Published: 01:08, December 4, 2023 | Updated: 10:04, December 4, 2023
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Hong Kong must leverage its unique political and financial advantages as an international city
By Tony Kwok

Anti-China critics have been spreading misinformation that Hong Kong is now just another ordinary Chinese city as a result of “Beijing’s interference” in its affairs. But the facts do not bear this out. On the contrary, Beijing has gone out of its way to help Hong Kong maintain its unique attractions by granting it a high degree of autonomy under the “one country, two systems” principle. 

Hong Kong has been a magnet for global businesses and tourists, thanks to its many attractions. Thus, in so far as Hong Kong’s modus operandi is concerned, Beijing goes by the maxim “If it ain’t broke, don’t fix it.” In fact, it was the insurrectionists who tried to destroy Hong Kong’s winning formula. But their nefarious plots, supported by certain foreign powers who wished China harm, were thoroughly suppressed by Hong Kong’s finest with the firm backing of Beijing.

Beijing’s determination to maintain Hong Kong’s many favorable features was recently reiterated by Zheng Yanxiong, director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, at a financial forum. He noted that Hong Kong’s international character is the “secret code” for its success and contribution to the country’s development. He highlighted the importance of Hong Kong maintaining its internationalism, which includes its ability to communicate with the rest of the world without language barriers, its cultural diversity, and the free flow of capital. This internationalism is crucial for Hong Kong’s role as a “superconnector” in China’s modernization. He further emphasized that leveraging its internationalism is vital for Hong Kong to progress from stability to prosperity.

Therefore, it is of paramount importance for the HKSAR government and Hong Kong residents to collaborate in ensuring that the city retains its cosmopolitan character and remains a vibrant international city.

First and foremost, Hong Kong must continue to be perceived as a rules-based and business-friendly financial and trading hub. For example, it can be promoted as a place where “one of the competitive advantages of Hong Kong is the Independent Commission Against Corruption (ICAC)”, underscoring that Hong Kong provides a level playing field for all investors and businesses, with no need for backdoor dealings in any transaction, whether in the public or private sectors. 

Foreign investments should be well protected, and the ICAC must remain vigilant in combating corruption in the business sector. Promoting business integrity is crucial, as it is, and must remain, one of Hong Kong’s greatest assets. The founder of modern Singapore, Lee Kuan Yew, said from his wheelchair in the island republic’s Parliament when celebrating his 90th birthday, “We must all remember. And it is most important: Keep our system clean.” Hong Kong should do no less.

Second, every effort must be made to uphold the rule of law in Hong Kong. That Hong Kong practices common law is a fundamental aspect of the “one country, two systems” concept. 

And Hong Kong’s independent judiciary must be protected, while remaining sufficiently flexible to adopt best practices from other established common law jurisdictions and so meet the challenges of a changing legal landscape as new business practices gather stream.

The introduction of a new law that enables the enforcement of mainland court judgments on civil and commercial matters in Hong Kong, and vice versa, should be welcomed as it instills greater confidence among cross-border businesses and multinational companies operating on the Chinese mainland.

Enhancing international arbitration services in Hong Kong is required to bolster its reputation as a commercial, financial and logistics hub. However, the handling of civil cases by the judiciary must be expedited. Consideration could be given to implementing a performance pledge that ensures all civil cases are scheduled for hearing within a specified period.

Third, Hong Kong should continue to enhance its status as an international center for finance, trade, shipping, aviation, innovation, research and more. It should explore how it can act as a catalyst for national development goals and leverage its free and open business environment to attract international capital, countering disruptions in supply chains caused by Western countries amid the current anti-globalization trend. 

To achieve this, Hong Kong must expand its global economic networks and proactively participate in national development plans, such as those for the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area. It should also strengthen its role as a hub for offshore renminbi business, supporting the country’s efforts to promote the internationalization of the yuan. Furthermore, Hong Kong should strive to join the Regional Comprehensive Economic Partnership, the world’s largest free trade agreement, to make further contributions on the international stage.

Fourth, to maintain Hong Kong’s internationalism, efforts should be made to enhance residents’ language proficiency, particularly in English. Regular international visitors have noted a general decline in our English proficiency, with even some university graduates unable to speak English fluently. We cannot ignore the fact that English continues to be the dominant language of commerce and science. The standard of the spoken-English exam in the Hong Kong Diploma of Secondary Education examination should be raised to meet this cosmopolitan city’s workplace requirements.

Additionally, promoting the internationalization of Hong Kong’s universities is crucial. With several local universities ranked within the top 100 globally, we should take advantage of this opportunity by expanding the quota for international students, attracting talent from around the world, who can then be allowed to stay in Hong Kong after graduation, ensuring a diverse and international talent pool to boost the local workforce and help develop our economy.

Equally important, Hong Kong must continue to prioritize green practices and address livelihood issues; promote cultural, sports and entertainment activities; creating a talent-friendly ecosystem; and making it a truly vibrant city to work and live in for both locals and foreigners.

Finally, we need to continue to tell good Hong Kong stories to the international audience. On Sep 17, San Francisco Superior Court Judge Julie Tang had this posted on her social media while visiting Hong Kong: “I currently enjoy a high degree of freedom and democracy in Hong Kong, which I have not experienced in the United States for a long time. I am not afraid of being robbed, beaten and shunned here in Hong Kong. The food here is very good, and the people are very friendly and helpful. It’s hard to imagine that a lovely city like Hong Kong was ever destroyed by a Western-led ‘color revolution’. Thank God it failed.” We should all tell more similar reassuring reality-based stories.


The author is an honorary fellow of HKU Space and Metropolitan Universities and council member of the Chinese Association of Hong Kong and Macao Studies and a former deputy commissioner of ICAC.

The views do not necessarily reflect those of China Daily.