By Tu Haiming

President Xi Jinping’s inspection trip to the pandemic-stricken Hong Kong Special Administrative Region on the 25th anniversary of its reunification with the motherland signaled the central government’s firm commitment to upholding “one country, two systems”. By presiding over the swearing-in ceremony for the new chief executive and the governing team in person, along with his new instructions on how to govern Hong Kong in accordance with the law, the State leader ceremoniously put an emphasis on the constitutional order defined by the nation’s Constitution and the Basic Law. His remarks made after presiding over the oath-taking ceremony not only testified to his care for the city’s development and the well-being of its people but also provided a new perspective on the implementation of “one country, two systems”.

Xi’s assessment that the practice of “one country, two systems” in Hong Kong has been a resounding success despite the many challenges over the past 25 years struck a chord with the audience who attended the ceremony, and is supported by ample data.

Hong Kong’s GDP has more than doubled from HK$1.37 trillion (US$174.6 billion) in 1997 to HK$2.86 trillion in 2021. Hong Kong recorded a significant leap in its financial reserves and foreign exchange reserves over the past 25 years, from HK$370 billion to more than HK$900 billion, and from US$80 billion to US$465 billion respectively.

Data reflecting the population’s well-being also speaks volumes. The average life expectancy has risen from 76.8 years to 83.0 years for men, and from 82.2 years to 87.7 years for women.

Hong Kong’s international standing has also got a boost. The number of foreign consulates in Hong Kong has increased from 88 to 119. The number of countries or regions granting visa-free entry or visa-on-arrival for HKSAR passport holders has gone up to 168 from 40.

Hong Kong ranks remarkably high in some of the global indexes. Financially, Hong Kong has maintained its third place in the Global Financial Centers Index. In terms of trade, Hong Kong is, according to the statistics of the World Trade Organization in 2020, the sixth-largest exporter of commodities and the ninth-largest container port in the world.

The city also ranks sixth in global data center market share, fifth in global economic competitiveness, fourth in foreign exchange trade volume, and third in the ease of doing business. It’s the world’s second-largest biotech fundraising hub and has been the freest economy for more than two decades.

Contrary to the “predictions” of the Western doomsayers, who have said that Hong Kong would fail to manage even its old Kai Tak Airport, the city has not only become one of the busiest aviation hubs but also achieved outstanding performance in many areas that beat the world’s expectations.

Hong Kong’s development has entered a new phase to complement the country’s rise in global influence. Five years ago, on the eve of Xi’s visit to Hong Kong, he told SAR officials to study and formulate sound policies to bolster the local innovation and technology industries so that they will contribute to the goals of China becoming an IT superpower and the great rejuvenation of the Chinese nation.

The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, issued in February 2019, emphasizes that Hong Kong should devote more effort to developing IT and promoting emerging industries. The national 14th Five Year Plan (2021-25), which was released in March 2021, also indicates clear central government support for Hong Kong’s development into an international innovation and technology hub.

In September 2021, the Plan for Comprehensively Deepening Reform and Opening-Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone proposed building a development model with institutional innovation that promotes complementary cooperation among Guangdong province, Hong Kong and Macao, and that bolsters the connectivity of the innovation industries between the three places.

To the delight of Hong Kong residents, Xi reiterated on Friday the central government’s support for Hong Kong’s various endeavors, including the enhancement of its traditional status as a major global financial, trading and shipping center as well as the development of new sectors and industries.

Xi’s reaffirmation that the central authorities’ resolve to consistently and fully implement the principle of “one country, two systems” will never waver is reassuring for Hong Kong residents, some of whom have been worried about the sustainability of the city’s capitalist system and way of life. With Xi’s reaffirmation, they can finally unload a weight off their minds.

In reality, “50 years” is just a figurative saying. Deng Xiaoping, the chief architect of “one country, two systems”, was not talking about absolute time by saying “unchanged for 50 years”. For instance, he once vowed the “Four Cardinal Principles” would remain unshakable for 100 years. It would be preposterous to assume that the “Four Cardinal Principles” would be changed after 100 years. Therefore, whether it is “50 years” or “100 years”, they both represent a lasting commitment. Since “one country, two systems” has been a resounding success and beneficial to the two SARs and the whole nation, there is no reason to change it, as President Xi reaffirmed on Friday. Besides, the promulgation of the National Security Law for Hong Kong and the overhaul of the city’s electoral system have effectively paved the way for the smooth running of “one country, two systems”. This further diminishes the need for and possibility of changing “one country, two systems”.

Hong Kong has always been a business city where many entrepreneurs have ascended to legendary success with their “can-do” spirit. It’s incumbent upon every one of us to sustain the city’s economic success and prosperity under the “time-tested, good system”. No more precious time should be wasted on any meaningless political debate about Hong Kong’s constitutional order, as the Basic Law clearly stipulates that Hong Kong is a special administrative region of China, and is under the overall jurisdiction of the central government. Twenty-five years into its establishment, it is hoped that the HKSAR has finally come of age and learned how to operate under the “one country, two systems” principle. Only by strictly adhering to this principle can Hong Kong put its unique advantages to full use and look forward to a brighter future, as President Xi admonished.

The author is a Hong Kong member of the National Committee of the Chinese People’s Political Consultative Conference and chairman of the Hong Kong New Era Development Thinktank.

The views don’t necessarily reflect those of Bauhinia Magazine.