Politics in Hong Kong is quite unique compared to the rest of China. The reason is that since the handover to China (see the History section) Hong Kong still remains under its former laws and rules within the Basic Law of Hong Kong. Only Foreign affairs and defence are matters dealt by the People’s Republic of China but the rest is basically up to the Chief Executive and with a multi-party system where censorship is not strong like in mainland China. Hong Kong still possesses its independence in belonging to international committees. For instance, the International Olympic Committee recognises Hong Kong as a sole contestant, it is recognised as Hong Kong, China. Freedom of speech is still true in Hong Kong like it was under the British rule.
The current Chief Executive is Donald Tsang and he is elected by a broadly representative Election Committee in accordance with the Basic Law. The Chief Executive has the executive power and he is assisted by the Executive Council. The Executive Council decides on matters of policy but also on the budget etc… They submit new bills to the Legislative Council.
Hong Kong will carry on having its own rules independent of China for 50 years but then it is not clear what will happen. It is also said that China may invade Hong Kong at any time as they would like to get rid of the democrats in place there. Of course, they have not done it so far as they know it would be catastrophic for business in Hong Kong and in China.
Update 8/04/2010
If you want to move money abroad, from Hong Kong or to Hong Kong for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Fexco will help you to keep your overseas money transfer costs to a minimum.
Margin | 0.6% |
---|---|
Regulator | FCA |
Fee | £10 < £5K or Free > £5k |
Mini | £1K |
Ccy | All (130 currencies, incl ‘exotics’) |
Services | Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone. |
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.