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38 B. C. Int'l & Comp. L. Rev. 191 (2015)
One Country Two Systems as Bedrock of Hong Kong's Continued Success: Fiction or Reality

handle is hein.journals/bcic38 and id is 199 raw text is: ONE COUNTRY TWO SYSTEMS AS BEDROCK OF HONG KONG'S CONTINUED SUCCESS: FICTION OR REALITY? HORACE YEUNG* FLORA HUANG ** Abstract: Despite the handover of sovereignty over Hong Kong from the Unit- ed Kingdom to China in 1997, the principles of one country two systems reaf- firmed the autonomy of Hong Kong in a number of respects. In accordance with the Sino-British Joint Declaration and Basic Law of Hong Kong, the city is able to enjoy a high degree of autonomy over the systems and policies practiced lo- cally, including social and economic systems, as well as the executive, legisla- tive and judicial systems. Additionally, with its image as a robust financial mar- ket largely thanks to the institutions inherited from its colonial era, Hong Kong is able to attract a number of financial activities from China and has firmly es- tablished itself as a leading international financial center. Nonetheless, there have been concerns that the advantages of Hong Kong started to fade after its reunification with China. This Article seeks to analyze how Hong Kong's capi- talist system shields the city from the socialist system of China under the princi- ples of one country two systems, allowing the city to maintain its position as a premier financial center. It explores the regulatory gap between Hong Kong and China, illustrating that Hong Kong's strength stems from the operation of a strong company and financial law regime independent of the legal regime in China. INTRODUCTION Hong Kong will be administered by people in Hong Kong. The adminis- trators will be elected by the people there. I -Deng Xiaoping © 2015, Horace Yeung & Flora Huang. All rights reserved. * Lecturer in Commercial Law, University of Leicester. E-mail: horace.yeung@leicester.ac.uk. ** Lecturer in Commercial Law, University of Leicester. E-mail: flora.huang@leicester.ac.uk. The authors would like to acknowledge the generous financial support from the Sino-British Fellowship Trust and British Academy/Leverhulme Trust for making this research possible. This Article was initially prepared for the workshop After the Economic Crisis: the Small State as a Problem or Solution9 that took place on September 6, 2014 at the University College Dublin. ' La Ka-Kuen, The Legend of Deng Xiaoping, S. CHINA MORNING POST (Aug. 22, 2014), http:// www.scmp.com/linfographics/article/1578965/legend-deng-xiaoping, archived at http://perma.cc/ 8562-PFWU.

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