Marching together in progress

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Leaders from a wide spectrum of Hong Kong society sum up the past 20 years as a period that has brought immense benefits to both the SAR and the Chinese mainland as mutual links and exchanges grow.

Tam Yiu-chung

Hong Kong Basic Law Drafting Committee member, former lawmaker in HK (1997-2016)

"One country, two systems" is the best arrangement as it benefits both the country and the city. It's the best option that promises a high degree of autonomy, allowing Hong Kong people to rule Hong Kong.

Examples of the success of "one country, two systems" include Hong Kong SAR passport holders being allowed visa-free entry into more than 100 countries. All Hong Kong laws, except those contravening the Basic Law, remain valid after 1997. Setting up Hong Kong's Court of Final Appeal was an important milestone.

The power to interpret the Basic Law rests with the National People's Congress Standing Committee, and the top legislature has interpreted the Basic Law on only five occasions in the past 20 years, showing it had very strong justification in doing so, while cautiously exercising its powers.

The co-location of immigration, customs and quarantine facilities at the Shenzhen Bay Control Point is another classic example of the success of "one country, two systems". The Shenzhen Bay co-location model can be applied to the West Kowloon Terminus of the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link.

I expect Chief Executive Carrie Lam Cheng Yuet-ngor's administration to perform well, and there will be a better working relationship between the new administration and the opposition.

Maria Tam Wai-chu

member of the HKSAR Basic Law Committee of the Standing Committee of the National People's Congress

Hong Kong people should put aside their differences and appreciate the support the country has unfailingly given to Hong Kong. Favorable development plans, like the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area project, can offer great opportunities for the city.

Hong Kong and the mainland can strengthen their ties in many aspects, such as in finance, trade, innovation and technology, art and culture.

Above all, Hong Kong needs to team up with the mainland in the innovation and creative industries.

Innovation and technology has been Hong Kong's short plank, but we have a good financing platform that can work with Shenzhen, which has abundant talents and a vibrant technology and innovation base.

Hong Kong should not rest on its laurels but make an effort to participate in the nation's projects in the pursuit of further development.

Charles Li Xiaojia

chief executive of Hong Kong Exchanges and Clearing

Hong Kong was just a regional financial center 20 years ago. It has now become a major international financial center, attracting global capital to invest in Chinese mainland assets. Hong Kong has undergone big changes, especially in the past 10 years. The city has attracted a huge amount of funds from the Chinese mainland and is the first choice of mainland entrepreneurs looking for an overseas financing center.

Hong Kong will emerge as the country's global wealth management center, leading offshore risk management center and global asset pricing center in two decades. The key point is to adhere to "one country, two systems".

In the coming two decades, Hong Kong will play a major role in the Chinese mainland's process of reform and opening-up. Besides attracting capital from the mainland, it will help to allocate assets for mainland enterprises and investors.

Since the start of the country's reform and opening-up, Hong Kong has made major accomplishments in three areas - entrepot trade, direct investments and the development of capital markets.

The mainland's capital allocation will become more global in 20 years, and Hong Kong will help mainland people allocate their assets worldwide in future. The Shenzhen-Hong Kong Stock Connect and the Shanghai-Hong Kong Stock Connect offer such channels. It will make capital flow more transparent and in a good order. In approving the Bond Connect, the Hong Kong stock exchange is considering introducing Exchange Traded Funds, new shares and commodities to the system.

Henry Tang Ying-yen

financial secretary of the HKSAR Government (2003 - 2011), member of the Standing Committee of the CPPCC National Committee (since 2013)

The Hong Kong SAR has been playing a strategic role as a pioneer and trendsetter for the country since 1997.

It has organized various important international meetings in the past 20 years. This fully reflects Hong Kong's key role under "one country, two systems", making the best of the city's position as a trend-setter and allowing the mainland to share Hong Kong's experience. Each time the international conferences were held here, the mainland sent big delegations to Hong Kong to participate and share our experience. This was before the Chinese mainland hosted the 2008 Olympic Games and the 2010 World Expo.

