HONG KONG'S FUTURE
A MIRACLE
Today the financial service industries have taken over from manufacturing as Hong
Kong's main enterprise. This small territory was the first developing economy to
enter the world's top 10 economies. And while much of the manufacturing is now
likely to be done across the border and beyond, Hong Kong is still one of the
world's largest exporters. Social programmes continue to raise the standard of
living, which is comparable to that of many Western countries.
Until June 30, 1997, Hong Kong remains a British Dependent Territory, virtually
self-governing. The Governor, who is appointed by the Queen of England, is
advised and assisted by two constitutional bodies: the Executive Council, which
functions as a cabinet, and the Legislative Council, a lawmaking body.
A TRANSFORMATION
On July 1, 1997 Hong Kong becomes a Special Administrative Region within the
People's Republic of China with a high degree of autonomy. Its constitution,
called the Basic Law, ensures that Hong Kong's way of life, specifically its
economy and judicial system, will continue for another 50 years.
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