Lau Siu-kai: 'One Country, Two Systems' empowers Hong Kong's eight strategic strengths

Editor's note: To mark the 28th anniversary of Hong Kong's return to China, CGTN launches "Voices from Hong Kong," a commentary series. In this second installment of a two-part series, Lau Siu-kai, a professor emeritus of sociology at the Chinese University of Hong Kong and a consultant to the Chinese Association of Hong Kong and Macao Studies, writes about how the "One Country, Two Systems" policy helps elevate Hong Kong's role in China's national development. The article reflects the author's opinions and not necessarily those of CGTN.

Currently, China's strategies for building a strong country and achieving national rejuvenation are entering a new stage. In this new stage, the country's main strategic task is to deepen reform and opening up, utilizing these measures to create broader development space and opportunities amid the relentless containment and isolation by the United States and the West. Since it enjoys the unique advantages of "One Country, Two Systems," Hong Kong can and must give full play to its unique advantages, closely align with and cooperate with the country's new development strategy, consolidate the foundation of Hong Kong's long-term development and let Hong Kong make new and unique contributions to the country's development under "One Country, Two Systems."

First, as a highly open international metropolis and free port, Hong Kong has extensive and close international connections. Hong Kong can increase its efforts to attract investment from the Chinese mainland, providing financial, intermediary, legal and other professional services for mainland enterprises and capital to "go global." This will enhance Hong Kong's status and role as a "super-connector" between China and the world.

Second, as an international financial center and the leading offshore renminbi international financial center, Hong Kong plays an indispensable role in the country's strategy of promoting RMB internationalization. Hong Kong, which pursues a policy of free capital inflow and outflow and has a comprehensive financial system, will play a key role in trade financing and settlement using the RMB as the currency, promoting the digital RMB, and constructing and strengthening an international payment system with the RMB at its core.

Third, as a city with a sound legal system, a rigorous and complete regulatory system, judicial independence and the practice of common law, Hong Kong can be built into an international legal and dispute resolution service center and a regional intellectual property trade center in the Asia-Pacific region, thereby breaking the monopoly of the United States and the West on international legal service institutions, allowing China and other countries, especially those in the Global South, to enjoy more fair, just and reasonable legal services, and enhancing China's role and function in global governance.

Fourth, the Belt and Road Initiative is a crucial development strategy for China, closely tied to the country's long-term economic development and overall national security. As a financial and high-end service center, a city with close ties with many countries that is globally trusted for its credibility, reliability and stability, Hong Kong can serve as a hub for connecting and integrating countries along the Belt and Road, thereby assisting the country in promoting the gradual integration of countries along the Belt and Road into an increasingly robust regional economy. After Hong Kong joins the Regional Comprehensive Economic Partnership, its role as a hub in the regional economy of the Belt and Road will become more prominent, significant and essential.

Fifth, with the advantage of "One Country, Two Systems," Hong Kong plays a crucial role in the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The central government is determined to build the GBA into a highly open, advanced and internationally integrated bay area economy that can be comparable to and competitive with the Tokyo Bay Area in Japan, the San Francisco Bay Area and the New York Bay Area in the United States, so that the GBA can play a "first-mover" and demonstration role in the country's reform, opening up and innovation, enabling it to become an essential economic growth pole to promote the overall economic development of the country. As the most "internationalized" city in the Greater Bay Area, Hong Kong will take on the core role of moving other cities in the GBA toward integrating into the world quickly so that the GBA can better promote the execution of the country's development strategy.

Sixth, Hong Kong's status as an international trade and shipping center is extremely important to China's development. Currently, the United States is making every effort to suppress China's global trade, shipping, and shipbuilding industries and is attempting to fracture the supply chain and industrial chain centered on China. Hong Kong will continue to become China's primary trade and shipping hub, further solidifying China's central position in the supply chain and industrial chain of the Asia-Pacific region. With the profound rise of economic anti-globalization, regional economic integration, often referred to as "economic regionalization," has emerged as an increasingly salient form of international economic cooperation. Hong Kong will help the country enhance its status and role in the economic development of the Asia-Pacific region.

Seventh, the key role of talent in development is self-evident. As an international metropolis that is highly open, diverse and inclusive, blending Chinese and Western cultures, with a unique charm and abundant development opportunities, Hong Kong is quite attractive to talents from around the world. Therefore, it has tremendous potential to develop into an international high-end talent base, attracting more talent to Hong Kong and promoting its development. At the same time, Hong Kong can also serve as a "reservoir" of high-end talent and a channel for talent to enter the Chinese mainland, allowing the country to tap into a more extensive and bountiful talent supply through Hong Kong.

Finally, after more than two decades of development, the "One Country, Two Systems" principle has become deeply entrenched in Hong Kong. After the enactment and implementation of the Hong Kong National Security Law, the passage of the Safeguarding National Security Ordinance, and the full implementation of the principle of "patriots administering Hong Kong," Hong Kong has restored stability, the rule of law and public order. The institutions endemic to "One Country, Two Systems," especially "executive-led governance," "cordial executive-legislative relationship" and "judicial independence," have been further refined and consolidated. Hong Kong has been able to play its unique role in China more effectively and make new and distinctive contributions to the construction of a strong country and national rejuvenation.

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