Hong Kong SAR, China
Candlefocus EditorThe SAR policy was put in place by China to business with Hong Kong, allowing the region to govern itself with some degree of autonomy regarding economic and political policies. Since then, the SAR of Hong Kong has been one of the most economically successful Special Administrative Regions (SAR) in the world.
The Hong Kong SAR consists of three parts, Hong Kong Island, Kowloon and the New Territories. This territory of 7.2 million people is home to a unique population that consists of Chinese, Indian, Filipino and many other ethnicities. It is currently under the jurisdiction of the Central People’s Government of the People’s Republic of China, with a high degree of autonomy in all matters except foreign affairs, military and immigration.
The Hong Kong SAR is a major international financial center and is rated as the world’s most expensive property market. It has a highly developed infrastructure and is home to many major port facilities and international transportation hubs. It is also home to the highly ranked Hong Kong University of Science and Technology and the world’s seventh tallest building, the International Commerce Centre.
Under the “One Country, Two Systems” policy, the economic and political systems of Hong Kong remain distinct from the mainland. Since 1997, the Hong Kong SAR has continued to experience economic growth and an influx of foreign investment. As of 2020, it remains one of the world’s largest financial and business centers, despite ongoing political tensions between pro-democracy protestors and pro-Beijing groups.
The Hong Kong SAR and its unique political arrangement is a unique arrangement in the world, and while it has been successful in creating a prosperous finance center, it has also faced many challenges. The region faces growing pressure from the Chinese government to abide by Mainland laws, limits on freedom of speech and protest, as well as debates on universal suffrage. Despite these issues, the Hong Kong SAR remains a vibrant and important part of the global economy and it continues to be a center of business and finance.