States returned to catalog in the 2000 to Hong Kong like the system of freer economy of the world. It was also the seventh consecutive year in which Hong Kong adjudged east honor.

By all means, the economy of Hong Kong follows faced enormous challenges in the rehabilitation process. The major of them was, without a doubt, the bumps happened in the global economic situation. As of March of the 2000, for example, the stock market of the United States fell several times by ample margins, which lead to the Index Hang Seng of Hong Kong to lower less than to 15000 points from more than 18000 of beginnings of the year. In addition, the interest rate of the American dollar rose frequently in the 2000, due to which the real interest rate of the dollar hongkonés whose rate of change was tie with the American dollar raised the highest level registered in the last near twenty years and took to the already weak market of real estate and the numerous companies small medians and to undergo new reverses. And on the other hand, the violent rise of the price of petroleum in the international market in second half of the 2000 also affected in certain way to the commerce and the consumption in Hong Kong. In spite of a so adverse situation, the economy of Hong Kong maintained an enviable vigor in the middle of the bitter ruling competition in the international market when leaning in its good economic base, good atmosphere of commerce, perfect legal system and management system highly efficient and ordered and, in particular, being favored and driven by the mighty economic development of the rear area.

By the others, from the return to the mother country and in compliance with the Fundamental Law, the RAEHK has applied a high degree of autonomy and has enjoyed the administration power, the power of legislation and the independent judicial power with failures of last instance, and the residents of the RAEHK have seen guaranteed indeed their rights and liberties, in such a way that the administration of the region by the law has consolidated more in the same foundations.

After the return to China, some people were worried about a time in case the previous freedom of Hong Kong would be debilitated. Now that has passed more than three years, the facts demonstrate totally that the society of Hong Kong has not altered itself in essence. The mass media continue competing freely, whereas the region continues maintaining a high freedom of press and information and being one of the main and international communications centers information. With the purpose of to fix suitably to the problems caused by the verdict version on the “right of residence in Hong Kong”, the Government of the RAEHK it came decidedly in agreement with the authorization granted by the Law Fundamental to ask the Council of State that the Permanent Committee of the APN proposed to interpret this law, so that a possible big wave of a million emigrants to the region was avoided and thus the new constituent system of the RAEHK under the Fundamental Law stayed.

According to the principle of “a country, two systems”, the autonomy of Hong Kong in the matter of law is much greater than at the time of the colonial regime. Within the scope of the high degree of autonomy, the RAEHK can make laws in all the subjects almost. The regional government also enjoys high degree of autonomy with regard to the administration and, by the law, he has solved of independent way new problems arisen actually from the laws such as the position of Provisional the Legislative Council, the plan of modification for the adaptation of the laws, the power of judicial jurisdiction of the courts of the rear area on the penal cases related to the cross-border activities, the right of residence and the protection of the national flag and the regional flag. With respect to justice, judges of RAEHK, including that they are the Chinese premises and those that are not of Chinese origin, have continued exerting highly independent a legal regime. Or demanded plaintiff or, the government has left windy or defeated in the judicial processes before the court, which totally demonstrates the independence of the justice of Hong Kong. After the return, under the Fundamental Law, the original Common Law, that percent has lasted in use years, counts on a even greater guarantee.

Watching in perspective the regional economy for 2001, this one it will be able to continue maintaining certain growth although it is little probable that it throws a as high rate as the one of the 2000. In the 2001, it indicates Tsang Yam Kuen, ex- Secretary of Finances of the Government of the RAEHK, is anticipated that the economy will grow in 4-5%. The financial circles, on the other hand, maintain that the economy of Hong Kong will stay stable.

Esteem that in the 2001 will improve the commerce market retail, the sector of the construction and the sector of real estate, sectors these that now undergo a slow recovery. The same it will lower the rate of unemployment, which hopes that it will descend from present the 4,7% to 4% in the 2001. Generally, the experts in values see with approval the tendency in the stock market of Hong Kong for the 2001. Some organisms of based values of foreign capital in Hong Kong have promoted of category the actions of the region to arrange their own quote in stock-market. Personalities of the market say that, provided a substantial relapse in the economy of the United States does not take place, the actions of Hong Kong have the hope to raise 20000 points.

The industrialists and retailers hope with special optimism that soon the entrance of China in the World-wide Organization of Comercio (OMC) will contribute new opportunities to Hong Kong, and consider that as much the economy of the interior of China as the one of Hong Kong they benefit from his admission in the WTO. Taking advantage of this powerful motive force, the economy of Hong Kong will undertake his third flight. The President of the Council of Commercial Development of Hong Kong, Wu Guangzheng, indicates that the third flight of the regional economy will much more have a transcendental reach that both previous and will make the space of development for Hong Kong and the rear area ampler.

Tsang Yam Kuen, the new Secretary of Administration of the Government of the RAEHK, expresses: “The 2001, can say that it is a full year of opportunities and challenges. I am trusting in which with the effort of the government and the sagacious intuition and flexible accomodation of the local commercial community, Hong Kong will be able to have a total dominion of the conjuncture and to obtain that its economy continues being developed while the country more is abierto and more prosperous vigorously”.