DOCSLIB.ORG

Sustaining Hong Kong's Services Amid the Changing Dynamics Of

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sustaining Hong Kong's Services Amid the Changing Dynamics Of China Perspectives 2016/2 | 2016 What Kind of International Order Does China Want? Sustaining Hong Kong’s Services amid the Changing Dynamics of China’s Economy Chiang Min-Hua Electronic version URL: http://journals.openedition.org/chinaperspectives/6978 DOI: 10.4000/chinaperspectives.6978 ISSN: 1996-4617 Publisher Centre d'étude français sur la Chine contemporaine Printed version Date of publication: 1 June 2016 Number of pages: 37-45 ISSN: 2070-3449 Electronic reference Chiang Min-Hua, « Sustaining Hong Kong’s Services amid the Changing Dynamics of China’s Economy », China Perspectives [Online], 2016/2 | 2016, Online since 01 June 2017, connection on 14 November 2019. URL : http://journals.openedition.org/chinaperspectives/6978 ; DOI : 10.4000/ chinaperspectives.6978 © All rights reserved Article China perspectives Sustaining Hong Kong’s Services amid the Changing Dynamics of China’s Economy CHIANG MIN-HUA ABSTRACT: Hong Kong’s greater economic integration with China has continued to underpin its service-oriented economy following the manufacturing sectors’ hollowing out since the 1990s. Hong Kong is an important transit hub for China’s external trade, especially for the Pearl River Delta Region. China’s deregulation of mainland visitors to Hong Kong under the Individual Visit Scheme since 2003 has contributed to Hong Kong’s bulging trade surplus in travel. Nonetheless, the tremendous business opportunities from China’s financial reform won’t unseat the US and the UK as Hong Kong’s top trade partners in financial services. Overall, Hong Kong’s service economy will continue to prosper in the near term with China’s continuous granting of special treatment. In the long run, strengthening Hong Kong’s bridging role between mainland China and the global market will be crucial for the viability of its services. KEYWORDS: Hong Kong’s economy, Hong Kong’s service sectors, Mainland-Hong Kong Closer Economic Partnership Arrangement (CEPA), China’s economy, trade in services. Introduction Hong Kong’s unique geographic location as a gateway between mainland China and other countries allowed the territory to benefit from China’s rel - ong Kong has played an important role in connecting China’s econ - atively closed economy. However, China’s economy today is much more omy with the rest of the world since the nineteenth century. Before open than it was several decades ago. From 1985, the Special Economic HWorld War II (WWII), Hong Kong mainly served as an entrepot be - Zones (SEZs) extended more widely from coastal cities in Guangdong and tween China and Western countries in merchandise trade. Hong Kong’s eco - Fujian to the Yangtze River Delta, Pearl River Delta, Shandong Peninsula, nomic ties with mainland China continued to grow despite the latter’s shift Liaodong Peninsula, Hebei, and Guangxi. Deng Xiaoping’s speech during his to a socialist economy since 1949. When the United Nations began to put a southern tour in China in 1992 accelerated the country’s economic reform. trade embargo on China during the Korean War (1950-1953), Hong Kong’s China’s trade and investment measures opened a step further after its ac - transit trade business fell sharply. The development of the manufacturing sec - cession into the World Trade Organisation (WTO) in 2001. Up to November tor since the 1950s saved Hong Kong’s economy from a major depression. 2015, China had already signed bilateral free trade agreements (FTAs) or Nonetheless, the export-led economic growth pattern did not last long. In quasi-FTAs with major economies (e.g. South Korea, Australia, Singapore, the 1970s, Hong Kong manufacturers encountered fierce competition from Taiwan, Hong Kong, and New Zealand) in the region. At the multilateral other developing countries as well as advanced countries’ growing protec - level, the China-ASEAN Free Trade Area has been in effect since 1 January tionism. The launch of China’s open-door policy at the end of 1978 came just 2010. China is also actively involved in the China-Japan-South Korea trilat - in time to alleviate the difficulties of Hong Kong’s manufacturing economy. eral FTA and t he Regional Comprehensive Economic Partnership (RCEP) n e- Since 1979, when China began to set out a series of preferential policies gotiations. With effect from 1 October 2016, the Chinese yuan will be for foreign investors aimed at exports, Hong Kong entrepreneurs quickly included in the International Monetary Fund’s reserve currency basket, a caught these opportunities. From 1979 to 1995, around half to two-thirds significant step in internationalising China’s financial market and its cur - of foreign direct investment (FDI) in China came from Hong Kong. However, rency. it was often argued that Hong Kong’s significant share in China’s total FDI China’s greater involvement in the global