The draft 14th Five-Year Plan (2021-25) for China’s economic and social development and the “2035 vision” approved by the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China demonstrates the ruling Party’s determination to pursue its goal of achieving the “great rejuvenation of the Chinese nation”. Hong Kong, as a special administrative region of China, with its 7.5 million residents being part of the 1.4 billion Chinese people, should actively participate in the 14th Five-Year Plan and make a special contribution to the realization of the “Chinese dream”. 

The grand celebration of the 40th anniversary of the establishment of Shenzhen Special Economic Zone has prompted the Hong Kong community to realize that the city has lagged behind Shenzhen in many aspects of socioeconomic development. This engenders a negative sentiment among some Hong Kong residents who think that the central government will give the city a cold shoulder while placing emphasis on Shenzhen’s further development.

Such ideas are groundless speculation. The reason is very simple, if Hong Kong fares well, the country will do better; if Hong Kong is in trouble, it will drag the country down. The communique of the fifth plenary session emphasizes the importance of making full use of all positive elements and mobilizing all constructive forces to pursue the goals set in the 14th Five-Year Plan and the “2035 Vision”. And ensuring the long-term prosperity and stability of both the Hong Kong and Macao special administrative regions is one of the requirements of national rejuvenation. 

The Hong Kong SAR government and all quarters of society should realize that the city has to work hard in the following four areas if it wants to make special contributions to the 14th Five-Year Plan and the long-term goals for 2035.

If Hong Kong wants to realize its full potential, it should keep up with the times

Firstly, Hong Kong must prepare itself before embarking on the new journey, meaning that it should, as quickly as possible, establish an effective system for combating the COVID-19 pandemic. The seesaw of relaxing and tightening social-distancing rules has cost Hong Kong society a great deal of time that otherwise could have been used for facilitating economic recovery and normalization of social life. The SAR government must bite the bullet and implement a mandatory universal testing scheme and establish a health code system that covers most citizens. Cross-boundary movement of people between Hong Kong and the Chinese mainland has to resume as soon as possible, or else Hong Kong will be left behind when 1.4 billion people on the mainland join hands with Macao residents to step into the new stage of national development next year.

Secondly, if Hong Kong wants to realize its full potential, it should keep up with the times. As Shanghai has yet to develop into a new international financial center in 2020 as previously expected, Hong Kong’s status as an international financial center remains highly valuable to the country. However, the city should be vigilant and prepared for potential setbacks when the United States intensifies its effort to contain China. It remains possible that Washington will try to undermine Hong Kong’s role as an international financial center with various low blows. As pointed out by columnist Richard Harris, it is envisaged that the city will still remain a prominent financial center, “but the color of the money would be different”. Harris argued that the city’s financial sector will steer away from the close alliance with the US-led Western countries. Nevertheless, it will find a new position through participation in the Belt and Road Initiative. 

Thirdly, in order to become an engine in the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong must accelerate its integration with Guangdong. Having attended the 40th anniversary celebration of Shenzhen’s special economic zone, Chief Executive Carrie Lam Cheng Yuet-ngor announced an ambitious goal for Hong Kong to partner with Shenzhen and to make the cities “dual engines” for the Bay Area. To that end, the SAR government must convince Hong Kong people of the need to align its rules and regulations with those of the nine mainland cities in the Bay Area. The dragon dance would be a good analogy: The dragon head must align with its body, or it cannot move smoothly. Admittedly, the current practice of “one country, two systems” alienates Hong Kong from the rest of the Bay Area because of the incompatibility in rules and regulations. Therefore, it is imperative that the practice of “one country, two systems” keep pace with the times. 

Fourthly, Hong Kong must innovate itself lest it fall behind the mainland, whose achievements through reform and opening-up and success in containing the COVID-19 pandemic demonstrate the efficacy and effectiveness of socialism with Chinese characteristics, with distinctive advantages that fully cater to China’s situation. The COVID-19 pandemic has accelerated the shift in the global political landscape, and it also provides an opportunity for the SAR government and all quarters of society to have a better knowledge of the institutional flaws and inadequacies of the Western capitalist system. Hong Kong is also beset by a failure to contain COVID-19 and the subsequent economic recession. Hong Kong people should realize that capitalism in Hong Kong, which is a legacy of the British colonial rule, bears the same flaws and inadequacies as its Western counterpart.

To evaluate the effectiveness and appropriateness of a political-social system, one cannot rely on theoretic analysis or historical legacy. Both social circumstances and its historical background should be taken into account. The benchmark must be whether it is conducive to economic and social development. In this regard, if Hong Kong wishes to make a distinctive contribution to the great rejuvenation of the Chinese nation and benefit from it, it must take note of the failures of capitalism in the West and take a lesson from the success of socialism on the Chinese mainland in the process of reforming and improving its current system.

The author is a senior research fellow of China Everbright Holdings.

The views do not necessarily reflect those of China Daily.