Have you ever wondered how Hong Kong fits into the bigger picture of China’s growth? According to Professor Lau Siu-kai, the unique ‘One Country, Two Systems’ policy is not only boosting Hong Kong’s strategic advantages but also contributing significantly to China’s development.
Connecting China to the World
As a highly open international city with extensive global connections, Hong Kong serves as a ‘super-connector’ between the Chinese mainland and the world. It offers financial, legal, and professional services that help Chinese mainland enterprises expand globally.
Driving Financial Innovation
Hong Kong’s role as an international financial center, especially for offshore renminbi (RMB) services, is indispensable. The city aids in promoting the international use of the RMB, supporting trade financing, and enhancing China’s global financial presence.
Legal Excellence
With its sound legal system and judicial independence, Hong Kong can become an international hub for legal and dispute resolution services. This helps break the monopoly of Western legal institutions, offering fair and reasonable services to countries, especially in the Global South.
Boosting the Belt and Road Initiative
Hong Kong plays a vital role in the Belt and Road Initiative by acting as a bridge between China and countries along the route. Its credibility and stability make it an ideal hub for enhancing regional economic integration.
Leading the Greater Bay Area
In the development of the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong’s internationalization is key. The city helps other regions integrate globally, supporting China’s strategy for innovation and reform.
Strengthening Trade and Shipping
As an international trade and shipping center, Hong Kong is crucial in maintaining China’s central position in global supply chains, especially amid challenges from other nations.
Attracting Global Talent
Hong Kong’s diverse and inclusive environment makes it attractive to international talent. The city serves as a reservoir of high-end talent, benefiting both its own development and that of the Chinese mainland.
A Stable Future
With the successful implementation of the ‘One Country, Two Systems’ policy, Hong Kong has restored stability and rule of law. This foundation allows the city to contribute more effectively to China’s national rejuvenation.
Looking Ahead
Professor Lau believes that Hong Kong’s unique advantages under ‘One Country, Two Systems’ will continue to bolster its strategic edge, playing a significant role in China’s future development.
By leveraging its unique position, Hong Kong is set to make new and distinctive contributions to China’s growth, providing opportunities not just for itself but also for young people around the globe who are looking to engage with a dynamic and evolving region.
