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The Basic Law is the constitutional document of the Hong Kong Special Administrative Region. Although it is not a constitution itself, it is a quasi-constitution since it shares its characteristics with other constitutions in the world. (As to why it is not a constitution, I will not go into details since it involves concepts of legal theory)
The Basic Law has a number of characteristics:
It protects basic human rightsIt outlines the structure and formation of the HKSAR governmentIt states the relationship between the Central People's Government and the HKSAR government.It enshrines the basic policies stated in the Sino-British Declaration, such as the concepts of "one country, two systems"; maintenance of the way of life, the social system and the legal system for 50 years; and the high degree of autonomy conferred on the region etcSome (usually Hong Kong legal scholars) claim that the authority of the Basic Law derives from the Sino-British Declaration. However, mainland scholars usually insist that Basic Law derives its authority from the PRC constitution and is merely a national law.
"One country, two systems" is an idea originally proposed by Deng Xiaoping, then Paramount Leader of the People's Republic of China (PRC), for the reunification of China during the early 1980s. He suggested that there will be only one China, but areas such as Hong Kong, Macau and Taiwan can have their own capitalist economic and political systems, while the rest of China uses the "socialist" system.
Upon reunification, despite the practice of "socialism" in mainland China,Hong Kong which was a colony of the UK can retain its established system under a high degreeof autonomy for at least fifty years after reunification to a verylarge extent.
This concept is enshrined in Article 5 of the Basic Law:
"The socialist system and policies shall not be practised in theHKSAR, and the previous capitalist system and way of life shall remainunchanged for 50 years."