World Business News

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China Supports Hong Kong’s Future Autonomy

Zone(s): Hong Kong, China ¦ Sector(s): Tax
[12 June 2014, Tax-News.com] By Mary Swire, Tax-News.co, Hong Kong:  A White Paper issued by the Chinese Government on June 10 has confirmed the Government’s continued support for Hong Kong’s autonomy to set its own trade, financial and taxation policies, noting the territory’s successes under the ‘One Country, Two Systems’ policy.

Under the title, “The Practice of the ‘One Country, Two Systems’ Policy in the Hong Kong Special Administrative Region (HKSAR)”, the White Paper, the first of its kind, describes how the implementation of the principle of “one country, two systems” in the HKSAR has achieved widely recognized success and remains in the long-term interests of Hong Kong and of foreign investors.It confirms how Hong Kong has maintained and enhanced its status as an international financial, trade, and shipping center. As an important international banking center, it says, “Hong Kong boasts the world’s sixth-largest securities market and [the] fifth-largest foreign exchange market. As the world’s ninth-largest trading economy, Hong Kong has regular trading ties with almost every country and region in the world. It is one of the world’s largest container shipping ports and fourth-largest ship-registration center.”

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