economy occurred as Hong was exaggerated, as it included not only Hong Kong’s investment but also Kong’s economy was becoming closer to China’s. The quick catching up of substantial amounts of capital intermediated through Hong Kong. In addi - other mainland cities further raised concerns about the sustainability of tion, a substantial portion of the mainland’s exports to other countries was Hong Kong’s unique position as a bridge between China and other countries. also channelled through Hong Kong. While Hong Kong accounted for a How has Hong Kong’s service-oriented economy been impacted by China’s major share of China’s total exports, China’s imports from the territory were growing linkage with the world over the last decade? It is often argued that relatively less noteworthy. the implementation of the Closer Economic Partnership Arrangement N o. 2016/2 • china perspectives peer-reviewed article 37 Article Table 1 – Hong Kong’s GDP by sector 2000-2014 (As % of total GDP) 2004 (Implementation 2000 of CEPA) 2008 2014 • Import/export trade, wholesale retail, 24 28 28 28 • accommodation and food services • Financial, insurance, real estate, 22 22 28 27 • and professional business services • Transportation, storage and postal services, 11 12 9 10 • information and communication • Public administration, social, and 19 19 17 17 • personal services • Ownership of premises 11 10 11 11 Subtotal in services 87 91 93 93 • Manufacturing 5 3 2 1 • Construction 5 3 3 4 • Electricity, natural gas and water supply, and waste management 3 3 2 2 Economic growth rate 7.7 8.7 2.1 2.9 Source: Census and Statistics Department, Hong Kong SAR, Gross Domestic Product 2014, February 2015, pp. 82-84; Census and Statistics Department, Hong Kong SAR, “National Income,” www.censtatd.gov.hk/hkstat/sub/sp250.jsp?tableID=035&ID=0&productType=8 (accessed on 7 December 2015). (CEPA) was a “helping hand” to Hong Kong’s economy. Nonetheless, as CEPA accelerated Hong Kong’s shift towards China gradually opens up its market in order to fulfil its obligations under services the WTO and other FTAs, the special treatments given to Hong Kong through CEPA is expected to dissipate. In this regard, how can Hong Kong China and Hong Kong signed “The Mainland and Hong Kong Closer Eco - sustain its economic development in the future? nomic Partnership Arrangement,” or “ Closer Economic Partnership Arrange - The purpose of this article is to investigate the structural changes in Hong ment” (CEPA) on 29 June 2003. Initiated by the territory’s business Kong’s service economy and the development of its economic relations with community, CEPA provides Hong Kong with priority entry into China’s mar - China over the last decade. In the face of China’s dynamic development, ket. Under CEPA, some 273 goods produced in Hong Kong, which comprise this article also addresses concerns and prospects for Hong Kong’s economy two-thirds of Hong Kong’s domestic exports to China, have enjoyed zero in the future. Macro-economic data is assessed to explore Hong Kong’s serv - tariffs since January 2004. All imports from Hong Kong to mainland China ice-oriented economic profile. Hong Kong’s official statistics in the service were exempted from tariffs as of 2006. This special treatment extends to industry are extensively employed as a major indicator of the territory’s products with 30% value-added, more advantageous than the conventional connection with China in services. Service trade statistics incorporate a total requirement of 40%-50% domestic content. In terms of investment, China of 12 service items as indicated in Annex 1. Owing to the large presence of agreed to open 18 service sectors for Hong Kong companies to invest in, transport, travel, and financial services in Hong Kong’s service trade, statis - which is more favourable than the measures based on WTO rules. CEPA also tics for these three service items will be the main focus when analysing eases requirements for professionals (e.g. accountants, surveyors, and Hong Kong’s service trade relations with China. The implementation of CEPA lawyers) from Hong Kong to operate their business in the mainland, (1) thus is considered a turning point in Hong Kong’s economic transformation. allowing Hong Kong professionals to explore this emerging market. Hence, the opening up measures between Hong Kong and the mainland Between 2004 and 2013, Hong Kong and China broadened the scope of through CEPA, particularly in transport services, financial services, and travel CEPA with an additional 10 supplements. Under CEPA and previous supple - services, will also be reviewed. ments, 28 sectors (2) were already partially liberalised for Hong Kong. Since The article is structured as follows. First, the development of Hong Kong’s 1 January 2014, conditions for market access for the 28 sectors have been structural changes in terms of gross domestic product (GDP) and employ - further relaxed under Supplement X. Supplement X to CEPA also included ment by sector is analysed.
