Opinion | Hong Kong’s pearl will shine brighter under ‘one country, two systems’

Hong Kong enters the final, all-important year of China’s five-year plan with a slew of achievements that vindicate its unique governance system

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Published: 9:30am, 11 Feb 2025

In the Year of the Snake, Hong Kong, the “Pearl of the Orient” will continue to help build China into a great, modern, socialist country in all respects and achieve national rejuvenation. In the over 27 years since Hong Kong’s return to the motherland, its remarkable achievements have shown that “one country, two systems” is a good framework.

As President Xi Jinping pointed out last December, at the 25th anniversary of Macau’s return to China, one country, two systems, “with its distinctive institutional strengths and strong vitality, is a good system that sustains the long-term prosperity and stability of Hong Kong and Macau”.

Xi added: “It is a good system that facilitates endeavours to build China into a great country and achieve national rejuvenation, and it is a good system for ensuring peaceful coexistence and mutual benefit between different social systems. So we must stay committed to this cause. The values embodied in the cause of one country, two systems, namely, peace, inclusiveness, openness and sharing, are relevant to not only China but also the whole world, and they should be cherished by us all.”

Last year, Hong Kong strengthened its security safeguards by completing the historic legislation of Article 23 of the Basic Law, passing its own Safeguarding National Security Ordinance and solidifying the foundation for its effective governance and prosperity.

It also boosted economic development, worked on pressing issues such as housing and healthcare, strengthened external exchanges and cooperation and enhanced its international prestige. The economy grew by 2.5 per cent last year, showing a steady, progressive trend.

Last year, Hong Kong’s brand also shone brighter. Last September, it reclaimed third position on the Global Financial Centres Index and the stock exchange raised over HK$83 billion (US$10.66 billion) in initial public offerings as the world’s fourth top IPO fundraiser.