History, economy and foundation of law of Hong Kong
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Hong Kong is an economic focal point in Asia with a population of approximately 6.9 million people.
Hong Kong was seized by England from the Chinese in three stages:
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In 1842 Hong Kong was declared a free port and economic centre. The use of the English legal system in Hong Kong provided a stable legal foundation and made Hong Kong the only Chinese city to have a common law system. These factors combined with a low tax regime underpinned Hong Kong's success and transformation into a modern metropolitan city and leading financial centre.
Hong Kong reverted to Mainland China in 1997 at the end of the 99-year lease for the New Territories. A 'One Country, Two Systems' principle was adopted. Under it, even though Hong Kong became part of the People's Republic of China (PRC), the socialist system of the PRC would not be practiced, and Hong Kong's previous capitalist system would remain unchanged for 50 years. The Basic Law was drafted by the National People's Congress Standing Committee (NPCSC), a PRC government body. The Basic Law is similar to a mini-constitution for Hong Kong and took effect on 1 July 1997. All systems and policies practised in the Hong Kong Special Administrative Region (HKSAR) must be based on the Basic Law.
The purpose of the Basic Law is to:
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