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Taiwan, Hong Kong and Macao, [a] also known as Hong Kong, Macao and Taiwan [b] is the collective term used by the People's Republic of China for its two special administrative regions Hong Kong and Macao, as well as the Taiwan region, which is claimed as sovereign territory by the PRC but is actually governed by the government of the Republic of China (Taiwanese authorities).
On the other hand, Hong Kong is Macau's largest export destination. [57] Totaled USD 774M, with precious metal watches, jewelry, trunks and cases as the major trading products, the exports to the Hong Kong forms 53% of Macau's total exports. [58] Since 2018, Hong Kong and Macau have been connected via road by the Hong Kong–Zhuhai–Macau Bridge.
Moreover, the currency board, Monetary Authority of Macao (AMCM), has a statutory obligation to issue and redeem pataca on demand against Hong Kong dollar at a fixed exchange rate and without limit. The pataca is pegged to the Hong Kong dollar at a rate of 1.03 MOP per HKD, which is maintained by the AMCM. [32] Each pataca divides into 100 avos.
As of 2019, Japan, South Korea, Taiwan, and Hong Kong are the four East Asian countries and regions that are considered developed markets by most economic indexes, and Singapore is the sole developed market by all economic indexes in Southeast Asia.
The term encompass "linkages among regional Chinese communities", [7] [8] but usually refers to an area encompassing the People’s Republic of China (mainland China, Hong Kong, Macau) and the Republic of China (known as Taiwan), places where the majority population is culturally Chinese.
A similar agreement, known as the Mainland and Hong Kong Closer Economic Partnership Arrangement, was signed between the Government of the Hong Kong Special Administrative Region and the Central People's Government of the People's Republic of China, signed on June 29, 2003.
While Macau is known as the gaming capital of the world and heavily relies on tourism, [11] [12] [13] Hong Kong is the second major source of tourists of Macau. In 2013, 6,766,044 Hongkongers had accounted for near one-fourth of Macau's total visitor arrivals. [ 14 ]
The largest source of foreign direct investment in China is what economist Barry Naughton calls “the China circle”, Hong Kong, Taiwan, and Macau. Among the three locations, Hong Kong has remained the largest source since the mid-1980s.