People in the industrial and commercial sector generally believe that society must be stable in order for successful economic development to occur. These practical business people support the implementation of the new National Security Law in the Hong Kong SAR. They ask, “If authorities are unable to stop violence, how can we do business?” Hong Kong has seen people damaging restaurants and subways, throwing petrol bombs, and committing arson. These images damage the reputation of Hong Kong as a successful business oriented city.
Hong Kong attracts international companies to do business there because of the success of Hong Kong’s “one country, two systems,” which allows for a high degree of autonomy in Hong Kong. You may ask, Why does the central government implement the National Security? The law has become necessary to ensure stability and long-term development of Hong Kong under “One Country, Two Systems”. The central government of PRC has great respect for the people of Hong Kong. The city’s existing human rights and freedoms remain protected. The implementation of the National Security Law reflects respect for the two legal systems, without compromising Hong Kong’s judicial independence.
The Hong Kong stock market has attracted large investments of capital from all over the world, with over 200 billion Hong Kong dollars in daily turnover. Hong Kong will remain a business center for global companies which remain focused on providing quality goods and services to the people of Hong Kong and the world. These businesses will not be affected by the new law.
Hong Kong’s economic foundation is very stable, with sufficient fiscal reserves. Hong Kong is still an international financial center. Several statistics are crucial: First, the Hong Kong exchange rate index is very stable; secondly, this year’s capital market ushered in a wave of return of China concept stocks, and IPO funds raised throughout the year are likely to continue to rank in the top three. The daily turnover is nearly 200 billion Hong Kong dollars, which is a sign of confidence.
Among the nine inland cities in the Guangdong-Hong Kong-Macao Greater Bay Area, the most important thing for Hong Kong at present is the cooperation in science and technology with Guangzhou and Shenzhen. Because the “Guangdong-Hong Kong-Macao Greater Bay Area Development Plan Outline” puts forward the construction of the “Guangzhou-Shenzhen-Hong Kong-Macao” science and technology innovation corridor. Due to the early development of Shenzhen, Shenzhen is already at the forefront in the field of science and technology. Hong Kong is well positioned to benefit from cooperation with these mainland PRC cities in technology research and development.
As an international financial center, Hong Kong can also benefit from participation in financing the “Belt and Road” with the city’s advantages in the financial industry, modern service industry, and professional services. For Hong Kong, this is a once-in-a-lifetime opportunity. The city cannot hold itself apart, but should seek to integrate into the larger dynamic economy of the nation.