Economic and political future of Hong Kong

Abstract

Relevance of this article is substantiated by series changes in the world's largest economy, related to the special status of Hong Kong, which is rapidly losing its autonomy and privileges associated with it. The goal consists in outlining potential prospects and restrictions pertaining to economic and political future of Hong Kong. The subject of this research is the peculiarities, trends and patterns of Hong Kong’s development in the economic and political spheres. Examination of the development of Hong Kong and the factors impacting these processes was conducted by means of structural approach, methods of logical, comparative and statistical analysis, grouping, abstract-logical modeling, etc. The conducted research of modern trends and patterns allowed determining the key problems that may negatively affect successful development of Hong Kong in the nearest future: China’s encroachment on the special status of Hong Kong, reflected in the adoption of in 2019; possible sanctions from the United States, threatening to deprive Hong Kong of the status of world’s top financial hub; protests of Hong Kong’s residents; effects of the Coronavirus pandemic in the economic sector. The acquired results may be applied in formation of Hong Kong’s strategic development vectors, considering current conditions of political conflicts, as well as crisis trends related to Coronavirus pandemic. The scientific novelty lies in identification of the problems of current state of Hong Kong, as well as in formulation of possible solutions for balancing the crisis trends. The author believes that there could be several scenarios of events. Full abolition of the special status of Hong Kong seems less realistic, as it would suppress the attempts to establish relations based on the principle “one state – two systems”.