Load more

Recommended publications
  • Hong Kong's Role in China's Financial Reform
    The LEXIS PRACTICE ADVISOR Journal TM WINTER 2015 / 2016 www.lexispracticeadvisor.com Start your free trial today 300+ 11 900+ LEXISNEXIS.COM/FINISH-BIG OR CALL 800.628.3612 ATTORNEY PRACTICE SEARCHABLE AUTHORS AREAS DEAL POINTS Contents WINTER 2015 / 2016 PRACTICE NEWS PRACTICE PROJECTIONS 4 A BRIEFING ON EMERGING ISSUES 35 DUE DILIGENCE IN LIFE SCIENCES IMPACTING TRANSACTIONAL PRACTICE MERGERS & ACQUISITIONS Business & Commercial, Banking & Finance, Labor & Mergers & Acquisitions Employment, Securities & Capital Markets, Real Estate 46 “REGULATION A-PLUS” LIMITED PUBLIC PRACTICE NOTES OFFERINGS UNDER SECURITIES ACT 10 UNDERSTANDING THE NLRB’S SECTION 3(B)(2) POSITIONS ON REGULATING Securities & Capital Markets EMPLOYEES’ SOCIAL MEDIA USAGE Labor & Employment 52 FDA RELEASES FIRST TWO RULES UNDER THE FOOD SAFETY MODERNIZATION ACT 18 CONFIDENTIALITY, NONDISCLOSURE Business & Commercial & SECRECY AGREEMENTS IP & Technology PRACTICE POINTERS 56 DRAFTING AND NEGOTIATING EFFECTIVE PRACTICE TRENDS CLOUD COMPUTING AGREEMENTS 24 CHALLENGES OF TAXING IP & Technology THE SHARING ECONOMY Tax 66 DRAFTING ADVICE: DEVELOPING SOCIAL MEDIA POLICIES 28 CARSHARING GETS EASY Labor & Employment REGULATORY RIDE Business & Commercial JURISDICTIONAL PRACTICE 69 MANAGERS, AGENTS & ATTORNEYS PRACTICE PROFILE California Business & Commercial 31 A VIEW OF ASSET-BASED LENDING GLOBAL PRACTICE WITH DAVID W. MORSE, BANKING & FINANCE CHAIR, OTTERBOURG PC 75 HONG KONG’S ROLE IN CHINA’S FINANCIAL Banking & Finance REFORM - THE ERA OF THE “NEW NORMAL” Banking & Finance
    [Show full text]
  • Economy Profile Hong Kong SAR, China
    Doing Business 2020 Hong Kong SAR, China Economy Profile Hong Kong SAR, China Page 1 Doing Business 2020 Hong Kong SAR, China Economy Profile of Hong Kong SAR, China Doing Business 2020 Indicators (in order of appearance in the document) Starting a business Procedures, time, cost and paid-in minimum capital to start a limited liability company Dealing with construction permits Procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety mechanisms in the construction permitting system Getting electricity Procedures, time and cost to get connected to the electrical grid, and the reliability of the electricity supply and the transparency of tariffs Registering property Procedures, time and cost to transfer a property and the quality of the land administration system Getting credit Movable collateral laws and credit information systems Protecting minority investors Minority shareholders’ rights in related-party transactions and in corporate governance Paying taxes Payments, time, total tax and contribution rate for a firm to comply with all tax regulations as well as postfiling processes Trading across borders Time and cost to export the product of comparative advantage and import auto parts Enforcing contracts Time and cost to resolve a commercial dispute and the quality of judicial processes Resolving insolvency Time, cost, outcome and recovery rate for a commercial insolvency and the strength of the legal framework for insolvency Employing workers Flexibility in employment regulation and redundancy cost Page 2 Doing Business 2020 Hong Kong SAR, China About Doing Business The Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level.
