Besides, there is no denying that Hong Kong's close ties with the Chinese mainland are to the SAR's great advantage. Hong Kong's prosperity is in large measure based on serving as China's "window to the world", because as an international financial, shipping and logistics hub it can strengthen business relations between China and other countries and regions.
Hong Kong's port is one of the largest and busiest in the world; it is a leader in terms of container throughput. Its stock exchange, too, is one of largest in the world and handles public offerings of Chinese as well as foreign companies. Moreover, military costs can be an onerous burden for many regions, but Hong Kong does not have to worry about it because they are borne by the central government.
Finally, Hong Kong residents know that the central government will come to their defense in moments of crisis. The Asian financial crisis of 1997 to 1998 was initially disastrous for Hong Kong. Business was at a standstill and property values dropped dramatically. At that time, Zhu Rongji, then Chinese premier, announced that the central government will protect Hong Kong "at all costs". The central government then established a closer economic partnership with Hong Kong to substantially enlarge the mainland market for Hong Kong products and services. That agreement dramatically opened up a whole new market for Hong Kong.
In 2003, when Hong Kong (especially its pillar tourism and retail sectors) was reeling under the impact of SARS, the central government initiated an "Individual Visit Scheme" to boost tourism and stabilize the SAR's struggling economy. Needless to say, the two measures proved catalytic in turning around Hong Kong's economy.
Therefore, irrespective of the temporary issues and disagreements of Hong Kong residents with the central government's policies, the cultural, political and economic bonds between the SAR and the mainland are unbreakable.
The author is a Canadian freelance writer based in China.
(China Daily 06/25/2014 page9)
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