HKSAR stands for the Hong Kong Special Administrative Region. It is a term used to refer to the political entity that is Hong Kong, a city and region located on the southern coast of China. The HKSAR was established on July 1, 1997, following the transfer of sovereignty from British to Chinese rule. Under the principle of "one country, two systems," Hong Kong maintained a high degree of autonomy and retained its own legal, economic, and administrative systems.
The HKSAR functions as a separate and distinct administrative region within China. It has its own government, including a chief executive and a legislative council, which are responsible for the management of local affairs. The HKSAR is granted a considerable degree of freedom of governance, maintaining its separate legal and judicial systems, currency, immigration control, and customs policy.
The HKSAR is characterized by its unique political structure, blending elements of both British and Chinese systems. It operates under a framework known as the Basic Law, which serves as its mini-constitution. The Basic Law outlines the governance structure, rights, and responsibilities of the HKSAR. As a significant global financial hub, the HKSAR plays a crucial role in international trade and finance, attracting both domestic and foreign investment.
In summary, the Hong Kong Special Administrative Region (HKSAR) refers to the distinct political entity of Hong Kong since its transfer from British to Chinese sovereignty in 1997. It operates under the principle of "one country, two systems," maintaining a high degree of autonomy and its own political, legal, and economic systems. The HKSAR is governed by its own administrative bodies and has a unique status within China, functioning as an important international financial center.
