Home Asia News ‘One nation, two techniques’ allows HK ‘to seize mainland’s alternatives’ | 20th Anniversary of Hong Kong’s Return to China-Autopresse.eu

‘One nation, two techniques’ allows HK ‘to seize mainland’s alternatives’ | 20th Anniversary of Hong Kong’s Return to China-Autopresse.eu

‘One nation, two techniques’ allows HK ‘to seize mainland’s alternatives’ | 20th Anniversary of Hong Kong’s Return to China-Autopresse.eu

‘One nation, two techniques’ allows HK ‘to seize mainland’s alternatives’ | 20th Anniversary of Hong Kong’s Return to China

2020-09-17 08:01:45

This picture taken in June 2017 exhibits buildings on either side of Victoria Harbour, Hong Kong. (Xinhua picture)

NEW YORK – With the total help of the central authorities in Beijing, “one nation, two techniques” places Hong Kong in a primary place to seize the financial alternatives arising from the reform, improvement and opening-up of the Chinese language mainland, stated Clement Leung, Hong Kong Commissioner to the US.

Whereas making full use of the alternatives, Hong Kong can nonetheless retain its autonomy to make its personal legal guidelines and decide its personal commerce and financial insurance policies, he famous.

“This has given companies the belief, confidence and predictability to thrive within the area,” stated Leung at a Gala Dinner to have fun the 20th anniversary of the institution of the Hong Kong Particular Administrative Area on Wednesday at a resort in downtown New York.

CONFIDENCE CRISIS

Whereas making full use of the alternatives, Hong Kong can nonetheless retain its autonomy to make its personal legal guidelines and decide its personal commerce and financial insurance policies

Clement Leung, Hong Kong Commissioner to the US 

Leung recalled when the Sino-British Joint Declaration on the Query of Hong Kong was signed in 1984, “there was quite a lot of nervousness. There isn’t any historic precedent for ‘one nation, two techniques.’ Individuals weren’t positive whether or not the idea would work.”

“Again then, we had a confidence disaster: 1000’s of middle-class professionals emigrated to international nations. Some Hong Kong corporations moved their domiciles overseas,” he stated.

Fortune journal even pronounced the “Loss of life of Hong Kong” in a 1995 cowl story which stated “Hong Kong’s future may be summed up in two phrases: It is over.”

“What’s indisputably dying is Hong Kong’s position as a vibrant worldwide business and monetary hub,” Fortune declared.

STILL THE SHINING BEACON

“This has been an incredible journey for us. Over the previous 20 years, there have been ups and downs. Hong Kong took its challenges in stride and emerged stronger after every disaster,” Leung stated.

Hong Kong continues to achieve success because the premier worldwide enterprise middle in Asia and it’s ranked because the freest and probably the most aggressive economic system of the world, he stated, including “we obtain a state of full employment in our labor market, lowest crime charge in 44 years. And our life expectancy is longer than that of Japan.”

Not solely have Hong Kong emigrants returned from Canada, Australia and Britain, however the Pearl of the Orient now has a powerful influx of expatriates with its American inhabitants having practically doubled and the French inhabitants tripled because the handover, Leung stated.

Hong Kong remains to be that shining beacon of free commerce, open markets, and the rule of regulation, with low taxes, a stage taking part in area for native and international corporations alike, a excessive diploma of transparency, and 0 tolerance for corruption, Leung stated.

Hong Kong has additionally been sustaining a sturdy relationship with the US, the commissioner stated.

“We proceed to take pleasure in a powerful bilateral relationship with the US, being the ninth-largest export marketplace for American items and an in depth regulation enforcement accomplice.”

Apart from Hong Kong’s pillar sectors of commerce, finance, tourism {and professional} companies, new sectors and alternatives have emerged. These embody the event of Hong Kong as the most important middle for offshore RMB enterprise, implementation of the Inventory Join applications that allow worldwide buyers to entry the Shanghai and Shenzhen inventory markets, Hong Kong’s vibrant innovation and know-how start-up ecosystem, wine public sale and distribution, arts, tradition and artistic industries, in addition to the Belt and Street Initiative.

FUTURE BRIGHT, CHALLENGES REMAIN

He expressed his confidence in the way forward for Hong Kong as a result of “successive generations of Chinese language leaders need Hong Kong to succeed and our folks proceed to have this ‘can do’ spirit to get issues finished, as a result of the rule of regulation is rock stable and our judiciary is fiercely impartial.”

However he stated “Whereas we may be solidly united for a typical objective, we may be sharply divided and polarized on delicate political and livelihood points. Such variations are exacerbated by generational divides and earnings disparity.

“Do not forget that we simply had a coronary heart transplant? Whereas the transition was clean, we want time and house to regulate to this new constitutional order, notably on points involving the interface of the Hong Kong system with the mainland system,” he stated.

Leung additionally requested folks to remember that Hong Kong, like anyplace else, will not be good. “Whereas we’ve got finished quite a lot of issues proper, we make errors and sometimes we fumble. Typically instances, we don’t clarify ourselves very properly, and that’s the reason we’ve got our share of detrimental protection.”

“However that makes ‘one nation, two techniques’ extra genuine and actual. You ought to be extra nervous about Hong Kong if all you hear is sweet information from us,” he stated.

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