Hong Kong set to adopt China’s anti-sanctions law
Part of: GS Prelims and GS – III – International relations
In news China’s anti-sanctions law will be implemented in some form in Hong Kong.
- The law includes denying visas, deportation, or seizing assets of those who formulate or comply with sanctions against Chinese businesses or officials.
- Foreign companies can be sued in Chinese courts for applying sanctions and the law can also be wielded against family members.
- It will add fresh regulatory pressure on international companies located in Hong Kong.
Do you know about China’s One Country- Two system model?
- This policy was originally proposed by Deng Xiaoping shortly after he took the reins of the country in the late 1970s.
- Deng’s plan was to unify China and Taiwan under the One Country Two Systems policy which provided autonomy to Taiwan.
- Under this system, Taiwan could follow its capitalist economic system, run a separate administration and keep its own army but under Chinese sovereignty. Taiwan, however, rejected the Communist Party’s offer.
- The idea of two systems in one country is replicated again in Hong Kong and Macau when Britain and Portugal, who were running these territories under lease (since colonial times) returned it to China in 1997 & 1999 respectively.
- These territories were also given autonomy in its functioning in return for recognition of China’s Sovereignty over these areas.
News Source: TH