Status of Hong Kong
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In 1997, the status of Hong Kong changed. Hong Kong had been one of two Chinese areas -- the other being Macao -- under the control of foreign powers. The Chinese see these as "problems left over from history," and they were the result of imperialist aggression and incompetence on the part of Chinese rulers in the nineteenth century. Hong Kong has been under British control as the result of three treaties with the Chinese from the last century, but in the mid-1980s China concluded formal agreements with Britain for the return of Hong Kong in 1997. The Hong Kong area, fearful of being returned to Red Chinese dominion, has been given a high degree of autonomy in the agreement with Britain, and it will be considered a "special administrative region" of China. The banking industry is certain to be affected by these changes, as will every other industry in Hong Kong, and the shift will further affect the many foreign investors with money tied up in the Hong Kong economy. A comparison of the commercial banking industry in Hong Kong with such an operation in the United States shows the sort of institution that the Hong Kong bank is today, and may point to what it will become in the future. Hong Kong had considerable success in exporting manufactures to Europe and North American, and this attracted substantial investment by American and Japanese firms beginning in the 1950s. Leading exports today include textiles and clothing, electronics, clocks and watches, domestic applia
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China, and nearly a quarter of all foreign investment in Hong Kong. Considering the pivotal role Hong Kong will play in the economic development of China (it is the largest outside investor in the mainland), the future of American investment in the PRC itself depends to a great degree on the ability of Hong Kong to persevere in the role it has played for 150 years. Hong Kong is vital to the U.S. as well as a specific market, for it ranks among the top three markets worldwide for selected agricultural products, cut diamonds, and cigarettes. It is the world's largest buyer of American frozen poultry, apples, citrus fruits, and tobacco, making the U.S. the colony's second largest food-supplier, behind China. More than 20 U.S. banks are located in Hong Kong, and each of America's top 10 banks has an office there. U.S. firms are second among foreign insurers in Hong Kong. Hong Kong has a particular role for U.S. firms as a regional center (McGurn, 1992, 117).
There is no central bank in Hong Kong or other official banking institution, and all banks in Hong Kong are privately owned. Certain quasi-bank functions, such as issuing bank notes or serving as the government's banker, have traditionally been performed by the two leadi
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Approximate Word count = 1316
Approximate Pages = 5 (250 words per page)
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