Hosting major international conferences has offered the nation invaluable opportunities. Hong Kong also played a pioneering role in other cross-boundary projects, including the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the mainland, the Individual Visit Scheme and offshore yuan services, enjoying the unique advantages of "two systems" under the "one country" arrangement.

Jonathan Choi Koon-shum

chairman of the Chinese General Chamber of Commerce (CGCC),

On the periphery of Hong Kong's return to the country, many local businessmen were concerned about the uncertainties ahead, but the enormous benefits created and the motherland's unreserved support for Hong Kong over the past two decades have dismissed their worries. Today, I'm more than happy to see Hong Kong firms thrive on the growth of the world's second-largest economy.

After Hong Kong's return to the country, the Asian financial crisis erupted, and banks pushed up interest rates, giving local businessmen a hard time. And, before we could catch our breath, the SARS epidemic hit Hong Kong in 2003. The central government gave us many preferential policies, such as the Closer Economic Partnership Arrangement (CEPA) and allowing more mainland people to visit Hong Kong, providing a big boost for our retail and tourism industries.

Carmen Cano de Lasala

head of the EU Office to Hong Kong and Macao

Relations between the European Union and the Hong Kong Special Administrative Region have grown broader and deeper as the "one country, two systems" principle has worked well in the past 20 years.

Business confidence in Hong Kong is very high, underpinning Hong Kong's special status. Hong Kong's uniqueness lies in such aspects as the rule of law, independence of the judiciary, a free-market economy, transparency, as well as the high standards set in the fight against corruption. All these show that "one country, two systems" has won the confidence of business people coming to Hong Kong.

The EU is a firm supporter of the implementation of "one country, two systems". We think it has been key to the development of Hong Kong, and we are confident it will continue to remain a key element in Hong Kong's future development. The "one country, two systems" principle has been beneficial not only to Hong Kong, but also the Chinese mainland, the region and the rest of the world.

Pansy Ho Chiu-king

group executive chairman of Shun Tak Holdings

I think this is a historic moment. We're celebrating the 20th anniversary of China resuming sovereignty over Hong Kong - 20 years of collaboration between the Chinese mainland and the Hong Kong Special Administrative Region. You can see in really concrete terms how closely we have grown together.

We have a host of new infrastructure projects being built, including the Hong Kong-Zhuhai-Macao Bridge which is due to open next year. We also welcome the Guangdong-Hong Kong-Macao Greater Bay Area plan in which Hong Kong, clearly, has a big role to play.

For Hong Kong itself, the mega Hong Kong-Zhuhai-Macao Bridge will lead to the creation of new integrated recreation and entertainment facilities in a "North Commercial District of the Airport". It will also give rise to new tourism infrastructure and other facilities, all of which enhance Hong Kong's tourism sector.

Lee George Lam

chairman of Cyberport

Hong Kong has what it takes to sharpen its edge as a big-data center for countries taking part in the Belt and Road Initiative.

As the city looks to capitalize on Belt and Road undertakings and goals in a year that marks the 20th anniversary of its return to the motherland, Hong Kong's potential as a big-data hub - underpinned by its well-established telecommunications and information technology infrastructure - should never be underestimated.

The Belt and Road Initiative is more than a massive trade and infrastructure plan bolstering the nation's vision of reviving its ancient trade route. When we talk about a huge ribbon of infrastructure projects ready for construction or on the table, a "Data Silk Road" also spells potentially huge opportunities for those with the foresight to participate.

Hong Kong, ideally positioned to be a global investment center along the "Data Silk Road", could help mainland technology firms go global and assist the Belt and Road countries in accessing the latest innovations from Hong Kong and the mainland.

