Phase Two – The Twenty-first Century
China has been experiencing a lot of double digit economic growth in the past three decades. Certainly, the economic reform we carried out was a mostly successful one. This achievement is not possible without the contribution of our special economic zones along the coastal area, and Hong Kong and Taiwan, which facilitate these area’s development. In the twenty-first century, globalization and regionalization are both key words of today’s economic structure. Therefore, Mainland, Hong Kong and Taiwan is trying different ways of approach for economic integration as the world market is totally difference from 50 years ago.
Hong Kong’s Role
The economic integration between Hong Kong and China is further intensified…show more content… Protected by fair, transparent courts that enforce long-established rule of law; China government also used Hong Kong as the testing ground for a range of financial reforms: It is the start point of yuan’s path towards acceptance as a global currency; it is the home to the biggest “dim sum” bond market – yuan-denominated debt that is issued overseas. (S.R., 2014) Hong Kong is the perfect testing ground for new policies and the best playing ground for new international company from the mainland. This city that has been fully integrated to the world economy, but it is still under control of China…show more content… Additionally, it would be a grave mistake to underestimate the importance of Hong Kong and Taiwan’s economic integration with China. The “One Country, Two Systems” policy is for political means, but it also facilitates these two regions’ economic growth. They remain the closest as an open economy to attract investors and resources, and establish strong economic ties with China as no other cities in the world do. China is emerging as the world’s greatest economic power in terms of growth and population, which Hong Kong and Taiwan will certainly play important roles in this