    [Show full text]
  • Third Quarter Economic Report 2003
    THIRD QUARTER ECONOMIC REPORT 2003 ECONOMIC ANALYSIS DIVISION FINANCIAL SERVICES AND THE TREASURY BUREAU GOVERNMENT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION November 2003 CONTENTS Paragraphs CHAPTER 1: OVERALL VIEW Overall situation 1.1 - 1.9 The external sector 1.10 - 1.18 Domestic demand 1.19 - 1.23 The Government account 1.24 - 1.26 The property market 1.27 - 1.30 The labour market 1.31 - 1.34 Prices 1.35 - 1.37 The financial sector 1.38 - 1.42 CHAPTER 2: THE EXTERNAL SECTOR Major external influences 2.1 - 2.6 Overall visible and invisible trade situation 2.7 - 2.15 Visible trade Total exports of goods 2.16 - 2.29 Re-exports 2.30 - 2.33 Domestic exports 2.34 - 2.35 Outward processing trade 2.36 - 2.39 Imports of goods 2.40 - 2.41 Retained imports 2.42 - 2.45 Invisible trade Exports of services 2.46 - 2.49 Imports of services 2.50 - 2.53 Overall balance of payments 2.54 - 2.56 CHAPTER 3: THE DOMESTIC ECONOMY Net output or value added by major economic sector 3.1 - 3.2 Local manufacturing output 3.3 - 3.4 Service sector receipts 3.5 - 3.6 Property 3.7 - 3.16 Building and construction 3.17 - 3.23 Land 3.24 - 3.27 Electricity and gas 3.28 - 3.29 Internal transport 3.30 - 3.31 External transport 3.32 - 3.35 Tourism 3.36 - 3.41 Telecommunications 3.42 - 3.43 CHAPTER 4: THE FINANCIAL SECTOR Overall financial market situation 4.1 Exchange rates 4.2 - 4.4 Interest rates 4.5 - 4.7 Deposits and money supply 4.8 - 4.12 Hong Kong dollar external claims and liabilities of authorized 4.13 - 4.14 institutions Loans and advances 4.15 - 4.19 Banks
    [Show full text]
  • How the Resource Curse Affects Urban Development in East Timor
    The Sustainable City V 495 How the resource curse affects urban development in East Timor I. M. Madaleno Portuguese Tropical Research Institute, Lisbon Abstract East Timor is heavily reliant upon royalty and taxation revenues from petroleum and natural gas resources. Poor management of natural resources revenue has given ground for the nation to fall victim to the ‘resource curse’. This paper provides an overview of the country’s recent history whilst characterising its energy resources availability and case-studying a stressing and omnipresent urban problem: the persistence of internal displaced people (idps) living in refugee camps within Dili district. The objective of this contribution is to describe sample research conducted in the capital city of the first 21st century nation on Earth, so as to evaluate with empirical data how the wealth of natural resources is being used both to improve East Timorese daily lives and to regenerate the urban tissue. Keywords: resource curse, refugee camps, urban regeneration, Dili, East Timor. 1 Introduction Asian tigers – South Korea, Taiwan, Hong-Kong and Singapore – are resource- poor countries. East Timor as well as Angola, both former Portuguese colonies, are resource-rich, exhibiting poor economic growth performances and displaying high levels of poverty (see table 1). The quality of local institutions is decisive, though, for there is no curse that cannot be lifted [1, 2]. It is widely accepted that good governance and a strong juridical and institutional framework tend to minimise the ill consequences of the mineral and energy resources privilege both on common people and on political leaders. Weak administration of revenues by contrast can lead to financial resources waste and environmental constrains on grounds of political mismanagement and corruption as on easy money availability excesses.
