Download Greater China landscapes

Greater China landscapes
For more than a decade, the international media has heralded news of unparalleled GDP growth rate and
unprecedented development in Greater China. Trade and currency policies between China, Taiwan and Hong
Kong have continued to foster a promising future and ensure that the eyes of the world remain focused on this
exciting region.
Although impressive to watch, there are many who do not want to remain mere spectators of the Greater China
growth phenomenon, but who want to capture the lucrative business and investment opportunities that lie
ahead. Here is a brief overview to help you navigate across the varied landscapes of Greater China.
China
Overview
China is one of the four oldest civilisations in the world, with a written history of some
5,000 years. Notable Chinese inventions such as the compass, papermaking, gunpowder
and printing are part of that rich history. Today, the Great Wall, the Grand Canal, and the
Karez irrigation system are three ancient engineering projects that still serve as symbols of
the great culture and brilliance of the Chinese nation.
General facts
Key cities
Land area
Population
Official language
Currency
Telephone code
Economy Since the 70s, China’s economy has been changing from a centrally-planned system to a
more market-oriented economy, one that’s become a major player in the global economy
with a rapidly growing private sector. Reforms such as the phasing out of collective farming,
the privatisation of state enterprises, the development of a diversified banking system and
stock markets, and the opening up of foreign trade and investment have all created a new
China that stands as an example of an economic miracle for the rest of the world.
Restructuring of the economy and the resulting efficiency gains have contributed to a more
than tenfold increase in GDP since 1978. Measured on the basis of purchasing power
parity (PPP) which adjusts for price differences, China in 2009 stood as the second largest
economy in the world after the US, although in per capita terms, the country still hovers at
a lower middle-income level.
Visa
Most visitors to China require a visa. Visa applications are available on the website of
Chinese Embassies around the world. You will need to apply at a Chinese Embassy or
Consulate General in your country and bring along the completed visa application, two
recent passport-size photos, your passport with a blank double page, and other pertinent
documents, subject to the type of visa you are applying for.
Transportation
Flying is the most efficient way to cover China’s vast expanse. Unless you are travelling
to more remote areas where buses are the only means of transportation, ferry services
between major coastal cities are available. Trains can be a safer and more comfortable
form of transportation in comparison with overcrowded buses. In most cities, taxis are the
easiest form of transportation in town. Metro systems are available in most cities – Beijing,
Shanghai, Guangzhou, Shenzhen, Tianjin, Chongqing, etc.
Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Chongqing
9,596,960 sq km
1.33 billion (July 2010 est.)
Mandarin
Renminbi (¥)
+86
Taiwan
Overview
Taiwan is a solitary, leaf-shaped island that lies off the southeastern coast of Asia across
the Taiwan Strait from China. Taiwan’s neighbours to the north and south are Japan and
the Philippines respectively. Most of Taiwan’s 23 million inhabitants are descendants of
immigrants from various provinces of China, but the majority are from the coastal provinces
of Fujian and Guangdong. As a travel destination, Taiwan is conveniently served by many
international airlines.
General facts Key cities
Land area
Population
Official language
Currency
Telephone code
Economy Taiwan has a dynamic capitalist economy that has increasingly decentralised policies
towards investment and foreign trade. In keeping with this trend, some large, state-owned
banks and industrial firms are in the process of privatising. Exports have provided the
primary impetus for industrialisation. The island runs a large trade surplus and its foreign
reserves are among the largest in the world.
Visa
Visitors can apply for a tourist visa for sightseeing, business, and other legitimate activities,
as long as they hold a foreign passport or travel document that is valid for more than six
months. Visa requirements include one completed application form, roundtrip travel tickets,
two colour passport-size photos taken within the last six months, evidence of sufficient
funds, a passport and documents verifying the purpose of the visit. The Visa Application
Form can be downloaded from the website of the Bureau of Consular Affairs, Ministry of
Foreign Affairs, and then submitted to an overseas mission of Taiwan.
Citizens of over 30 countries are eligible for 30-day visa free privileges while those from a
few select countries are eligible to an online application or a 30-day visa upon landing. For
further information, please visit the website of the Bureau of Consular Affairs, Ministry of
Foreign Affairs.
Transportation
An efficient railway network serves all major cities providing comfortable express trains
(Taiwan High Speed Rail) and slower commuter trains (Taiwan Railways). Taipei’s bus system
is also extensive, albeit a bit confusing due to the variety of different types of buses
servicing the island and minimal use of English on signages and maps. Taxis are plentiful
throughout the cities and are easily hailed in the street (except restricted areas). The Mass
Rapid Transit (MRT) is user-friendly and is one of the most comprehensive metro systems
in Asia.
