By Tu Haiming

In a bid to denigrate Hong Kong’s national security laws and undermine the city’s economic well-being as part of their efforts to hurt China, China-bashers keep on blathering about the “one country, two systems” principle being compromised by the city’s national security regime. Some of them have even asserted that it no longer exists.

In reality, “one country, two systems” is the bedrock of Hong Kong’s fundamental advantages; its continuation is not only crucial to maintaining the city’s stability and prosperity but also significant to national development. There is simply no reason why the central government in Beijing should mess it up. Rather, its efforts to build an effective national security regime in Hong Kong are aimed at ensuring the continuation of “one country, two systems”, whose survival was threatened by the “black-clad” insurrection in 2019-20.

“One country, two systems” affords Hong Kong substantial benefits and advantages. The city’s traditional advantages have been preserved; and its role as an intermediary between the Chinese mainland and the rest of the world has been enhanced, likewise its resilience to risks.

These advantages are reflected in numerous concrete figures. For example, Hong Kong has managed to sustain strong economic growth since its return to China, with a rate higher than average among developed economies. Hong Kong’s participation in international organizations has significantly increased since the reunification; the number of visa-free countries for holders of the Hong Kong Special Administrative Region passport has also increased. The city has consolidated its status as a major international financial center by meeting the fundraising needs of mainland enterprises, which now account for more than 60 percent of the total capitalization of Hong Kong’s stock market. Hong Kong has tided over all major financial and public health crises with the strong support of the central government over the past two decades.

Leveraging these advantages, Hong Kong has become one of the world’s freest economies, one of the most open and internationalized metropolises, one of the most significant global financial hubs, the largest offshore renminbi business center, one of the most significant international trading and shipping hubs, home to one of the world’s busiest airports, a jurisdiction with a top-ranked rule of law index, one of the safest and most livable cities, and the region with the longest average life expectancy.

These and many other accomplishments indicate that the central government’s repeated emphasis on keeping “one country, two systems” unchanged for a long time is not out of expediency but a lasting policy and vision.

“One country, two systems” was crucial to preserving Hong Kong’s advantages and strengths in the past two-plus decades; it will continue to be crucial to consolidating and enhancing these strengths in the future. Under the “one country” premise, Hong Kong will continue to enjoy favorable policies from the central government, gain access to the colossal mainland market, and avail itself of the opportunities created by major national projects such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative. Under the “two systems” setup, Hong Kong will continue to serve as a “superconnector” and “value-added agent” in facilitating the flow of external capital into the mainland and mainland enterprises’ outbound investments.

As Xia Baolong, director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, noted in his National Security Education Day remarks, the National Security Law for Hong Kong and the Safeguarding National Security Ordinance (the Ordinance) together have formed a bulwark against national security threats; the central government now has more confidence in Hong Kong and is more ready to empower the city to play a bigger role in national strategies. This is evidenced by the fact that within a month of the enactment of the Ordinance, the China Securities Regulatory Commission announced five measures to further enhance connectivity between the mainland and Hong Kong capital markets. The Hong Kong stock market surged on Monday in response to this good news.

A strong and prosperous Chinese mainland is Hong Kong’s most reliable anchor and source of confidence. By integrating into national development, Hong Kong can always count on the potential of a hinterland of 9.6 million square kilometers, a market of over 1.4 billion people, and the boundless commercial possibilities on offer. Hong Kong’s integration into the world’s second-largest economy means the city will play a great part in the global economy, furthering its advantages and thus expanding its development potential.

The huge development momentum and potential of the mainland economy will continue to energize Hong Kong’s economy. The mainland economy expanded by 5.2 percent last year, among the fastest growth rates of the major economies, and maintained a strong trajectory in the first quarter of this year, at a rate of 5.3 percent. The mainland economy has consistently contributed over 30 percent of global economic growth, serving as a strong anchor for the global economy amid a turbulent economic climate.

Hong Kong has every reason to participate in national development, and it should leverage its position in the GBA to the fullest. The economic aggregate of the region reached 14 trillion yuan ($1.93 trillion) last year, surpassing many advanced economies, and is poised to top the world’s four major bay areas as well as to become one of the most promising growth poles. The development of the GBA has entered a new phase characterized by a higher speed and a broader scope of development. Hong Kong should take every opportunity to participate in the project, and leverage its potential to the fullest.

As the underlying benefits and advantages afforded by “one country, two systems” for Hong Kong and the whole country remain unchanged, there is no reason why this political institution will be altered. It is assured that Hong Kong’s unique advantages will stay and further solidify.

The author is vice-chairman of the Committee on Liaison with Hong Kong, Macao, Taiwan and Overseas Chinese of the National Committee of the Chinese People’s Political Consultative Conference, and chairman of the Hong Kong New Era Development Thinktank.

The views do not necessarily reflect those of Bauhinia Magazine.

Source: China Daily