Antonello De Riu points out that massive reserves, full employment and a plum

position in the B&R and Greater Bay Area projects augur bright prospects for city

Since its inception on July 1, 1997 the Hong Kong Special Administrative Region has encountered tough challenges, from the Asian financial crisis to the outbreak of SARS epidemic, yet made extraordinary achievements based on its core strengths of global connectivity, rule of law and role as an international financial center.

The government's fiscal reserves are at a record high, merchandise exports increased substantially and unemployment remains at a record low. Moreover, political rights continue to be exercised by disparate sectors of the community as was guaranteed by the Basic Law. The unique "one country, two systems" formula clearly has worked wonderfully as Hong Kong attracted an unprecedented number of visitors from all over the world in the past 20 years. Women can walk its streets unaccompanied any hour of the day, thanks to the professionalism of its finest, its government is universally regarded as one of the most efficient and least corrupt, and its transport network duly rated as one of the most reliable anywhere. It's no accident that the city has been designated to play a pivotal role in the internationalization of the yuan on account of its world-class banking and financial services.

Looking to the future, the HKSAR faces significant challenges as well as historic opportunities beyond its borders, potentially benefiting not only itself but China as a whole, and other countries. Perhaps the most demanding task the new SAR administration has to face is to arrive at a political reform package for democratic election acceptable to all parties without violating the parameters of the Basic Law and the principle of "one country, two systems". But the HKSAR's future is very promising because, while the Belt and Road Initiative develops, Hong Kong will become a springboard for mainland companies seeking to expand business abroad and a platform for foreign ones eager to engage the Chinese mainland, thereby further boosting the city's reputation as a leading financial and logistics hub. Hong Kong's unique advantages also assure itself of an active role in China's overall economic development through the Guangdong-Hong Kong-Macao Greater Bay Area project - which represents an economy that would be the world's 10th largest if it were a country.

By carrying on its tradition of good governance, sophisticated and internationally connected financial and banking services, efficient project management, legal compliance, intellectual property protection, fair judicial arbitration and mediation and many of its other best practices, Hong Kong will most certainly attract more business for itself and in the process help realize the goals of the Belt and Road Initiative, simultaneously elevating the city's reputation and influence and spreading China's soft power in the process.

Indeed, Hong Kong people have much to be grateful for as the city counts its blessings - foremost of which is the high degree of autonomy granted by the central government, and to be allowed to retain the best business and legal practices of the West, while enjoying the many preferential treatments not available to other cities on the mainland. In other words, Hong Kong is blessed from the best of both worlds!

(HK Edition 07/01/2017 page1)