Chapter 11&12 Hong Kong And Macau

HKSAR stands for Hong Kong special administrative region. This term refers to the status of Hong Kong as a special administrative region of the People's Republic of China. After the transfer of sovereignty from the United Kingdom to China in 1997, Hong Kong was designated as a special administrative region with a high degree of autonomy in its internal affairs. This status allows Hong Kong to maintain its own legal and economic systems separate from that of mainland China.

In 1997, Hong Kong was handed over to the People's Republic of China by the United Kingdom. This event marked the end of British colonial rule in Hong Kong, which had lasted for over 150 years. The handover was a result of the Sino-British Joint Declaration signed in 1984, where the UK agreed to transfer sovereignty of Hong Kong back to China. The United States and India were not involved in this handover process, making the correct answer United Kingdom.

Macau's economy is primarily driven by gambling. The city is known as the "Las Vegas of Asia" and is a popular destination for tourists seeking entertainment and casino experiences. The gambling industry in Macau has experienced significant growth over the years, attracting both local and international visitors. It has become a major source of revenue for the government and has contributed greatly to the overall economic development of the region.

Hong Kong is located next to the Shenzhen Special Economic Zone (SEZ) in China. The SEZs are designated areas in China that have special economic policies and regulations to attract foreign investment and promote economic growth. Shenzhen is one of the first and most successful SEZs in China, located just across the border from Hong Kong. It has become a major hub for technology, manufacturing, and finance, and has played a significant role in the economic development of both Shenzhen and Hong Kong.

Hong Kong's main industry today is producer services. Producer services refer to a wide range of professional and business services that support the production and distribution of goods and services. This includes finance, banking, insurance, legal services, advertising, consulting, and information technology. Hong Kong has developed a strong service-based economy, with a focus on international trade and finance. The city serves as a major financial hub in Asia, attracting multinational corporations and providing a wide range of services to support global business activities.

An entrepot is a place that serves as a transhipping place for imports and exports. This means that it acts as a hub or intermediary point where goods are received, stored, and then distributed to other locations. It facilitates the movement and transfer of goods between different regions or countries, often providing storage and logistical services. This role is crucial in global trade as it helps to streamline the movement of goods and reduce transportation costs.

The Opium War is the correct answer because it was the conflict that led to Hong Kong being ceded to a foreign country. The war was fought between China and Britain in the mid-19th century, and it was a result of tensions over trade and the British opium trade in China. The British forces were victorious, and as a result of the Treaty of Nanking in 1842, Hong Kong was ceded to Britain.

Hong Kong has the highest import from China because of their close geographical proximity and strong economic ties. China is Hong Kong's largest trading partner, and the two regions have a long history of trade and investment. Additionally, Hong Kong serves as a major gateway for China's exports, making it a significant destination for Chinese goods. This strong trade relationship between Hong Kong and China contributes to China being the country with the highest import into Hong Kong.

The correct answer is "Exported to mainland China." This is because Hong Kong has a close economic relationship with mainland China, with a significant portion of its imports being exported to mainland China. This is mainly due to the proximity and the strong trade ties between the two regions. Additionally, mainland China is a major manufacturing hub, making it a key destination for Hong Kong's imports.

Business elites are responsible for the decisions of the economic sector of Hong Kong prior to 1997. As a capitalist economy, Hong Kong has always relied heavily on the private sector for economic decision-making. Business elites, who hold significant power and influence in the economy, play a crucial role in shaping policies, making investment decisions, and driving economic growth. The government may have some regulatory oversight, but the decisions regarding the economic sector are primarily driven by the interests and strategies of the business elites.

The CCP promises not to change anything in Hong Kong for 50 years. This indicates that there is a specific time frame during which the CCP commits to maintaining the current status quo in Hong Kong without making any significant changes.

Retailing is not typically included in producer services because it involves the sale of goods to consumers, rather than providing services to other businesses. Producer services generally refer to activities that support the production and operation of other businesses, such as real estate services, insurance, and banking. These services are more focused on facilitating business operations and transactions, rather than direct consumer sales.

Hong Kong is often described as a "laisser-faire economy" because it has a minimal government intervention in economic affairs. The government allows the market forces to determine prices, allocate resources, and make business decisions freely. Hong Kong has low taxes, minimal regulations, and a free trade policy, which encourages entrepreneurship and attracts foreign investments. The government's role is mainly to maintain law and order, protect property rights, and provide basic infrastructure. This approach has led to Hong Kong's economic success, as it has become one of the world's leading financial and business centers.

Britain ruled Hong Kong for over 150 years. The British took control of Hong Kong in 1842 after the First Opium War and it remained under British rule until 1997 when it was handed back to China. During this period, Hong Kong developed into a major trading port and financial center, experiencing significant economic growth. The length of British rule in Hong Kong is a crucial aspect of its history and has had a lasting impact on its culture, governance, and economy.

A laissez-faire economy is a system in which the state does not own or control the means of production. This means that private individuals or businesses have ownership and control over the production of goods and services. The government does not interfere with or regulate economic activities, allowing for free market competition and individual economic freedom.

The Macanese Creole group refers to people with mixed ancestries from Europe and Asia/Africa. This means that individuals belonging to this group have ancestors from both European and Asian/African backgrounds. It is important to note that this group does not refer to people with mixed ancestries from mainland China and Macao, China and S.W. Asia, or any other combination mentioned in the options.

The phrase "voting with their feet" in Hong Kong refers to the emigration of thousands of Hong Kongers to other countries because of the fear of the handover. This means that instead of using traditional voting methods, the people of Hong Kong are choosing to express their dissatisfaction and concerns by physically leaving the country. This action demonstrates their lack of trust in the government and their desire to seek a better future elsewhere.

During most of its history under British rule, Hong Kong citizens had limited political rights. This means that they had little to no say in the political decisions and governance of their own city. This lack of political rights was a result of the colonial system implemented by the British, where the ultimate authority and control over Hong Kong remained with the British government. The citizens of Hong Kong were not granted full British citizenship and did not have the same political rights as British citizens.

Hong Kong's economy is highly dependent on the service industry. This is because the city is known as a major global financial hub, with a large number of international banks, financial institutions, and professional services firms operating there. Additionally, Hong Kong is a popular tourist destination, attracting millions of visitors each year, which further boosts its service sector. The service industry in Hong Kong encompasses a wide range of sectors, including finance, tourism, hospitality, retail, and logistics, making it a key driver of the city's economy.

The policy of import substitution encouraged the production of consumer goods by local businesses. This policy aimed to reduce dependency on imported goods by promoting domestic production. It involved implementing trade barriers, such as tariffs and quotas, to protect local industries and encourage them to produce goods that were previously imported. By doing so, it aimed to stimulate economic growth, create employment opportunities, and develop a self-sufficient economy.