The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation,almost free port trade and a well-established international financial market. Its currency,called the Hong Kong dollar,is legally issued by three major international commercial banks,and is pegged to the US dollar. Interest rates are determined by the individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system,although the Hong Kong Monetary Authority functions as a financial regulatory authority.
Under the Basic Law,the Hong Kong Special Administrative Region is exclusively in charge of its internal affairs and external relations,whilst the central government of China is responsible for its foreign affairs and defence. As a separate customs territory,Hong Kong maintains and develops relations with foreign states and regions,and plays an active role in such international organisations as World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC) in its own right under the name of Hong Kong,China. Hong Kong participates in 16 projects of United Nations Sustainable Development Goals.
"One country,two systems" was a constitutional principle of the People's Republic of China (PRC) describing the governance of the special administrative regions of Hong Kong and Macau.
The Ministry of Commerce (MOFCOM) is a cabinet-level executive agency of the State Council of China that is responsible for formulating policy on foreign trade,export and import regulations,foreign direct investments,consumer protection,market competition and negotiating bilateral and multilateral trade agreements. It is in charge of the administration of foreign trade pursuant to the Foreign Trade Law. The current Commerce minister is Wang Wentao.
The economy of Asia comprises about 4.7 billion people living in 50 different nations. Asia is the fastest growing economic region,as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover,Asia is the site of some of the world's longest modern economic booms,starting from the Japanese economic miracle (1950–1990),Miracle on the Han River (1961–1996) in South Korea,economic boom (1978–2013) in China,Tiger Cub Economies (1990–2020) in ASEAN,and economic boom in India (1991–present).
The Customs and Excise Department (C&ED) is a government agency responsible for the protection of the Hong Kong Special Administrative Region against smuggling;the protection and collection of revenue on dutiable goods on behalf of the Hong Kong Government;the detection and deterrence of drug trafficking and abuse of controlled drugs;the protection of intellectual property rights;the protection of consumer interests;and the protection and facilitation of legitimate trade and upholding Hong Kong's trading integrity.
Closer Economic Partnership Arrangement are economic and trade agreement between the separate customs territories within the People's Republic of China.
Under the Basic Law,Macau's diplomatic relations and defence are the responsibility of the central government of China. Except diplomatic relations and defence,nonetheless,Macau has retained considerable autonomy in all aspects,including economic and commercial relations,customs control.
The Mainland and Macau Closer Economic Partnership Arrangement,or Closer Economic Partnership Arrangement (CEPA) for short,is an economic agreement between the Government of the Macau Special Administrative Region and the Central People's Government on October 18,2003. A similar agreement,known as the Mainland and Hong Kong Closer Economic Partnership Arrangement,was signed between the Government of the Hong Kong Special Administrative Region and the Central People's Government of the People's Republic of China,signed on June 29,2003.
New Zealand is party to several free trade agreements (FTAs) worldwide.
The Hong Kong General Chamber of Commerce was founded on 29 May 1861,and is the oldest and one of the largest business organizations in Hong Kong. It has around 4,000 corporate members,who combined employ around one-third of Hong Kong's workforce. It is a self-funding,not-for-profit organization that promotes and represents the interests of the Hong Kong business community. A core function of its work is to formulate recommendations on improving the business environment,which its 23 industry-specific committees constantly analyze and make regular submissions to HKSAR Government officials and policy makers.
The Economic Cooperation Framework Agreement (ECFA) is a free trade agreement (FTA) between the governments of the People's Republic of China and the Republic of China,that aims to reduce tariffs and commercial barriers between the two sides,as well as improve cross-strait relations.
The Hong Kong and Macau Work Office (HMO) is an administrative agency of the Central Committee of the Chinese Communist Party and the State Council of the People's Republic of China,responsible for promoting cooperation and coordination of political,economic,and cultural ties between mainland China and the Chinese Special Administrative Regions of Hong Kong and Macau. Under the Party and state reforms adopted in 2023,the Hong Kong and Macao Affairs Office of the State Council became the external name of the "Hong Kong and Macau Work Office of the Central Committee of the Chinese Communist Party".
The Hong Kong –New Zealand Closer Economic Partnership Agreement is a bilateral free trade agreement signed between the Hong Kong Special Administrative Region of China and New Zealand in March 2010. It is the first bilateral free trade agreement on goods and services that Hong Kong SAR has signed with a foreign country. Hong Kong-New Zealand CEPA complements New Zealand's Free Trade Agreement (FTA) with China two years before,and enhances the potential for Hong Kong to be used as a platform for trade into the Mainland China. Hong Kong is a Special Administrative Region of China but has autonomy in matters of trade.
Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone is a commercial development in Shenzhen,Guangdong that is also known as Qianhai New District. Located in Nanshan District and encircled by the Shuangjie River,Yueliangwan Boulevard,Mawan Boulevard and Qianhai Bay,Qianhai covers an area of approximately 15 square kilometres (5.8 sq mi),comprising almost entirely reclaimed land. The project is expected to be completed by 2020.
The Central Leading Group on Hong Kong and Macau Affairs is an internal policy coordination group of the Central Committee of the Chinese Communist Party (CCP),reporting to the CCP Politburo,in charge of supervising and coordinating Beijing's policy towards the Special Administrative Regions of Hong Kong and Macau. The Group is the highest de facto body for China's policy towards Hong Kong and Macau.
The Trade and Industry Department of the Hong Kong Government is responsible for supporting traders and small businesses in the global market.
Hong Kong–mainland China relations refer to the relationship between Mainland China and Hong Kong. According to the 1997 Sino-British Joint Declaration,the United Kingdom handed control of Hong Kong over to the People's Republic of China,making it a special administrative region. In principle,Hong Kong became an autonomous administrative division based on the Hong Kong Basic Law.