    [Show full text]
  • Hong Kong: Key Issues in 2021
    December 23, 2020 Hong Kong: Key Issues in 2021 The Hong Kong Special Administrative Region (HKSAR, country or with external elements to endanger national or Hong Kong) is a city located off the southern coast of security.” The NPCSC and the HKSAR government have Guangdong Province, People’s Republic of China (PRC or stated that the NSL was necessary to restore order China). More than 90% of Hong Kong’s population is following the large-scale protests of 2019. For more about ethnically Chinese. The first language of the vast majority the 2019 protests, see CRS In Focus IF11295, Hong Kong’s is Cantonese, a variety of Chinese different from what is Protests of 2019. spoken in most of the PRC. Hong Kong at a Glance Under the provisions of a 1984 international treaty known Population (2020): 7.5 million as the “Joint Declaration,” sovereignty over Hong Kong Area: 1,082 square kilometers (418 square miles) transferred from the United Kingdom to the PRC on July 1, Per Capita GDP (2019): HK$381,714 (US$48,938) 1997. In the Joint Declaration, China pledged the former British colony “will enjoy a high degree of autonomy, Life Expectancy (at birth, 2018): Men: 82.2 years; except in foreign and defence affairs,” and “will be vested Women: 88.1 years with executive, legislative and independent judicial power, Leadership: Chief Executive Carrie Lam Cheng Yuet-ngor including that of final adjudication.” China also promised Source: Hong Kong Census and Statistics Department that the “[r]ights and freedoms, including those of the person, of speech, of the press, of assembly, of association, The Hong Kong Police Force (HKPF) has arrested dozens of travel, of movement, of correspondence, of strike, of of people for alleged NSL violations.
    [Show full text]
  • Hong Kong in the Global Economy: How the Special Administrative Region Rises to the Challenges Posed by China
    Asia Programme Paper: ASP PP 2010/05 Programme Paper Hong Kong in the Global Economy: How the Special Administrative Region Rises to the Challenges Posed by China Kerry Brown Senior Research Fellow, Asia Programme, Chatham House Sophie Steel Research Assistant October 2010 The views expressed in this document are the sole responsibility of the author(s) and do not necessarily reflect the view of Chatham House, its staff, associates or Council. Chatham House is independent and owes no allegiance to any government or to any political body. It does not take institutional positions on policy issues. This document is issued on the understanding that if any extract is used, the authors and Chatham House should be credited, preferably with the date of the publication. Programme Paper: Hong Kong in the Global Economy SUMMARY • The Hong Kong Special Administrative Region (SAR) has quickly bounced back from the effects of the global economic recession in 2008/09. Economic indicators for the first half of 2010 are strong and attention is turning to the medium- to long-term outlook and Hong Kong’s position in the region. • The SAR’s links with the Mainland economy are still special, though they are evolving and changing. While previously Hong Kong has been seen as the gateway into China, in the future it is also increasingly likely to be the gateway out of the People’s Republic of China (PRC). It now needs to focus on how it can best exploit this for its international positioning as others become interested in directly attracting PRC funds and investment.
    [Show full text]
  • Hong Kong (China)
    126 Hong Kong (China) A. Progress in the implementation of the minimum standard Hong Kong (China) has 41 tax agreements in force, as reported in its response to the Peer Review questionnaire. Three of those agreements, the agreements with Belarus*, Estonia and Finland, comply with the minimum standard. Hong Kong (China) joined the MLI in 2017 and has not listed its agreements with India and Saudi Arabia. It indicated in its response to the Peer Review questionnaire that it would list those agreements under the MLI. India and Saudi Arabia have listed their agreements with Hong Kong (China) under the MLI. Hong Kong (China) is implementing the minimum standard through the inclusion of the preamble statement and the PPT.61 The agreements that will be modified by the MLI will come into compliance with the minimum standard once the provisions of the MLI take effect. B. Implementation issues Hong Kong (China)’s listed agreements under the MLI will start to be compliant after the ratification of the MLI. It is encouraged that the MLI be ratified as soon as possible. Summary of the jurisdiction response – Hong Kong (China) Treaty partners Compliance If compliant, Signature of The alternative Comments with the the alternative a complying implemented through the standard implemented instrument complying instrument (if not the MLI) 1 Austria No N/A Yes N/A 2 Belarus* Yes PPT alone N/A N/A 3 Belgium No N/A Yes N/A 4 Brunei Darussalam No N/A Yes N/A 5 Cambodia* No N/A No N/A To be added to the list of agreements that Hong Kong wishes to cover under the MLI or through bilateral negotiations of an amending protocol 6 Canada No N/A Yes N/A 7 Czech Republic No N/A Yes N/A 8 Estonia Yes PPT alone N/A N/A 9 Finland Yes PPT alone N/A N/A 61 For 35 of its agreements listed under the MLI, Hong Kong is implementing the preamble statement (Article 6 of the MLI).
