±JOIN OUR NEWSLETTER
±Compare Expat Providers
±Expat Focus Partners
±Latest Financial Articles
· How To Make The Most Of Your Retirement Abroad
· Expat Focus Financial Update September 2017
· 10 Things To Think About Before You Move Abroad In Your Middle Age
· Expat Focus Financial Update August 2017
· What Could Higher Interest Rates Mean For Your Overseas Property Purchase?
· Expat Focus Financial Update July 2017
· The Lifestyles And Cultures Of Great Expat Locations
· Understanding Exchange Rates for Your Overseas Property Purchase
· Interview With Duncan Khoury, Head of Marketing, World First Australia
Government and EconomyBack to top Back to main Skip to menu
Hong Kong - Government and Economy
The Judiciary, Executive Council, Legislative Council, and the civil service are the mainstay of government in Hong Kong. The Chief Executive, who lives in the Government House, heads the Executive Council and is elected by the Election Committee and appointed by the Central People’s Government. Public servants are appointed based on their meritocracy while the civil service is a neutral body that provides government services and executes policies. There are 60 members in the Legislative Council. Half of these members are elected by universal suffrage by permanent residents of Hong Kong according to five geographical constituencies. The functional constituencies make up the rest and these are elected by a smaller electorate. The President of the Legislative Council makes up the whole council and acts as the speaker.
The government proposed an anti-subversion bill pursuant to Article 23 of the Basic Law in 2002. This required the sanction of laws prohibiting acts of treason and sedition against the Chinese government. It was met with conflict and in time abandoned. In 2009, the government issued a scheme called the "Consultation Document on the Methods for Selecting the Chief Executive and for Forming the LegCo in 2012". This proposed the expansion of the Election Committee from 800 members to 1,200 in 2012 and the legislature from 60 to 70 seats. The Democratic Party countered with their own offer which the Central People's Government ultimately accepted.
The legal system of Hong Kong is autonomous from Mainland China’s. Whereas China has a civil law system, Hong Kong follows the English Common Law. As such, the courts in Hong Kong can refer to decisions submitted by courts of other common law jurisdictions as examples and judges from additional common law jurisdictions may sit as non-permanent judges of the Court of Final Appeal.
The court system consists of the District Court, Court of Final Appeal, the High Court, and the Court of First Instance. Additional bodies include the Small Claims Tribunal, Lands Tribunal, the Magistrates' Courts, the Obscene Articles Tribunal, the Juvenile Court, the Coroner's Court, and the Labour Tribunal. The Department of Justice handles legal matters for the government by offering legal advice, civil representation, criminal prosecution, legal and policy outlining and reform, and international legal cooperation between the assorted jurisdictions.
With its unitary system of government; there hasn’t been a local government in Hong Kong since the two municipal councils were done away with in 2000. There isn’t an official definition for its cities and towns, as a result, although organizationally at least it is sectioned off into 18 geographic districts with each one represented by a district council. This council advises the government on local matters like environmental improvements, community programs, public facilities, and cultural activities.
Since it’s one of the financial hubs of the world, Hong Kong has a major capitalist service economy. Free trade and low taxation exist in Hong Kong. Indeed, the Hong Kong dollar is currently the eighth most traded currency in the world. It’s an important center for trade and international finance and is known as one of the Four Asian Tigers thanks to its high growth rates and rapid development. From 1961 and 1997 the gross domestic product of Hong Kong grew 180 times while the per-capita GDP increased 87 times over.
The Hong Kong Stock Exchange is the seventh largest in the world and has a market capitalization of US$2.3 trillion as 2009. There is little to no industrial policy and nearly no import or export controls. Hong Kong is a leading center for banking, management, financial, IT, business consultation and professional services. The service sector dominates the economy and accounts for over 90% of its GDP. The biggest export markets are mainland China, the United States, and Japan.
Expat Health Insurance Partners
Our award-winning expatriate business provides health benefits to more than 650,000 members worldwide. In addition, we have helped develop world-class health systems for governments, corporations and providers around the world. We want to be the global leader in delivering world-class health solutions, making quality health care more accessible and empowering people to live healthier lives.
At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.