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Financial Services Report Hong Kong November 2017

Financial Services Report Hong Kong November 2017

  • November 2017
  • ID: 2523846
  • Format: PDF

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Elections: Carrie Lam, a former chief secretary for administration, took office as the new chief executive, succeeding Leung Chun-ying, on July 1st 2017. The most recent Legislative Council (Legco, Hong Kong's parliament) poll took place in September 2016 to elect its 70 members. The next election for Legco will occur in September 2020.


Government: Hong Kong is a Special Administrative Region of China, with a mini-constitution (the Basic Law) guaranteeing "a high degree of autonomy" until 2047. It is presided over by a chief executive, whose appointment is strongly influenced by the mainland-Chinese authorities. The government does not rely on support in Legco-the executive alone has the power to propose legislation. The Executive Council serves the chief executive in an advisory role.


Parties: The pro-Beijing alliance holds 40 of Legco's 70 seats. The Democratic Alliance for the Betterment and Progress of Hong Kong is the largest party in Legco, with 12 seats. Other aligned parties include the Business and Professionals Alliance for Hong Kong with seven seats, the Hong Kong Federation of Trade Unions with five seats and the pro-business Liberal Party with four seats. The pro-democracy camp holds 29 seats, including seven held by the Democratic Party and six by the Civic Party.


Fiscal year: April 1st-March 31st



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