This assignment focuses on Hong Kongs special role in the 1997-1998 Essay

This assignment focuses on Hong Kongs special role in the 1997-1998 Asian financial crisis - Essay Example Neither scenario was ever really on the cards. Always more likely was what has actually happened since: Hong Kong has continued to evolve socially, politically and economically as it steers its way through the uncharted waters ÃŽ ¿f the "one country, two systems" formula enshrined in our constitution, the Basic Law. We have had no shortage ÃŽ ¿f problems since the transition, but interference by Beijing has certainly not been one ÃŽ ¿f them. Beijings "hands off" policy, other than in its remit over foreign affairs and defence, has been a mainstay ÃŽ ¿f our efforts in dealing with the fall-out from the Asian financial crisis. China has kept her promise. We certainly dont expect Beijing to be boosting our claims over any other mainland city. We are happy to compete on our own terms with any rival, anywhere, armed with the autonomy we enjoy under "one country, two systems". It gives us all the freedom we need to do so. Challengers will have to overcome our "location, location, location"; a hinterland bursting with promise; and the sophisticated software ÃŽ ¿f the worlds freest economy. That includes a trusted and deeply-rooted legal system, the freest press in Asia and a transparent government accountable to a lively and probing legislature. We are the first to acknowledge that the Asian financial crisis came as a rude shock. Like many others, we, frankly, underestimated its impact. In exposing the problems in some ÃŽ ¿f our neighbouring economies it served as a wake-up call for the entire region. Hong Kong has smelled the coffee. We have embraced further privatisation ÃŽ ¿f public assets, including our profit-making mass-transit railway and even some ÃŽ ¿f our welfare services. We have embarked on a series ÃŽ ¿f ambitious initiatives in the financial-services sector: the merging ÃŽ ¿f the stock and futures markets; further reforms ÃŽ ¿f the banking system; enhanced but