    [Show full text]
  • Economic Integration Between Hong Kong, Taiwan and The
    OECD Economic Studies No . 20. Spring 1993 ECONOMIC INTEGRATION BETWEEN HONG KONG. TAIWAN AND THE COASTAL PROVINCES OF CHINA Randall S. Jones. Robert E . King and Michael Klein CONTENTS Introduction ...................................................... 116 1. Economic integration within the CEA ............................. 118 A . Trade .................................................. 118 B. Foreign direct investment ................................... 123 C . Other linkages ........................................... 127 D. Impact of integration within the CEA .......................... 128 II . Forces driving integration ...................................... 130 A . Resource endowments ...................................... 130 B . Revealed comparative advantage ............................ 133 C . The role of policies ........................................ 134 D . Political ties ............................................. 137 E . Rapid growth despite policy distortions ......................... 138 Ill. Outlook .................................................... 139 Bibliography .................................................... 1.43 Randall S . Jones and Robert E. King are economists in the Foreign Trade and Investment Division of the Economics Department. Michael Klein. who was formerly employed in the same division. now works at the World Bank . The authors would like to thank Sveinbjorn Blondal. Michael P . Feiner. Nicholas Vanston and Bernard Wacquez for their comments and suggestions. 115 INTRODUCTION During the past
    [Show full text]
  • An Analysis on the Latest Developments and Comparative Advantages of Offshore RMB Centers
    ECONOMIC REVIEW(A Monthly Issue) March, 2014 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Latest Developments and Comparative Advantages of Offshore RMB Centers Liu Hong, Economist Recently, London and the Chinese government have signed a Memorandum of Understanding on RMB clearing and settlement, and offshore RMB businesses in Europe are growing steadily. According to the latest Global Financial Centers Index (GFCI) compiled by Z/Yen, a well-known London based Group, London, Hong Kong and Singapore were ranked as the second, third, and fourth global financial centers respectively. As top-tier international global financial centers, Hong Kong, London and Singapore have similar advantages in developing offshore RMB businesses, such as favorable time-zones, robust legal systems, free capital flow, relatively low tax rates and English language backgrounds etc. Meanwhile, these three financial centers also have their unique comparative advantages in developing offshore RMB businesses. I. Comparative advantages of Hong Kong Hong Kong is the largest offshore RMB center. It provides wholesale business functions thanks to the following comparative advantages. 1. Geographical location advantage with close proximity to onshore RMB market. Geographically, Hong Kong is near the mainland market and next to Guangdong province. As a result, Hong Kong has a first-mover advantage in business cooperation with the mainland. Firstly, there is close bilateral trade between Hong Kong and the mainland. According to statistics from the General Administration of Customs of the People's Republic of China, total bilateral trade amounted to USD 401 billion between Hong Kong and the mainland in 2013. Secondly, Hong Kong is the greatest source of the mainland's foreign direct investment and vice versa.
