Not only does the law uphold the principles of the Basic Law, it is also an important tool for fostering economic growth. The law has also boosted the mutual trust between Hong Kong and the mainland, allowing the city to better integrate into the country’s development.
Reopening will undoubtedly boost Hong Kong’s tourism and retail sectors, as well as other cross-border economic activities, but it’s no cure-all for the city. The plan is still in its early days, the pandemic is not over and other events are slowing the global economy, which will hit Hong Kong.
Given the challenges facing the city, this is an important milestone in the governance of Hong Kong. The changes can lead to an improved executive-legislative relationship, so lawmakers can be more effective in resolving the city’s deep-rooted problems.