Special Administrative Success
Editorial  ·  2017-06-11  ·   Source: | NO. 24 JUNE 15, 2017

On July 1, 1997, the Chinese Government resumed its exercise of sovereignty over Hong Kong. To guarantee its prosperity and stability, the principle of "one country, two systems" has since been implemented, allowing Hong Kong to retain its capitalist economic and political system while the Chinese mainland practices a socialist system.

Except for national defense and foreign affairs, Hong Kong enjoys a high degree of autonomy in other fields. Since its return to the motherland, Hong Kong has been vested with executive, legislative and independent judicial power. It has attended sports events and international organizations such as the WTO and APEC in the name of Hong Kong, China.

Meanwhile, the development of Hong Kong in the past 20 years has proved wrong the view that Hong Kong would crash under the administration of the Chinese Government. In fact, the communication between Hong Kong and the mainland has tightened, providing opportunities for Hong Kong's tourism, commerce, and trade to develop quickly.

Prosperity and development have been Hong Kong's main trends since 1997. With the support of the mainland, Hong Kong pulled through the 1997 financial crisis in Asia, the 2008 global financial crisis and the following European debt crisis.

The 2017 World Competitiveness Yearbook issued by the Lausanne-based International Institute for Management Development on May 31 said that Hong Kong remains the world's most competitive economy.

The Silk Road Economic Belt and 21st-Century Maritime Silk Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area city cluster program are bringing about new incentives to the region's growth. With advantages in finance, investment, trade, shipping, modern services and cross-border talents, Hong Kong can easily grasp the opportunity to further transform and upgrade its economy.

Last but not least, the mainland provides a broad market for Hong Kong. As early as in 2003, the Central Government and the Hong Kong SAR Government signed the Closer Economic Partnership Arrangement, vowing to join hands to push the Hong Kong economy forward. The 13th Five-Year Plan (2016-20) further outlines Hong Kong's status in the overall national economic development and the country's opening-up strategy.

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