Mr YUEN Mo (Chairman of the 52nd terms of office) January 2022
We are eager to see the HKSAR government and the new LegCo Members interact positively and work together to promote the long-term prosperity and stability of Hong Kong.
The successful completion of the first Election Committee and Legislative Council (LegCo) elections under the improved electoral system last year had formed a new landscape for good governance. We are eager to see the HKSAR government and the new LegCo Members interact positively and work together to promote the long-term prosperity and stability of Hong Kong. In the meantime, we expect the Budget, which will be announced in February, to provide support for the relevant policies, to help the local economy and the business sector adapt to the new situation, and to drive post-pandemic development.
New electoral system provides strong systemic support
During Chief Executive Carrie Lam’s duty visit in Beijing last December, President Xi said that the elections for Hong Kong’s Election Committee and LegCo, both held under the city’s improved electoral system, had been successful, and had created a new political landscape with wide and balanced participation from all social groups and constituencies. He called the new electoral system a good system, as it conforms with the “One Country, Two Systems” principle and the actual situation of Hong Kong, and provides systemic support for the steadfast and successful implementation of the principle. The Central government also issued a white paper titled Hong Kong Democratic Progress Under the Framework of “One Country, Two Systems”, stressing that it has remained committed to upholding the “One Country, Two Systems” principle exactly as the principle was first laid down, and that the Chinese government was the one that established Hong Kong’s democratic development and is now safeguarding and promoting it.
Indeed, with competition in each sector and geographical constituency, the new LegCo Election is fully reflective of diverse and balanced participation, and is paving the way for Hong Kong’s long-term democratic development. We have every reason to believe that Hong Kong’s path toward democracy will only widen, as long as we follow the “One Country, Two Systems” principle and the Basic Law, and continue to seek out a democratic system that is suitable for Hong Kong’s actual situation.
Working in unison to promote economic development
In the new year, it is important for all sectors of society to direct their energy toward driving economic growth and improving people’s livelihood. In her Policy Address announced a few months ago in October, the Chief Executive presented the Northern Metropolis Development Strategy and proposed policies to resolve housing and other deeply rooted social problems. We hope to see the upcoming Budget accord with these policies by, for example, allocating greater resources to accelerate the development of innovation and technology in the Northern Metropolis and to promote the conversion of research results in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).
The HKSAR government should also capitalize on the opportunities provided by Hong Kong’s position as an offshore RMB market and take forward related financial policy measures, such as devising more investment and risk management products that are denominated and settled in RMB, and exploring the development of commodity exchanges with the Mainland.
In our opinion, the HKSAR government should invest more resources in developing Hong Kong’s competitive industries, such as aviation, transport, logistics and international arbitration services, so as to diversify the industrial structure and enhance the competitive advantages of those services. It should also strive to deepen cooperation with the Greater Bay Area and neighboring regions, and lobby for Hong Kong’s inclusion in the Regional Comprehensive Economic Partnership (RCEP) agreement, so as to strengthen Hong Kong’s position as an important platform for external circulation under the country’s dual-circulation strategy.
This year marks the 25th anniversary of Hong Kong’s reunification with the motherland. The successful implementation of the “One Country, Two Systems” principle has ensured the long-term prosperity and stability of Hong Kong. Meanwhile, the National Security Law and the improved electoral system have erected a new milestone for the city, where the “patriots administering Hong Kong” principle is made possible, and the “One Country, Two Systems” principle can be implemented in a steadfast and successful manner. We believe that the comprehensive realization of Hong Kong’s unique function and advantages will help accelerate the integration of Hong Kong into the country’s development framework. Right now, all sectors are surely anticipating the announcement of the details regarding the resumption of quarantine-free travel between the Mainland and Hong Kong. Once normal traffic is resumed, Hong Kong will be able to continue its way toward full integration with the country’s development.