One country, two systems: Under the principle of "one country, two systems" and "Hong Kong people administer Hong Kong," the region enjoys a high degree of political autonomy and maintains a capitalist market system in tandem with the socialist market system of the rest of China.
CEPA: the Mainland and Hong Kong Closer Economic Partnership Arrangement of 2003 greatly strengthened economic relations by eliminating tariffs and barriers, liberalizing trade in services by fighting discrimnatory measures, and promoting trade and investment facilitation. |