How is Hong Kong a capitalist region

Group: Brigitte Werner

Wolfgang Meineck

Carsten Saalbach

Markus Emmelluth

Andre Vollmann

Economic Policy, SS 97, Prof. Ritter

 

Topic of the group work:

 

 

1840-42

:
  • Opium war between China and Great Britain, the island of Hong Kong is left

and to the British colony

  • At that time, Hong Kong was already an extremely conveniently located trading center

 

until 1950

:
  • Development of the infrastructure, beginning of the industrial revolution from 1950
  • A significant part of all Asian trade is via the Hong Kong Free Port

handled what has not changed to this day

  • Hong Kong becomes a world trade center (textiles, plastics, watches)

 

  • Sorial legislation and social housing after demonstrations for better work

conditions and living conditions

 

1956

:
  • Great Britain gives Hong Kong the right to self-government
  • Hong Kong is becoming increasingly dependent on China, for example on the water supply

 

1968

:
  • Steiks, which lead to a basic labor law and mandatory minimum wages

 

1981

:
  • New British Citizenship Act passed, which would allow Hong Kong Chinese

their privileged status of British subject is deprived

 

1984

:
  • Treaty with China that Hong Kong will retain a 50-year special status after 1997
  • China will be responsible for defense and security

 

1990

:
  • the British House of Commons approves a passport law that allows about 50,000 relevant citizens

gives Hong Kong the right to relocate to Great Britain, whereas China

protested

 

1993

:
  • Negotiations between China and Great Britain on the democratization of Hong Kong

 

Handover of Hong Kong to China

 

 

(HK)

 

  • is the second largest economic metropolis on the Asian continent and is one of the so-called "four little tigers" (HK, Taiwan, South Korea, Singapore) - 0.2% of the population of the Asia-Pacific region generate 15.8% of the Asia-Pacific trade

 

  • is the most liberal market economy in the world

 

  • has the highest share of services in the world (84%)

 

  • has the second largest foreign exchange reserves in the world

 

  • has the third highest competitiveness in the world

 

  • receives the fourth highest foreign direct investment

 

  • is the seventh largest trading nation in the world

 

 

 

 

 

 

 

 

 

Regarding Tab. 1, No. 2: The changeover to a service society has been achieved:

 

To Tab. 1, No. 5: Labor market:

 

 

 

 

 

 

 

 

 

 

 

1995

1996

 

US $ (in billions)

Growth (in%)

US $ (in billions)

Growth (in%)

1. Exports

35,81

16,0

38,74

8,2

2. Imports

21,27

15,2

22,15

4,1

3. Trade balance

14,54

 

16,59

 

 

  • The economic ties between Hong Kong and southern China are so extensive that a large common economic area has emerged that makes both sides dependent on one another:

 

  • Re-exports: Most of HK's re-exports are made in the more cost-effective southern China
  • HK is the most important trading metropolis for China
  • High demand HKs for South Chinese "guest workers"

 

 

 

 

 

 

 

 

 

 

 

 

 

    :

 

 

 

  • China will not only be the most populous country in the world, but also the most foreign currency country.

With $ 100 billion in China and 55 billion in Hong Kong, China will have more foreign currency

than the US and Germany put together.

 

 

  • "The greatest dowry since Cleopatra" (Chris Patten)

 

 

  • There is hardly a mass product that the new great power is no longer able to manufacture itself, at lower prices than anywhere else, hardly a wage that the 1.2 billion people, a fifth of the world's population, could not undercut.

 

 

  • With constant growth rates of 10%, China, enlarged by Hong Kong, will have overtaken the USA as the largest economic power in ten years.

 

 

  • According to Deng's concept of "one country, two systems", Hong Kong is to remain capitalist for another 50 years, with its own currency, tax system and government in a special administrative region (SAR).