It's China's gateway to the world, especially when it comes to what makes the city really tick - finance.

它是中國通往世界的門戶，尤其是金融方面，具有舉足輕重的地位。

Hong Kong is run under a different set of rules to the rest of China known as One Country Two Systems.

香港的管理方式與中國其他地區不同，稱為「一國兩制」。

It has its own currency, an independent legal system, and a quasidemocratic government that in theory at least operates under a high degree of autonomy.

它擁有自己的貨幣、獨立的法律體系和半民主政府體制，從理論上來說，它至少在高度自治下運作。

However, three months of increasingly violent demonstrations have exposed the fault lines in the system and are forcing Beijing to face an uncomfortable question.

然而，三個月以來越來越激烈的示威活動暴露了體制的隱憂，並迫使北京面對一個令人不舒服的問題。

Just how important is Hong Kong?

香港到底有多重要？

When the territory was handed over from the British to the Chinese in 1997, Hong Kong's economy was equal to about a fifth of China's.

該領土於 1997 年由英國人移交給中國人時，香港的經濟約等於中國的五分之一。

Spectacular growth in China over the two decades since then have shrunk that to the equivalent of less than three percent.

之後的二十年，中國驚人的增長速度已讓該佔比縮水到不足 3％。

Surely, China could live without that if it needed to.

當然，如果情勢所逼，中國沒有它依然可以生存。

The truth isn't that simple.

事實並非如此簡單。

Capital controls on the renminbi mean that if a Chinese company wants to expand overseas, it needs to raise money outside mainland China.

人民幣的資本管制意味著，如果中國公司想要在海外擴張，就需要在中國大陸以外籌募資金。

At the moment, a third of all dollar bond issuance by Chinese companies happens in Hong Kong.

目前，中國公司發行的全部美元債券中有三分之一是在香港發行的。

Could companies raise foreign currency in New York or London?

這些公司可以在紐約或倫敦籌募外幣資金嗎？

In theory, yes, but the lack of knowledge and familiarity would make it a whole lot more difficult for many of them.

理論上來說是可行的，但對大部份的公司而言，因為缺乏知識和熟悉度使其變得更加困難。

It's a similar story when it comes to the stock market.

股票市場也是類似的狀況。

Three-quarters of all funding from offshore IPOs is raised in Hong Kong, where investors are comfortable putting their money into mainland-based companies.

在境外首次上市公司的資金有四分之三是在香港募集的，在此，投資者可以放心將其資金投入大陸公司。

With the Hong Kong currency pegged to the US dollar, that means Chinese companies can get ready access to some of the deepest capital markets in the world.

港元與美元掛鉤，這意味著中國公司可以隨時進入一些世界上最大的資本市場。

Chinese companies could list elsewhere, but a highly liquid market on their doorstep makes Hong Kong an easier and more attractive option.

中國公司可以在其他地方上市，但高流動性的市場就在家門口，使香港成為一個更方便和更具吸引力的選擇。

It isn't just companies looking to expand overseas that want foreign investment.

不僅是有計劃於海外擴張的公司需要外國投資。

Hong Kong's stock connects with markets in Shanghai and Shenzhen and allow foreign investors to put their money into Chinese companies without worrying about China's capital controls, which could stop them getting back out.

香港的股票市場與上海和深圳的市場相連，這使外國投資者可以將資金投入中國公司，而不必擔心中國的資本管制措施，而導致資金不能匯回。

Hong Kong may have become politically unstable and a source of discomfort for the government in Beijing.

香港在政治上可能已經變得不穩定，並給北京政府帶來不安。

But if China was to dismantle the firewall between the mainland and Hong Kong, it's not just the Asian financial hub that would suffer.

但若中國要拆除大陸與香港之間的防火牆，那麼遭受衝擊的不僅是亞洲金融中心。

Corporate China would also find itself left in the lurch.

中國企業也將陷入困境。