Should Wal-Mart opens in Hong Kong Essay Example | Topics and Well Written Essays - 1000 words

Should Wal-Mart opens in Hong Kong - Essay Example ing is conferred on the basis of points given on the â€Å"ease of doing business index† which means the regulatory environment is conducive to the operation of business. This index averages the countrys rankings in 10 significant areas of economic environment, which are again made up of a variety of indicators, and by giving equal weight to each subject Ever since the political power was handed over to Mainland China in 1997 by the British government, Hong Kong has functioned as an autonomous region with minimum control from the mainland. It has an independent government and although it had looked for guidance from China, it is fiercely independent in its Open Market policies. It is headed by a Chief Executive who is selected by the Chief Executive Election Committee comprising of 800 members. They are drawn equally by different sections of the society composed of the industrial, commercial and financial sectors; the various professions, labour, social services, religious and other similar sections; and finally by the members of the Legislative Council, the Peoples Congress and the National Committee of the Chinese People’s Conference. Laws are enacted by the Chief executive in consultation with the Legislative Council and that is a democratic set up duly elected by universal suffrage. The beaurocracy or the civil service maintains its neutrality as was the case during colonial times and is largely respected by the population and is effective in execution of its duties. There is no interference from China in the pursuit of Hong Kong’s liberal policies and pro-democratic governance. Hong Kong has been a world financial and Trade centre for several decades. It unique position was further strengthened by China retaining it as it main source of exports despite the changeover in its political nature. It remains a capitalistic economy with a free market system with low taxation and non-intervention by government in its commercial ventures. It has ranked 1st as the