“One Country, Two Systems” is the cornerstone for Hong Kong’s long-term prosperity and stability. Reaffirming the importance of this governing principle, Chinese Premier Li Qiang reiterated at the Second Session of the 14th National People’s Congress that the Central Government would “continue to fully, faithfully, and resolutely implement the policy.”
At a Chamber roundtable luncheon on 27 March, a panel of speakers including Agnes Chan, PC Yu and David Lie, HKSAR Members of the CPPCC National Committee, and Nick Chan, HKSAR Deputy to National People’s Congress, shared their insights into the Two Sessions in Beijing and what these key meetings revealed about the Central Government’s policy direction in the year ahead.
In her opening remarks, Agnes Chan pointed out that the key phrase this year is “new quality productive forces,” with technological innovation as the driver of the development. She said Premier Li’s government report sets the tone for China’s development on all fronts in 2024 and beyond, as it highlights the guiding principles on pursuing progress while ensuring stability, promoting stability through progress, and establishing the new before abolishing the old.
These principles were reflected in the nation’s achievements in 2023 and its targets for 2024. Given the sluggish economy coupled with international geopolitical tensions, achieving a 5.2% growth in 2023 was a very good result for the country. She expected continued growth this year, with the Central Government setting a target of around 5% for 2024.
One Country, Two Systems
As usual, there was a section dedicated to Hong Kong in the work report. Recalling the meetings with Xia Baolong, Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, and other top officials, PC Yu noted that the message conveyed was simple: “One Country, Two Systems is here to stay, and the hidden message behind this is there is no timeline at all.”
Most importantly, Hong Kong must maintain its relevance as a super-connector, he explained, adding that the common law system is crucial as Hong Kong is the only city in China with the common law system.
Echoing these comments, Nick Chan said Hong Kong should be confident that “One Country, Two Systems” is permanent, as it has been written into the party constitution. “We have to be unique. What is the point if we are just another city in China? The country wants us to remain unique and use our uniqueness not just for Hong Kong but for the nation.”
National Security Law
On the topic of national security, Nick Chan pointed to the reality that there was a lot of misinformation about the recently passed Basic Law Article 23 Legislation. However, the passing of the law in Hong Kong will give the city a better grounding as well as a better environment for everyone to do business without fear, he explained.
David Lie revealed that during a meeting, Vice Premier Ding Xuexiang emphasized the need to quickly get Basic Law Article 23 legislation out of the way after a delay of 27 years to allow Hong Kong to focus on economic development.
Adding to this point, Yu asked: “What makes for a good business environment? The answer lies in the rule of law.” With the national security law in force, the rule of law, along with business and investment interest, can be robustly safeguarded.
The Role of Hong Kong
In his work report, Premier Li urged Hong Kong to participate in the development of the Greater Bay Area by leveraging its “distinctive strengths and features” for better integration into the overall national development. It is a testament to the value the Central Government places in Hong Kong’s unique advantages.
“We need to understand our own strengths as an international financial centre and transport hub. We have a role to play in the development of new quality productive forces as it draws on our expertise, our infrastructure and innovation,” said Agnes Chan. “Particularly, for any new innovative development, we need funding. So as a financing centre, this is an area to which we can really contribute.”
Lie said that Hong Kong can also explore development of its modern maritime, arbitration and legal services, which would enable the city to move towards high value-added business to meet future demand. To align with the country’s efforts to attract foreign investment, it is also important to tell China’s stories well. Everyone must do their part and work hard for the betterment of Hong Kong, he concluded.