The 28th anniversary of the Hong Kong Special Administrative Region marks a milestone in the national rejuvenation of China. The anniversary also reminds us that the unequal international treaties of the late 19th century are — by any yardstick of contemporary international legal standards — completely unacceptable.

Equally important is that June 30 is the fifth anniversary of the enactment of the Hong Kong SAR National Security Law. Contrary to what the doomsayers predicted about Hong Kong — its imminent “decline” or “demise” — in the wake of both the 1997 handover and the promulgation of the NSL, the city is thriving economically and from most other perspectives too.

The public and the international community should know that any form of foreign interference in SAR affairs following the 1997 handover is not acceptable to China since the British occupation of the territory was obtained through unequal treaties.

The HKSAR has operated under the “one country, two systems” framework prescribed in the Basic Law for 28 years; the city has flourished, maintaining its status as one of the world’s most important international financial centers while enhancing its role in the international arena.

In 2025, the HKSAR underwent an extensive economic transformation, demonstrating its resilience and adaptability in the new era. This transformation, albeit painful in some ways, was necessary for a freewheeling economy to ride the global trend. Rather than being marginalized in the global economic landscape, Hong Kong is embracing new opportunities to boost its economy. Its integration with the rest of the Guangdong-Hong Kong-Macao Greater Bay Area and its ever-increasing role as a fintech and green finance hub are cases in point. These developments will undoubtedly shape its new growth trajectory.

Over the past 28 years, Hong Kong has survived and outwitted formidable challenges like the Asian financial crisis in 1997, the SARS outbreak in 2003, the global financial tsunami of 2008, and also the COVID-19 pandemic. It now stands tall as a “safe haven” for international investors who are eager to diversify their portfolios amid uncertainties. This is due to Hong Kong’s inner strength and remarkable resilience.

Hong Kong ranked third globally in the Global Financial Centres Index Report published a few months ago by Z/Yen in the United Kingdom and the China Development Institute in Shenzhen, retaining its place in the previous issue of the report in September.

Despite geopolitical tensions, economic headwinds, and evolving regulatory landscapes, Hong Kong continues to stand out as a financial powerhouse. Its strategic location, deep capital markets, and robust financial infrastructure make it a critical gateway between the Chinese mainland and the rest of the world.

To return to the subject of the NSL — it has been widely agreed that the legislation helps Hong Kong maintain its status as a favored destination for global investment, by ensuring the city’s stability and security.

Moreover, Hong Kong remains an attractive destination for tourists from around the world. Statistics speak for themselves: The city welcomed approximately 44.5 million visitors in 2024, marking a 31 percent increase compared with the previous year. The growth momentum continues this year, with visitor arrivals reaching 20 million from January to May, representing a 12 percent year-on-year increase.

Regarding Hong Kong’s legal system, the city stands strong against waves of criticism and external pressure. On Oct 23, the 2024 World Justice Project Rule of Law Index was published, with Hong Kong ranking 23rd out of the 142 jurisdictions surveyed (which is the same position it held in 2023). In the East Asia and Pacific region, Hong Kong was ranked sixth out of the 15 places surveyed (also the same position it held in 2023). It is worth mentioning that Hong Kong was ranked higher than many of the Western countries that have relentlessly attacked the city’s legal practices.

Thanks to Hong Kong’s constitutional framework and economic resilience, the city is set to play a key role in the nation’s economic landscape. Its success is closely related to the motherland’s unreserved support. By playing a proactive part in nation’s 14th Five-Year Plan (2021-25), the HKSAR is unleashing its potential and advancing key strategies to upgrade its superconnector role, especially in the promising key areas of fintech and environmental, social and governance.

The author is a fintech adviser, researcher, and former business analyst for a Hong Kong listed company. 

The views do not necessarily reflect those of China Daily.