Opinion | Hong Kong must retain its unique nature as it supports China’s opening up
- As China emphasises higher-quality development, its growing needs will mesh neatly with areas in which Hong Kong has established advantages
- Maintaining its unique nature will ensure Hong Kong is not replaced by mainland cities and that ‘one country, two systems’ will live on
The Department of Justice has organised a series of “Why Hong Kong” webinars recently. The series began in February with a session called “Why Hong Kong is Irreplaceable”, and in the following three months discussions covered opportunities in Hong Kong from legal and investment perspectives.
It is not surprising the Department of Justice organised a series of webinars with a legal theme. However, it might be slightly unexpected that some of the sessions were investment-oriented. The series showcased Hong Kong’s well-developed status quo and its competitive edge.
When introducing Hong Kong’s implementation of the “one country, two systems” principle, Hong Kong is often mentioned as the only jurisdiction in China that implements a common law system. What does this means for China and Hong Kong?
The most prominent stock and futures markets in the world – such as those in New York, London, Hong Kong and Singapore – are common law jurisdictions. The capital market in common law areas is more vibrant and entrenched, thus having greater influence on international economy and trade. This illustrates why they have become leading international financial centres.
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What does ‘one country, two systems’ mean?
Further, common law is usually adopted among international investment, trading and maritime companies around the world to safeguard their contractual rights and liabilities. It is thus no exaggeration to say that the common law system is the backbone of the maritime world and the international economic order.
