Illuminated decorations are seen at Victoria Park ahead of the 25th anniversary of Hong Kong's return to the motherland in Hong Kong, south China, June 18, 2022. (JIN LIANGKUAI / XINHUA)

Experts and business leaders in Hong Kong are entertaining the idea of exploring opportunities from and in alignment with progressive national development strategies, to sustain the momentum of development and fulfill the expectations communicated by President Xi Jinping in his speech on Friday. 

Xi’s speech took place at a ceremony marking the 25th anniversary of the establishment of the Hong Kong Special Administrative Region and swearing in the HKSAR’s sixth-term government. 

“One country, two systems” was a constant thread running through Xi’s address. 

President Xi Jinping also stressed the importance of “patriots administrating Hong Kong”, saying that it is important to keep the power to administer the HKSAR firmly in the hands of patriots and at no time should the principle be allowed to be compromised

Hailing “one country, two systems” as an unprecedented and monumental construct in history, Xi determined that the principle has stood the test of time over the past 25 years since the establishment of the HKSAR, which is proved by Hong Kong’s constant growth and its prowess to attract people and capital. There’s no reason to alter or forgo such an instrumental principle, said Xi, stressing the need to fully, faithfully and unwaveringly implement the policy. 

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Xi’s remarks on the “one country, two systems” principle pointed out the right direction, provided scientific guidance and a strong guarantee for Hong Kong’s advance and development, said Yuen Mo, chairman of the Chinese General Chamber of Commerce, Hong Kong.

In his speech, Xi said the practice of “one country, two systems” has achieved success in Hong Kong that is recognized by all. It is the best system that could ensure Hong Kong’s long-term prosperity and stability and that could help the city give full play to its unique advantages, Yuen said. 

The president also stressed the importance of “patriots administrating Hong Kong”, saying that it is important to keep the power to administer the HKSAR firmly in the hands of patriots and at no time should the principle be allowed to be compromised. 

Yuen said he recognizes that effectively implementing “one country, two systems” and “patriots administering Hong Kong” is the key to maintaining the city’s prosperity and stability, consolidating its business environment and enhancing its long-term competitiveness.

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He added that he is also encouraged by the four “hopes” that Xi placed on Hong Kong’s future development. Hong Kong should strive to enhance its competitiveness and governance efficiency, and accelerate to integrate into the national development to achieve mutual benefits together with the country, Yuen said. 

He said CGCC will fully support the work of the new administration and focus on helping solve economic and social issues that Hong Kong industries and people care about to write a new chapter for Hong Kong’s development.

Wong Yuk-shan, chairman of the Research Grants Council, described the “one country, two systems” principle as the anchor of Hong Kong’s financial security over the past 25 years. “Under the Basic Law and the central government’s full support, Hong Kong’s economy and financial sector have witnessed robust growth since it returned to the motherland,” said Wong. “This is clearly shown by the city’s gross domestic product which doubled to more than HK$2.8 trillion ($356.85 billion), as well as the stock market’s capitalization which rose twelvefold to over HK$40 trillion in 25 years.”

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Echoing Xi’s hope of strengthening the momentum of development, Wong said Hong Kong’s participation in the nation’s development is key for the city to achieve long-term economic growth. “As a global financial hub and shipping center, Hong Kong acts as a ‘super connector’ of the Chinese mainland with the rest of the world. The integration of Hong Kong into the Guangdong-Hong Kong-Macao Greater Bay Area can substantially broaden the market opportunities and thus boost business confidence in the future.”

Terence Chong Tai-leung, an associate professor at the Chinese University of Hong Kong’s economics department and executive director of the Lau Chor Tak Institute of Global Economics and Finance, lauded Xi’s notion of “making people and society’s expectations the greatest pursuit of governance.” 

The 14th Five-Year Plan (2021-25) raises for the first time support for Hong Kong to develop into a hub for arts and cultural exchanges between China and the rest of the world

“Livelihood issues such as housing, education and healthcare are the fundamentals of the city’s economy,” he said. “With Chief Executive John Lee Ka-chiu showing determination in improving residents’ living standards, we are confident in Hong Kong’s long-term stability and prosperity.”

Perry Yiu Pak-leung, Legislative Council member for the tourism functional constituency, and chairman of China Travel Service (Hong Kong) Limited, is inspired by Xi’s remarks. Yiu said he can feel that the president’s heart is closely aligned with his Hong Kong compatriots. “His speech has fully expressed his care and support for Hong Kong and his high hopes for the territory.”

Echoing Xi’s endorsement of the “one country, two systems”, Yiu said the special principle has given Hong Kong strong backing from its motherland. “It is under the protection of this system that the city continues to thrive despite the many storms that Hong Kong has weathered over the past 25 years.”

The 14th Five-Year Plan (2021-25) raises for the first time support for Hong Kong to develop into a hub for arts and cultural exchanges between China and the rest of the world. Through this new positioning, Hong Kong is expected to act as a bridge between China and the world, and play a better role in enabling Chinese culture to go global, and telling China’s stories well.

“The most important work at the moment is to rally Hong Kong people’s hearts to build this city into a better place, making the city a great contributor to the nation’s rejuvenation of the Chinese nation in the future.”