The sovereignty of Hong Kong was reverted to China in July 1997, thereby ending an era of British colonialism since 1842. While the residents of Hong Kong did not have a say in 1842, likewise, Hong Kong people was not that involved in the Sino-British negotiation in 1982-1984, resulting in the establishment of the Basic Law and a “one country, two systems” framework that Hong Kong can maintain a different system from that of China.
The British colonial government had over the years introduced economic freedom and openness and instituted a set of transparent and equitable policies. With the open up of China since 1978, the Hong Kong economy has become a reference point for numerous development in China. In a total of sixteen chapters, the author Kui-Wai Li, in his second book on the Hong Kong economy, analyzed the various economic ingredients that have upheld Hong Kong’s status as the freest economy in the world. The analysis has dealt with the philosophical aspects, data compilation, macroeconomic policies and industrial performances, comparisons with other Asian economies, economic integration with the mainland economy, and elaboration of a civic model in Hong Kong.
Edwin J. Feulner, former President of The Heritage Foundation, remarked that “In this timely book, the author contributes valuable insights on the critical role that economic freedom has played in Hong Kong’s dynamic economic achievements. At times challenging, the author’s scholarly yet practical volume offers important policy guidance for other economies, particularly at this critical juncture for the global economy.”
The Hong Kong economy is a living example of economic freedom and capitalist development, as it faces its own domestic changes and the new relationship with China. This publication shall provide ample thoughts for the discussion on Hong Kong’s success in economic freedom.
Kui-Wai Li is an Associate Professor at the City University of Hong Kong
"Economic Freedom: Lessons Of Hong Kong" from Amazon.co.uk
"Economic Freedom:Lessons of Hong Kong" from Amazon.com