Public Finance Industry and Commerce |
Public Finance Industry and Commerce- Constitution of Hong Kong |
Section 1: Public Finance, Monetary Affairs, Trade, Industry and Commerce
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Article 105 |
The Hong Kong Special Administrative Region shall, in accordance
with law, protect the right of individuals and legal persons to the
acquisition, use, disposal and inheritance of property and their right
to compensation for lawful deprivation of their property.
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Such compensation shall correspond to the real value of the
property concerned at the time and shall be freely convertible and paid
without undue delay.
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The ownership of enterprises and the investments from outside the
Region shall be protected by law.
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Article 106 |
The Hong Kong Special Administrative Region shall have independent
finances.
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The Hong Kong Special Administrative Region shall use its financial
revenues exclusively for its own purposes, and they shall not be handed
over to the Central People's Government.
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The Central People's Government shall not levy taxes in the Hong
Kong Special Administrative Region.
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Article 107 |
The Hong Kong Special Administrative Region shall follow the
principle of keeping expenditure within the limits of revenues in
drawing up its budget, and strive to achieve a fiscal balance, avoid
deficits and keep the budget commensurate with the growth rate of its
gross domestic product.
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Article 108 |
The Hong Kong Special Administrative Region shall practise an
independent taxation system.
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The Hong Kong Special Administrative Region shall, taking the low
tax policy previously pursued in Hong Kong as reference, enact laws on
its own concerning types of taxes, tax rates, tax reductions, allowances
and exemptions, and other matters of taxation.
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Article 109 |
The Government of the Hong Kong Special Administrative Region shall
provide an appropriate economic and legal environment for the
maintenance of the status of Hong Kong as an international financial
centre.
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Article 110 |
The monetary and financial systems of the Hong Kong Special
Administrative Region shall be prescribed by law.
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The Government of the Hong Kong Special Administrative Region
shall, on its own, formulate monetary and financial policies, safeguard
the free operation of financial business and financial markets, and
regulate and supervise them in accordance with law.
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Article 111 |
The Hong Kong dollar, as the legal tender in the Hong Kong Special
Administrative Region, shall continue to circulate.
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The authority to issue Hong Kong currency shall be vested in the
Government of the Hong Kong Special Administrative Region. The issue of
Hong Kong currency must be backed by a 100 per cent reserve fund. The
system regarding the issue of Hong Kong currency and the reserve fund
system shall be prescribed by law.
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The Government of the Hong Kong Special Administrative Region may
authorize designated banks to issue or continue to issue Hong Kong
currency under statutory authority, after satisfying itself that any
issue of currency will be soundly based and that the arrangements for
such issue are consistent with the object of maintaining the stability
of the currency.
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Article 112 |
No foreign exchange control policies shall be applied in the Hong
Kong Special Administrative Region. The Hong Kong dollar shall be
freely convertible. Markets for foreign exchange, gold, securities,
futures and the like shall continue.
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The Government of the Hong Kong Special Administrative Region shall safeguard the free flow of capital within, into and out of the Region. |
Article 113 |
The Exchange Fund of the Hong Kong Special Administrative Region
shall be managed and controlled by the government of the Region,
primarily for regulating the exchange value of the Hong Kong dollar.
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Article 114 |
The Hong Kong Special Administrative Region shall maintain the
status of a free port and shall not impose any tariff unless otherwise
prescribed by law.
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Article 115 |
The Hong Kong Special Administrative Region shall pursue the policy of free trade and safeguard the free movement of goods, intangible assets and capital. |
Article 116 |
The Hong Kong Special Administrative Region shall be a separate
customs territory.
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The Hong Kong Special Administrative Region may, using the name
"Hong Kong, China", participate in relevant international organizations
and international trade agreements (including preferential trade
arrangements), such as the General Agreement on Tariffs and Trade and
arrangements regarding international trade in textiles.
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Export quotas, tariff preferences and other similar arrangements,
which are obtained or made by the Hong Kong Special Administrative
Region or which were obtained or made and remain valid, shall be enjoyed
exclusively by the Region.
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Article 117 |
The Hong Kong Special Administrative Region may issue its own
certificates of origin for products in accordance with prevailing rules
of origin.
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Article 118 |
The Government of the Hong Kong Special Administrative Region shall
provide an economic and legal environment for encouraging investments,
technological progress and the development of new industries.
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Article 119 |
The Government of the Hong Kong Special Administrative Region shall
formulate appropriate policies to promote and co-ordinate the
development of various trades such as manufacturing, commerce, tourism,
real estate, transport, public utilities, services, agriculture and
fisheries, and pay regard to the protection of the environment.
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Constitution of Hong Kong |
Preamble |
General Principles |
Authorities and Administrative Region |
Fundamental Rights and Duties |
Political Structure |
The Chief Executive |
The Executive Authorities |
The Legislature |
The Judiciary |
District Organizations |
Public Servants |
Economy |
Public Finance Industry and Commerce |
Land Leases |
Shipping |
Civil Aviation |
Education Science Culture and Social Services |
External Affairs |
Interpretation and Amendment of the Basic Law |
Supplementary Provisions |
Selection of the Chief |
Formation of the Legislative Council |
Laws to be Applied in the Hong Kong
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