Lo Chung-mau

liver transplant expert, chief executive of the University of Hong Kong-Shenzhen Hospital

The HKU-Shenzhen Hospital is a test field for running a hospital with two different medical systems, and its development in the past five years has proved a success. There are 250 Hong Kong doctors who are licensed to practice on the mainland, working for the hospital, accounting for half of the total doctors hired by the hospital.

The hospital has launched several reforms, including pricing. It has played a pioneering role on the Chinese mainland by introducing a package pricing system applied to its outpatient and inpatient departments, and surgical procedures. Patients are charged a fixed one-off medical fee that covers standard check-ups, medication, surgery and consultation.

The HKU-Shenzhen Hospital also benefits Hong Kong, serving as a great lab and training field for Hong Kong's future medical staff.

Since the hospital's inception, HKU has been sending medical students to the institution for brief study stints. This arrangement will strengthen students' knowledge and broaden their horizons as they will be exposed to cases that are seldom seen or treated in Hong Kong.

We started from zero and we're now seeing satisfactory results. We have made Hong Kong's once closed medical system more open to constant exchanges with the mainland.

Hu Zhanghong

CCB International (Holdings) chief executive

Hong Kong has been developing into an international financial hub in the past two decades, especially in the past 10 years. It has attracted tremendous mainland capital and has become the top destination for mainland enterprises raising funds offshore. Underwriters from the mainland have used such opportunities to better serve mainland companies doing business in Hong Kong.

Hong Kong is today the "super-connector" for mainland clients in offshore fund-raising activities and in penetrating global markets. The city has become a strategic platform for yuan internationalization and the Belt and Road Initiative.

In the past two decades, numerous mainland financial institutions have come to Hong Kong and expanded their capital and market share. According to Hong Kong Government data, assets of mainland banks in Hong Kong accounted some 33 percent of the banking system's total assets by the end of last year - more than double the 13 percent recorded in 1997. Currently, almost all State-owned and national commercial banks have set up branches in the SAR.

According to the Hong Kong Chinese Enterprises Association, Hong Kong currently hosts nearly 4,000 mainland companies - more than twice the number in 1997. Their total assets have soared 22 times to almost HK$20 trillion.

Tan Yueheng

chairman of the Chinese Securities Association of Hong Kong and BOCOM International Holdings chief executive

Over the past 20 years, Hong Kong has successfully weathered a cluster of financial crises, cementing its position as a world-renowned financial hub and the largest offshore yuan center.

Banking on the Chinese mainland's unwavering support, the special administrative region's irreplaceable status as the world's leading financial center continues to be consolidated and redefined, taking on a new significance. The SAR is eyeing a bigger role in asset management and fundraising under the Belt and Road Initiative and the Greater Bay Area plan.

Such grand plans will greatly lift Hong Kong's prosperity, putting it on course to reap the fruits of the mainland's rapid development and shoring up its leading role in financial services.

Hong Kong is also a mature international financial center with sound regulations that give priority to maintaining market health and protecting investors. It has kept up with the market in terms of innovation and introducing it to the market.

Chen Shuang

chief executive of Hong Kong-based China Everbright Ltd (CEL) - the overseas arm of Chinese mainland conglomerate China Everbright Group

Along with many Chinese mainland-funded finance houses coming to Hong Kong years ago, China Everbright was a small firm that didn't have the confidence to compete with foreign investment banks.

Having set foot in Hong Kong in 1997 as the city returned to the motherland, CEL has since grown into a flagship mainland-funded finance company that has been synonymous with direct investments, asset management, investment banking and brokerage services over the years. The city's return to the country, and taking Hong Kong as a conduit to the international capital market, is essential for CEL's success.

In 2008, China became the center of attention in the global economy as it was among the few countries that were only mildly hit by the global financial crisis. The yuan was on its upward track and the demand of foreign investors to invest in China surged. We saw the opportunity and touted the company as an expert in investments in China.

