China Agreement With Hong Kong

kenty9x | December 5, 2020 | 0

Australian investment in Hong Kong was about $3.22 billion in 1995, while investment in Hong Kong in Australia reached $14.5 billion. Hong Kong is Australia`s sixth foreign investment target, with stakes in manufacturing, insurance, banking, telecommunications, construction and industrial processing. In 1995, Hong Kong was the fourth largest source of foreign investment in Australia, with 90% portfolio investment and 10% direct investment. Opinions on Hong Kong`s future after 1997 are extremely contradictory, with most people confident about the economic outlook, but few people talk about the possibilities of maintaining existing norms of the rule of law and political freedoms. The best prospects for Hong Kong lie in the fact that the region`s sustainable prosperity is in China`s interest and that Chinese leaders have an interest in using Hong Kong as an example or “test” in its reunification efforts with Taiwan and in its general external relations. It is essential that Beijing act by recognizing that Hong Kong`s pronounced character means that it must be governed differently from the rest of China, or that a mass exodus of qualified people and capital undermines the viability of the territory. In a statement, Raab said Britain would work with its allies to ensure the Chinese government complies with its obligations under international law. Some political analysts felt that an agreement was urgently needed, as there were fears that Hong Kong`s economy would collapse untreated in the 1980s. Concerns about land ownership in the new leased territories also contributed to the problem. Although discussions on Hong Kong`s future began in the late 1970s, the final date of the joint declaration was influenced by factual and economic factors rather than geopolitical imperatives. [9] 25With the main measures, some of the secondary provisions of the EPA have already had a significant impact on Hong Kong`s economy. For example, the ability, with the exception of current legislation, to allow tourists from certain cities and regions of mainland China to travel individually to Hong Kong has stimulated the growth of Chinese tourism within the SAR.

Nearly three million Chinese tourists visited Hong Kong in the first quarter of 2004 (a 40% increase over 2003), of which nearly 40% had an individual visa. In this area, the Hong Kong authorities hope to hear very soon that SAR travel agencies will be allowed to offer foreign travel packages to groups of Chinese tourists under the same conditions as Chinese travel agencies. During the 2014 Umbrella Revolution, a campaign against perceived violations of mainland China in HKSAR, Chinese officials concluded for the first time that China considered the joint declaration “invalid,” according to a British MP. [51] This conclusion was found to be “manifestly erroneous” by a senior Hong Kong lawyer and rejected by the British Foreign Minister, who stated that the document was a legally binding agreement that had to be respected. [26] [52] Rita Fan, then Hong Kong`s only representative on the Standing Committee of the National People`s Congress in Beijing, stated that responsibility for the UK`s oversight had expired and that the joint declaration did not provide for universal suffrage. [53] The Hong Kong government has responded to the population growth in a way that should, on the one hand, strengthen confidence in the defence of the interests of the population in the territory and, on the other hand, maintain good relations with the Chinese government.