Editors note: To mark the 28th anniversary of Hong Kongs go back to China, CGTN launches Voices from Hong Kong, a commentary series.
In this second installation of a two-part series, Lau Siu-kai, a professor emeritus of sociology at the Chinese University of Hong Kong and a specialist to the Chinese Association of Hong Kong and Macao Studies, discusses how the One Country, Two Systems policy assists raise Hong Kongs role in Chinas national development.
The article reflects the authors viewpoints and not necessarily those of CGTN.Currently, Chinas techniques for developing a strong nation and accomplishing national rejuvenation are entering a brand-new phase.
In this new phase, the countrys primary strategic task is to deepen reform and opening up, using these procedures to develop broader development space and opportunities in the middle of the ruthless containment and seclusion by the United States and the West.
Given that it delights in the special advantages of One Country, Two Systems, Hong Kong can and need to offer complete play to its distinct benefits, closely line up with and work together with the countrys new development strategy, combine the structure of Hong Kongs long-lasting development and let Hong Kong make new and distinct contributions to the countrys development under One Country, Two Systems.
First, as an extremely open international metropolis and complimentary port, Hong Kong has comprehensive and close international connections.
Hong Kong can increase its efforts to draw in financial investment from the Chinese mainland, offering financial, intermediary, legal and other professional services for mainland enterprises and capital to go international.
This will boost Hong Kongs status and function as a super-connector in between China and the world.Second, as a worldwide monetary center and the leading offshore renminbi global financial center, Hong Kong plays an important function in the countrys method of promoting RMB internationalization.
Hong Kong, which pursues a policy of free capital inflow and outflow and has a comprehensive financial system, will play an essential role in trade funding and settlement utilizing the RMB as the currency, promoting the digital RMB, and constructing and reinforcing an international payment system with the RMB at its core.Third, as a city with a sound legal system, an extensive and total regulative system, judicial independence and the practice of common law, Hong Kong can be developed into a global legal and conflict resolution service center and a regional intellectual property trade center in the Asia-Pacific region, thus breaking the monopoly of the United States and the West on global legal service institutions, allowing China and other countries, specifically those in the Global South, to delight in more fair, simply and sensible legal services, and enhancing Chinas role and function in international governance.Fourth, the Belt and Road Initiative is a crucial advancement strategy for China, closely connected to the nations long-term economic development and overall national security.
As a monetary and high-end service center, a city with close ties with numerous countries that is globally trusted for its credibility, reliability and stability, Hong Kong can work as a center for linking and integrating nations along the Belt and Road, consequently assisting the country in promoting the progressive combination of countries along the Belt and Road into an increasingly robust regional economy.
After Hong Kong joins the Regional Comprehensive Economic Partnership, its function as a hub in the regional economy of the Belt and Road will become more popular, substantial and essential.Fifth, with the benefit of One Country, Two Systems, Hong Kong plays an essential role in the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
The central government is identified to build the GBA into an extremely open, sophisticated and globally incorporated bay location economy that can be equivalent 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 presentation role in the countrys reform, opening and innovation, allowing it to become a necessary financial development pole to promote the overall financial advancement of the nation.
As the most internationalized city in the Greater Bay Area, Hong Kong will take on the core function of moving other cities in the GBA toward integrating into the world rapidly so that the GBA can better promote the execution of the countrys advancement strategy.Sixth, Hong Kongs status as an international trade and shipping center is extremely essential to Chinas development.
Currently, the United States is making every effort to suppress Chinas international trade, shipping, and shipbuilding industries and is trying to fracture the supply chain and industrial chain centered on China.
Hong Kong will continue to become Chinas primary trade and shipping center, further solidifying Chinas central position in the supply chain and industrial chain of the Asia-Pacific area.
With the extensive increase of economic anti-globalization, local economic combination, typically referred to as economic regionalization, has become a significantly salient kind of global economic cooperation.
Hong Kong will help the nation enhance its status and function in the economic advancement of the Asia-Pacific region.Seventh, the essential function of skill in advancement is self-evident.
As a worldwide metropolis that is extremely open, varied and inclusive, mixing Chinese and Western cultures, with a special charm and abundant advancement chances, Hong Kong is quite attractive to talents from worldwide.
Therefore, it has tremendous capacity to become a global high-end talent base, attracting more skill to Hong Kong and promoting its development.
At the same time, Hong Kong can likewise function as a tank of high-end talent and a channel for talent to get in the Chinese mainland, enabling the nation to take advantage of a more comprehensive and abundant skill supply through Hong Kong.Finally, after more than twenty years of advancement, the One Country, Two Systems concept has ended up being 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 execution of the concept of patriots administering Hong Kong, Hong Kong has actually brought back stability, the guideline of law and public order.
The organizations endemic to One Country, Two Systems, especially executive-led governance, cordial executive-legislative relationship and judicial independence, have actually been further refined and combined.
Hong Kong has actually had the ability to play its distinct function in China more effectively and make new and distinctive contributions to the building of a strong country and nationwide rejuvenation.Read more: Hong Kong: The development bridge driving the Greater Bay Area forward