Taipei, Taichung, Tainan and Kaoshiung
35,980 sq km
23 million (July 2010 est.)
Mandarin
New Taiwan dollar (NT$)
+886
Hong Kong
Overview
Hong Kong has the unique geographical advantage of being strategically located within
a four-hour flight distance to key Asian markets. For more than 150 years, its physical
proximity to China has made it the preferred entry point and gateway into China for
travel and business. The city’s renowned free economy, low and simple tax system and
international business environment has made Hong Kong one of Asia’s best cities for
regional and international business operations. The Wall Street Journal and The Heritage
Foundation have ranked Hong Kong the “World’s Freest Economy” for over a decade.
General facts
Land area
Population
Official languages
Currency
Telephone code
Economy
The free market economy of Hong Kong depends heavily on international trade and finance.
Although the city’s open economy leaves it vulnerable to global economic downturns, its
increasing integration with China has enabled a faster recovery. China has long been Hong
Kong’s largest trading partner, accounting for nearly half of its exports by value. In recent
years, increased integration has forged greater links in the trade, tourism, and finance
sectors. Today, the Hong Kong government is promoting Hong Kong as the centre for the
internationalisation of the Chinese Renminbi (RMB).
Visa
Most visitors coming to reside, work, study, establish or join a business in Hong Kong
require a visa or entry permit. Visitors may apply for a visa/entry permit from their local
Chinese diplomatic and consular mission (CDCM). Alternatively, applications may be
submitted to the Hong Kong Immigration Department by post or through a local sponsor.
A visa/entry permit will be issued only upon receipt of an original, correctly completed visa/
entry permit application.
Transportation
Hong Kong has one of the most convenient and inexpensive public transportation system
in the world. The Hong Kong Mass Transit Railway (MTR) system extends from Hong Kong
Island to Kowloon and the New Territories and connects to speedy-through train services to
major cities in China. Several bus companies and a swarm of mini buses offer alternative
transportation throughout Hong Kong Island, Kowloon and the New Territories. Taxis are
readily available and an easy, safe way to navigate the city. You can also take a more scenic
means of transportation across the harbour – it’s an eight-minute ferry trip between Hong
Kong Island and Kowloon.
1,104 sq km
7 million (July 2010 est.)
Cantonese and English
Hong Kong dollar (HK$)
+852
Customs and conventions
Although the people of China, Taiwan and Hong Kong have their distinct regional differences, they share deeply
ingrained cultural traditions. It’s always helpful to familiarise oneself with the customs and conventions of new
places so as not to inadvertently offend someone.
Socially, when greeting, expressing thanks or well wishes, the common practice is to shake hands rather than to
hug or kiss.
“Relationships” or “guanxi” are important to the professional world. It is not just what you know that is
important, but also whom you know, and then how you maintain relationships that truly matters.
The concept of “face” or “Mianzi” is also extremely important in Greater China culture. Face, is derived from
one’s reputation, dignity, and prestige. By offering sincere compliments you may show respect and increase
others’ self esteem. Conversely, by embarrassing others or tarnishing their image or reputation you may cause
them to lose face.
The variety of cuisines found in Greater China attest to the importance of food in the cultural tradition. Round
dining tables allow all parties to face each other while dining. In traditional dining etiquette, guests would leave
a portion of each dish to express to the host that he had provided a good banquet and the food was more than
sufficient. Today, many still practice this custom. After dining, guests should leave only when the host has left
the table.
Find out more
Financial and investment opportunities are currently some of the most exciting and unparalleled advantages in
the Greater China region. To find out more on how to capture your part of the region’s market growth, please
visit our HSBC branches in Hong Kong for detailed information.
It is not intended as a solicitation for business or for anyone located in or resident in jurisdictions which restrict the distribution of this document. It shall not be
copied, reproduced, transmitted or further distributed by any recipient. The information contained in this document is of a general nature only. It is not meant to
be comprehensive and does not constitute financial, legal, tax or other professional advice. Whilst every care has been taken in preparing this document and its
content, to the best of The Hongkong and Shanghai Banking Corporation Limited’s (‘the Bank’) understanding, correct at the date of issue, the Bank does not
make any guarantee, representation or warranty as to its accuracy or completeness, and under no circumstances will the Bank be liable for any loss caused by
reliance on any opinion or statement made in this document. Except as specifically indicated, the expressions of opinion are those of the Bank only and are
subject to change without notice.
Issued by The Hongkong and Shanghai Banking Corporation Limited
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