China and Hong Kong
Studio Alpha Concept & Partners Costituire Società Offshore
Hong Kong Company Formation, Offshore Company Incorporation, Company Formation, China
Hong Kong Company, Limited and Unlimited Company in Hong Kong, Offshore Companies
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Hong Kong was the marketing, design, management, technology and financial capital of the fastest growing part of the world economy: Virtual Office in Hong Kong, import/export activities
China-Hong Kong-financial capital of the world fastest growing economy. P.R.China
Hong Kong was the marketing, design, management, technology and financial capital of the fastest growing part of the world economy: Guangdong. Hong Kong also owned most of the Guangdong's modern manufacturing and trade. Even so, the concept of gross domestic product was not properly adapted to a situation where most of the manufacturing and trade by Hong Kong companies was done in Guangdong and the moneys generated by these facilities were credited to the Guangdong account in China. Profits reported in Hong Kong, moreover, were typically reported in a way that realized immense tax savings for the reporting companies and in the process reduced Hong Kong's growth statistics. The benefits of owning and managing the most important parts of the world's fastest growing economy showed up in the lavish living standards of Hong Kong people, the extraordinary profitability of many Hong Kong companies, and the stellar level of real estate prices. In 1991 a typical middle-level American banker had to pay about US$100,000 per year to rent a modest apartment in Hong Kong, or well over $1 million to buy it.
Although Hong Kong firms initially concentrated their efforts among their fellow Cantonese in Guangdong, the joint venture syndrome steadily broadened to involve Hong Kong with all of China. Two third of the huge foreign investment flowing into China from 1979 onwards came from Hong Kong. Some of this was Taiwanese and Southeast Asian money using Hong Kong as a convenient political cover, but the majority originated in Hong Kong, and the fact that the remainder was channelled through Hong Kong intermediaries testified to the colony's vital gateway function.
The giant industrial city of Wuhan has engaged Wharf, one of the largest Hong Kong companies, to reconstruct its port. The Shanghai Port Authority has sold 50% interest to Hutchinson, the Hong Kong company which manages the world's largest container terminal. Management of socialist China's greatest port is now effectively in the hands of a Hong Kong company. In November 1992 Hong Kong companies committed $1,4 billion to modernize the suburbs of Beijing. So the China-Hong Kong joint venture has now transcended hotels, finance and toy companies and it taking on some of China's biggest and most sensitive infrastructure development projects.
Hong Kong's institutions and underlying prosperity were in turn created by Britain, and sound British administrative institutions were an indispensable prerequisite for the initial success. But the explosion of the Hong Kong - Guangdong joint venture in the late 1980s is largely a story of Chinese vision, specifically Deng Xiaoping's vision of how to combine the capitalist skills of Hong Kong with his reform of the Chinese economy. The western press damaged Hong Kong by continually proclaiming it a failure even when the statistics showed it to be a success, and London made repeated efforts to undermine the basic compromises that supported the success.
Hong Kong's central dilemma
To British and much of the West, Hong Kong is now regarded primarily as a political entity. It follows that the basic issue in Hong Kong's future is one of political ideology: a struggle between democracy in Hong Kong and communism in China. British commentators further tend to believe-falsely-that China agreed to accept the continuation of Hong Kong's system for an additionally fifty years (from 1997 to 2047) because of british negotiating pressure. In actuality, it arose as a crucial part of Deng's strategic vision.
From China's totally different perspective, Hong Kong is an economic utility, not primarily a political entity. Moreover, this is exactly what Hong Kong was for the British - until they had to depart, at which point they suddenly decide that the highest priority was political. Hong Kong is a complex export processing zone. South Korea and Taiwan originated the modern version, which is typically a small territory where certain rules of the rest of society are suspended in order to facilitate economic activity. Critically, Hong Kong deals primarily in service rather than goods. Therefore, rather than just modifying the rules for import and export of goods in order to facilitate manufacturing, Hong Kong modifies a broad range of rules in order to facilitate a broad range of modern service.
Hong Kong major functions:
global financial centre, regional headquarters for manufacturing firms, regional centre for other services such as accounting and taxation, trade window for China, technology purchase window for China, international financial capital for China, and management consulting and design centre for southern China. In order to fulfill these functions, Hong Kong has to have different rules from those of the People's Republic of China on these subjects: it must ensure free inflow and outflow of capital, free inflow and outflow of people, a convertible currency, free flow of a wide range of information (including political information that affects financial markets), and Western independent legal system. It must also provide a high degree of personal freedom, so that many of the world's most highly skilled professionals and independent entrepreneurs will desire to live there.
