Editorial | Hong Kong marks National Day with hope amid challenges
As the People’s Republic of China turns 76, Hong Kong remains dedicated to national development and local growth
China is justifiably proud of its accomplishments over the past three-quarters of a century, having evolved from a newly established republic in 1949 to one of the world’s leading powers and economies today. The deep sense of pride and achievement also resonated widely in Hong Kong as it celebrated National Day yesterday, although with mixed optimism and many challenges ahead.
The celebration activities, including the firework display over Victoria Harbour and the four-day port visit of two People’s Liberation Army warships, came as a much-needed morale booster. Restaurants and retailers also hope that the longer-than-usual “golden week” holiday will bring more business. An array of discounts and concessions was also up for grabs.
This is especially important as the mainland and the city grapple with the challenges in the next stage of development. Despite the establishment of new companies and modest economic growth in the city in recent years, the accelerating pace of restructuring is pushing some local businesses and workers into difficulties. Adding to the pressure are the uncertainties arising from Sino-US trade negotiations and the knock-on effect on different sectors.
The commitment by Lee to eliminate bottlenecks in transferring economic development into “dividends” and shorten the time in realising benefits for residents is to be welcomed. He conceded that some sectors might benefit from the growing economic pie in a more indirect way, but remained confident that the fruits would be shared by the whole community eventually.