香港特别行政区成立后，保持原有资本主义制度和生活方式不变，法律基本不变。特别行政区依法保护私有财产权，保持自由港和单独关税区地位、保持财政独立，实行独立的税收制度，自行制定经贸、金融和教科文卫体政策，等等。根据香港基本法和全国人大常委会关于处理香港原有法律的决定，香港原有法律，即普通法、衡平法、条例、附属立法和习惯法，除同香港基本法相抵触或经香港特别行政区立法机关作出修改者外，予以保留。在此基础上，香港特别行政区依法实行高度自治，充分行使行政管理权、立法权、独立的司法权和终审权。
香港特别行政区行政长官是特别行政区的首长，代表香港特别行政区，既对中央人民政府负责又对香港特别行政区负责。行政长官还是特别行政区政府的首长，依法履行基本法授予的领导特别行政区政府、负责执行基本法以及其他各项职权。行政长官在行使职权时须执行中央人民政府就香港基本法有关事项发出的指令。特别行政区政府由香港永久性居民依照基本法有关规定组成，设政务司、财政司、律政司和各局、处、署，行使基本法规定的制定和执行政策、管理各项行政事务等职权。特别行政区享有的行政管理权极为广泛，涵盖经济、教育、科学、文化、体育、宗教、社会服务、社会治安、出入境管理等领域。此外，根据中央政府的授权，特别行政区还享有一定的对外事务权。
After the establishment of the HKSAR, the previous capitalist system and way of life remain unchanged in Hong Kong, and existing laws remain basically unchanged. Adhering to the law, the HKSAR protects the right of ownership of private property, maintains the status of Hong Kong as a free port and a separate customs territory, maintains independent finances, practices an independent taxation system, and formulates its own policies regarding trade, finance, education, science, culture, public health and sports. In accordance with the Basic Law of the HKSAR and the decision of the NPC Standing Committee on handling the laws previously practiced in Hong Kong, the laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law are maintained, except for any that contravene the Basic Law and are subject to any amendment by the legislature of the HKSAR. On this basis, the HKSAR exercises a high degree of autonomy, and fully exercises its administrative, legislative and independent judicial power, including that of final adjudication.
The chief executive of the HKSAR is the head of the Special Administrative Region. He/she represents the HKSAR and is accountable to both the Central People's Government and the HKSAR. The chief executive is also the head of the government of the Special Administrative Region, and exercises powers and functions conferred by the Basic Law, such as leading the government of the region and being responsible for the implementation of the Basic Law. While exercising his/her powers and functions, the chief executive shall implement the directives issued by the Central People's Government in respect of the relevant matters provided for in the Basic Law of the HKSAR. The government of the HKSAR is composed of permanent residents of Hong Kong in accordance with the relevant provisions of the Basic Law, with a Department of Administration, a Department of Finance, a Department of Justice, and various bureaus, divisions and commissions to exercise powers and functions such as formulating and implementing policies and conducting administrative affairs, as prescribed by the Basic Law. The HKSAR enjoys administrative power in a wide range of areas, including the economy, education, science, culture, sports, religion, social services, public order, and control of entry and exit of the region. In addition, the HKSAR conducts external affairs as authorized by the Central People's Government.
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