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Constitutional Guarantees for the Future
On July 1, 1997, Hong Kong became a Special Administrative Region (SAR) of the People's Republic of China. Hong Kong's basic law - a constitutional document - guarantees a high degree of autonomy under the concepts of 'One Country, Two Systems' and 'Hong Kong people running Hong Kong'. Under the terms of the Basic Law:
The socialist system will not be practised in Hong Kong and the previous capitalist system and way of life will remain unchanged for 50 years
Hong Kong will enjoy executive, legislative and independent judicial power, including that of final adjudication
Chinese and English are both official languages
The Hong Kong Dollar will remain the official currency and freely convertible
Hong Kong will remain a free port, a separate customs territory and an international financial centre
Hong Kong will manage its own finances, trade, economy, external commercial relations and all other matters, except for defence and foreign affairs
Hong Kong will remain a separate member of international organizations, not limited to states, such as the World Trade Organization (WTO), World Customs Organization, and the Asia Pacific Economic Co-operation (APEC)
Hong Kong may on its own, using the name 'Hong Kong, China', maintain and develop relations and conclude and implement agreements with foreign states and regions
The Common Law system will be maintained
Hong Kong will maintain its own shipping registry
Most importantly, all of these promises have been put into practice. Hong Kong has run smoothly since July 1, 1997.
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