HONG KONG SAR

Hong Kong SAR

Hong Kong SAR

Introduction

In 1997, People's Republic of China got back Hong Kong when the fifth people's congress amended the constitution for the allowance of special administrative region (SAR). This created the concept of 'one country, two systems'. The ancient Chinese law dominates PR China whereas British Common Law is used for the government in Hong Kong SAR. The banks in Hong Kong are globally recognized and capitalized whereas the banks in China are openly local and the currency is not traded openly (Li 2011, p. 35).

China and its two systems

China started the principle of 'one country, ...