Today, despite the yuan's depreciation, domestic investor appetite for overseas investment is strong and cross-boundary asset management and investment hold great promise.

As Hong Kong celebrates the 20th anniversary of its return to the motherland, it is good to see many mainland finance firms going out and keeping pace with their overseas competitors. We're growing by leaps and bounds.

Yim Fung

chairman and chief executive officer of Guotai Junan International Holdings

The Bond Connect will facilitate internationalization of the yuan and improve Hong Kong's role as a global financial center as its bond market is still relatively small compared with other mature financial centers.

In 1999, just two years after the handover, the local retail brokerage trade was still very much in the clutches of the city's securities houses, and investment banking was largely done by foreign banks. Mainland-owned brokerages in Hong Kong were very much a rare commodity.

Peregrine's collapse offered a grim preview of what could follow.

But, by 2006 the China Securities Regulatory Commission (CSRC) - the mainland's securities watchdog - had started encouraging financial enterprises to innovate and prodding them into "going global". Mainland-owned brokers thus embarked on their march onto the global financial stage.

Guoyuan Securities became the first mainland brokerage to obtain the CSRC's nod to set up shop in Hong Kong in mid-2006. This triggered a rush, with the number of mainland brokers having surpassing that of their local and foreign peers in Hong Kong in recent years.

Lai Xiaomin

chairman of China Huarong Asset Management

Mainland financial companies in Hong Kong could leverage opportunities arising from the Belt and Road Initiative to develop and upgrade the existing competitive industries to the next level, thereby consolidating Hong Kong's position as a world financial center.

Huarong is China's largest asset management company. In line with the Belt and Road Initiative, our international strategy is very practical. We will continue to diversify our business, and transit from passive asset management to active management, from heavy assets to light assets, from the traditional business to the innovative business, while emphasizing both domestic and overseas performance.

Over the years, we have seen close interaction between the mainland and overseas with regard to participating in the Belt and Road Initiative. As the next step, we will set up a $20-30 billion Belt and Road Initiative development fund.

Tse Yung-hoi

chairman of BOCI-Prudential Asset Management and China Securities Association of Hong Kong (HKCSA) honorary president

Hong Kong could play a crucial role as an international fund-raising platform in terms of refinancing, as well as mergers and acquisitions, capitalizing on the city's professional talents, such as lawyers and consultants who could ensure the viability and safety of the entire industry's investment chain in relation to the Belt and Road Initiative.

The upcoming Bond Connect, starting with northbound trading, links Hong Kong with the mainland, which is the world's third-largest market for bonds with a market size of $8.5 trillion and multiple products. Up to 90 percent of the market involves interbank bonds, while the rest are exchange-traded bonds.

The Bond Connect marks the third of three steps in the opening-up of the mainland's bond market. The first step allowed foreign investors direct access to its capital market through the Qualified Foreign Institutional Investor (QFII) program, which was introduced in 2002, followed by the opening-up of the interbank bond market in 2005, allowing foreign investors access even outside the QFII.

Zhu Yanlai

consultant at BOC Hong Kong

The Belt and Road Initiative has created golden opportunities for Hong Kong to develop and upgrade its economy. With its geographical advantage and perfect market mechanism and years of experience in providing trading, logistics, financing and professional services, Hong Kong could play a significant role in the project.

There is huge demand for financial support from a variety of projects involved in the initiative, together with numerous investments, as well as merger-and-acquisition activities. Hong Kong, as a mature international financial center, will see more and more financial activities carried out in the city, thus its impact on the global financial system will be further enhanced.

Meanwhile, the use of yuan funds in the financing process for the Belt and Road Initiative will consolidate Hong Kong's position as an offshore yuan settlement and clearing center. An increasing number of offshore yuan products will be issued in Hong Kong, which will also promote and deepen the currency's internationalization.

