'Autonomy remains intact in HK'

City in strong position to benefit from development and opening-up of the mainland economy, commissioner says

NEW YORK - With the full support of the central government, "one country, two systems" put Hong Kong in a strong position to maximize economic opportunities arising from the reform, development and opening-up of the Chinese mainland, said Clement Leung, Hong Kong commissioner to the United States.

While making full use of these opportunities, Hong Kong can still retain its autonomy to make its own laws and determine trade and economic policies, he noted.

"This has given businesses the trust, confidence and predictability to thrive in the region," said Leung. He made the comments at a gala dinner to celebrate the 20th anniversary of the establishment of the Hong Kong Special Administrative Region held on Wednesday at a hotel in downtown New York.

Leung recalled that when the Sino-British Joint Declaration on the Question of Hong Kong was signed in 1984 "there was a lot of anxiety. There's no historical precedent for 'one country, two systems'. People were not sure whether the concept would work."

"Back then, we had a crisis of confidence. Thousands of middle-class professionals emigrated to foreign countries. Some Hong Kong companies moved their domiciles abroad," he said.

Fortune magazine even pronounced the "Death of Hong Kong" in a 1995 cover story which said: "Hong Kong's future can be summed up in two words: It's over."

"What's indisputably dying is Hong Kong's role as a vibrant international commercial and financial hub," Fortune declared.

Leung said: "This has been an amazing journey for us. Over the past two decades, there were ups and downs. Hong Kong took its challenges in its stride and emerged stronger after each crisis."

Hong Kong continues to be successful as the premier international business center in Asia. It is ranked as the freest and the most competitive economy of the world, he said.

Leung added: "We have achieved a state of full employment in our labor market, the lowest crime rate in 44 years. And our life expectancy is higher than that of Japan."

Not only have some Hong Kong emigrants returned from Canada, Australia and Britain but the Pearl of the Orient now has a strong inflow of expatriates; its US population has nearly doubled and the French population has tripled since the handover, Leung noted.

The SAR is still that shining beacon of free trade, open markets, and the rule of law, with low taxes, a level playing field for local and foreign companies alike, a high degree of transparency, and zero tolerance of corruption, Leung stressed.

Hong Kong also has a robust relationship with the US, the commissioner said.

"We continue to enjoy a strong bilateral relationship with the US, being the ninth-largest export market for American goods and a close law enforcement partner."

Other than Hong Kong's pillar industries of trade, finance, tourism and professional services, new sectors and opportunities have emerged.

These include the development of Hong Kong as the largest center for off-shore yuan business, implementation of the stock connect programs that enable international investors to access the Shanghai and Shenzhen stock markets, Hong Kong's vibrant innovation and technology startup ecosystem, wine auction and distribution, arts, culture and creative industries, as well as the Belt and Road Initiative.

He expressed his confidence in the future of Hong Kong because "successive generations of Chinese leaders want Hong Kong to succeed and our people continue to have this 'can do' spirit to get things done, because the rule of law is rock solid and our judiciary is fiercely independent."

But he explained: "While we can be solidly united for a common purpose, we can be sharply divided and polarized on sensitive political and livelihood issues. Such differences are exacerbated by generational divides and income disparity.

"Remember that we just had a heart transplant? While the transition was smooth, we need time and space to adjust to this new constitutional order, particularly on issues involving the interface of the Hong Kong system with the mainland system," he said.

Leung also asked people to understand that Hong Kong, like everywhere else, is not perfect. "While we have done a lot of things right, we make mistakes and occasionally we fumble.

"Often, we do not explain ourselves very well, and that is why we have our share of negative coverage.

"But that makes 'one country, two systems' more authentic and real. You should be more worried about Hong Kong if all you hear is good news from us," he said.

Xinhua

(HK Edition 06/30/2017 page2)