The Joint Declaration of 1984 was the British-Chinese agreement to transfer sovereignty over Hong Kong back to China but to retain Hong Kong's free and capitalist system until the year 2047. The Joint Declaration says nothing about democracy. When the two sides agreed to maintain the existing system until the year 2047, China had in mind the economic system, together with the social and political prerequisites of that system which just happen to coincide with Western freedoms.
Without the promises China has made for economic reasons-free movement of goods, people and capital, a convertible currency, continuation of the British legal system and a variety of other freedoms that cover much the same ground as the US Bill of Rights - Hong Kong's highly skilled entrepreneurs, bankers, lawyers and accountants would move elsewhere.
The current social and economic system in Hong Kong will remain unchanged, and so will the life-style. Rights and freedoms, including those of the persons, of speech, of the press, of assembly, of associations, of travel, of movement, of correspondence, of strike, of choice of occupation, of academic research and of religious belief, will be ensured by law in the Hong Kong Special Administrative Region. Private property, ownership of enterprises, legitimate right of inheritance and foreign investment will be protected by law.
Hong kong is a vital force for China's economic betterment, and the concessions of freedom and capitalism that they have made to the Hong Kong people have been a sound investment.
Hong Kong 's capitalist, free system should continue for a hundred years rather than fifty, and China needs additional Hong Kongs. The one thing that could turn Hong Kong into a liability from Beijing's perspective would be if it became a base for political challenge to China. Historically, Hong Kong and nearby areas have been loci of foreign pressure and domestic subversive movements.
The diplomacy of shared interests and divergent priorities
British rule over Hong Kong originated as an overwhelming diplomatic humiliation of China. The British were determined to continue selling opium to China in Huge quantities in order to finance other interests. The Chinese were determined to stop the drug trade and arrogantly rejected British requests to engage in broader trade. When the Chinese sealed off their port and seized large quantities of British opium, Britain attacked. After the ensuing Opium War, a defeated China was forced in 1842 to cede sovereignty in perpetuity over Hong Kong island. In 1860 it was forced to cede the nearby Kowloon Peninsula in perpetuity, and in 1898 it leased the New Territories, the bulk of contemporary Hong Kong's territory, for ninety-nine years: that is until 1997.
In 1949 a xenophobic nationalist revolutionary movement, the Chinese Communist Party, seized power in China, determined among other things to rescue the nation from foreign humiliation and foreign-imposed divisions. It was determined, among other things, to liberate Taiwan, and would have done so had not the vicissitudes of the Korean War led the Unites STates to defend Taiwan. In this context, one would naturally have expected the immediate liberation of Hong Kong from colonial rule. That was not, however, what happened. Mao Zedong, advised by Zhou Enlai, decided that Hong Kong was more useful to China as it was. In fact, to conquer Hong Kong, China had only to cut off the water supply. Hong Kong stability was maintained by Chinese pragmatism.
Moreover, even in its moments of greatest insanity, China has chosen to protect Hong Kong. The most insane time in several centuries was 1967, the height of the Cultural Revolution, when the degree of turmoil, irrational behavior, and xenophobia exceeded anything that occurred in the iranian revolution. Through the entire twentieth century, only the Cambodian revolution exceeded the Cultural Revolution in xenophobic fury. But when Red Guards approached the Hong Kong border, Beijing in the person of Zhou Enlai ordered the local army commander to clear them away. Again, most surprisingly, China-concerned among other things about the impact on Hong Kong-refused to accept sovereignty over Macau when Portugal attempted to give it back.
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< SOCIETÀ OFFSHORE MADE IN CINA >
Virtual offices, tailor made services for companies without operation address in Hong Kong. Business and communication support. Registered address; receiving/redirecting Mails service. Individual phone and fax number. Phone answering services by a professional secretary in the name of the client's company. Conference rooms in Hong Kong Offices for rent. Professional and comprehensive services for self-employed persons and newly setup companies; creation of bank account; forming Companies, Hong Kong Companies, Offshore Companies, China Company/Representative Office; Parking Services, Company Secretary, Accounting, Auditing & Tax, Taxation, Tax filing
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