'Ping Pong Twins'

Li Ching, local Ping Pong icon, head coach of the Hong Kong Women's Table Tennis Team

I have to say "thank you" to Hong Kong's return to China. It's true. It has significantly increased the frequency and depth of sports exchanges between the city and the mainland. Through these exchanges, Hong Kong players have improved their skills rapidly by learning from the stronger side. They have also helped to inspire top-level mainland players in comprehending the game. I'm happy to see mutual benefits. I hope such exchanges can be extended and deepened in the years to come.

Ko Lai-chak, local Ping Pong icon, former head coach of the Hong Kong Men's Table Tennis Team

Sports is sports but, sometimes, it's more than that. By organizing exchange tours to the mainland for Hong Kong's student ping pong players, I found the participants from both sides have broken barriers that seemed to exist between youngsters from two different societies. They have gained not only better table tennis techniques, but, more importantly, friendship, vision and better knowledge of the country's and the SAR's development. This proved that sports is the best stepping stone to mutual understanding. I will continue to work on such exchanges, hopefully, to contribute to the promotion of harmony between Hong Kong and the mainland.

Paulo Pong Kin-yee

founder of Altaya Group, dubbed Hong Kong's "King of Wines"

You won't see another city like Hong Kong, which has a population of about 7 million but abounds with wine enthusiasts with an overwhelming generosity on premium wines. The city's vibrancy and professionalism in wine trading has all along drawn in legions of wine investors and oenophiles from the Chinese mainland, fueling cross-boundary wine trading activities.

And, recently, I've been so glad to see that our motherland's domestic production of fine wines, especially the revered Ningxia wines, have gained worldwide recognition.

In the coming years, Hong Kong's wine re-exports to the mainland are bound to surge, as the mainland's wine market is growing vigorously. But, I also foresee another trade type in the reverse direction, in which mainland-produced fine wines will flow into Hong Kong and reach overseas markets through the city.

Vivienne Tam

New York-based fashion designer, who lived for years in Hong Kong

I call Hong Kong the city of lights. I remember every time I land in Hong Kong, I can see the neon lights flashing on skyscrapers. When I walk through tonglau (low-rise tenement buildings), I see colorful logos of tiny shops. As evening approaches, life in this city gets even more exciting. Hong Kong is a city that never sleeps. The scene, the colorful lights of the concrete jungle have inspired me and helped shaped my latest fashion collection. I wanted to capture the vibrancy of the city.

I always think of a new way of dressing because I believe adapting to the city's life is very important for design. For example, although qipao is part of our culture, I always think of how to make it modern. In my latest collection, instead of a mandarin collar, I use a shirt collar to match the asymmetrical cut. When people look at the dress and wear it, they may exclaim 'Wow! This is new'. The rule of design is not always the same. That's the essence of fashion.

The fashion industry has been growing rapidly in China, providing great opportunities for young designers to showcase their work. We have fashion weeks in Beijing, Shanghai, Dalian, Shenzhen and, of course, Hong Kong as well.

The designers' works, marked by each city's characteristics, are presented in a unique way. With the fusion of East and West, Hong Kong's designers can get inspiration from works worldwide. Hong Kong can work more closely with other mainland cities to promote the development of the fashion industry.

Dagan Potter

production lead of Oriental Dreamworks, the studio that produced Sino-US animated film Kung Fu Panda 3

Mainland-Hong Kong and Sino-foreign co-production markets will continue to grow in line with mainland audiences' growing appetite for quality films. Co-produced film will constantly evolve and producers are trying to understand what a co-production is supposed to be like. Viewers from the mainland, Hong Kong and other parts of the world will ultimately play a crucial role in pushing out these productions.

In filmmaking, once you have the ability that captures those little components everyone loves and can relate to, there comes the magic.

We're just one big team, such that we don't even think it's a co-production. Instead, we think of ourselves as filmmakers.

It's really about bringing talents together and, ultimately, creating one big team with a singular vision and delivering on that.

(HK Edition 07/01/2017 page8)