    [Show full text]
  • 10. HONG KONG's STRATEGIC IMPORTANCE UNDER CHINESE SOVEREIGNTY Tai Ming Cheung Hong Kong Has Come a Long Way Since It Was
    - 170 - 10. HONG KONG’S STRATEGIC IMPORTANCE UNDER CHINESE SOVEREIGNTY Tai Ming Cheung Hong Kong has come a long way since it was dismissed as a barren rock a century and a half ago. This bastion of freewheeling capitalism today is a leading international financial, trading and communications center serving one of the world’s fastest growing economic regions. But Hong Kong is also entering a period of considerable change and uncertainty following its reversion to Chinese sovereignty that is likely to have a far- reaching impact on its strategic importance and role over the coming years. As a British colony, Hong Kong was an important outpost for the West to keep an eye on China and safeguard busy sea-lanes. Under Chinese rule, the Hong Kong Special Administrative Region (SAR) will play a crucial role in boosting China’s economic growth and promoting Beijing’s long-term goal of reunification with Taiwan. How China handles Hong Kong’s return will have major consequences for the territory as well as for China’s relations with the international community. The world will be watching very carefully whether Beijing will adhere to its international commitments of allowing the SAR to retain a high degree of autonomy. The U.S. has said that the transition will be a key issue in determining its future relations with China. This paper will examine the strategic implications of Hong Kong's return to Chinese rule. Several key issues will be explored: • Hong Kong's past and present strategic significance. • The stationing of the People's Liberation Army (PLA) in Hong Kong.
    [Show full text]
  • Renminbi Services
    Renminbi Services Renminbi Services RMB Remittances8 Your seal of financial success in mainland China You can remit RMB funds from your RMB denominated and Hong Kong account with HSBC in Hong Kong to your RMB denominated account outside Hong Kong9. If you need to make As economic links between the mainland China and Hong Kong continue to grow rapidly, our comprehensive Renminbi remittances on a regular basis, you can set up standing instructions through Personal Internet Banking or at any (RMB) financial management service is catered to your HSBC branches in Hong Kong10. We will remit the amount needs. Leveraging on our extensive network in Hong Kong, regularly according to your instructions, saving you time and our service allows you to manage your wealth more easily, and enjoy financial advantages no matter where you are. trouble. HSBC’s RMB Services offer a wide range of features: RMB Investment Products11 RMB Deposits1 HSBC provides you a range of RMB denominated investment products such as securities, bonds, structured HSBC’s RMB Services offer you savings and time deposit2 products, Unit Trusts and insurance products12 to suit your services to meet your financial needs: investment needs. Please contact us for our latest offering. Deposit RMB directly into your account in Hong Kong through our RMB savings service, and withdraw RMB Next Step… from your account without hassle. HSBC’s RMB Services are your key to a wealth of financial Transfer RMB through Personal Internet Banking, advantages in the mainland China and Hong Kong. Mobile Banking, Phone Banking or at any HSBC branches in Hong Kong.
    [Show full text]
  • 'Populism': Armenia's “Velvet Revolution”
    The Armenian Studies Program and the Institute of Slavic, East European, and Eurasian Studies present the 42nd Educator Outreach Conference Authoritarianism, Democratization, and ‘Populism’: Armenia’s “Velvet Revolution” in Perspective Saturday, May 1, 2021 Livestream on YouTube University of California, Berkeley From end March to early May 2018, a series of peaceful protests and demonstration led to the resignation of Prime Minister (PM) Serzh Sargsyan, whom the then ruling Republican Party he chaired had newly nominated for that office. Having completed his two terms as President, from 2008 to 2018, Serzh Sargsyan’s attempt to remain in power became obvious. This attempt also made it evident that the amended 2015 Constitution, which he had promoted to invigorate democratization by shifting power from the office of the President to the Parliament and the office of the Prime Minister, was merely a ploy to extend his rule. It was also the proverbial “last straw that broke the camel’s back.” A kleptocratic, semi-authoritarian regime that appeared to control all the levers of power and of the economy suddenly, and unexpectedly, collapsed. This regime change—which the leader of the protests and incoming new prime minister, Nikol Pashinyan, referred to as a “Velvet Revolution”—was peaceful, something unusual for a post-Soviet republic. Subsequent parliamentary elections brought to power a new generation, younger deputies mostly between the ages of twenty-five to forty. A similar generation change also characterized the formation of the government. Youth, however, also means inexperience as almost none of the new deputies and ministers had held any political position in the past.
    [Show full text]