Editorial | After a roller-coaster ride for past 27 years, Hong Kong set for prosperity
- Political chaos of past years is behind us and as the city integrates ever more with mainland China opportunities abound
Today marks 27 years since China resumed sovereignty over Hong Kong, forever the defining event in the city’s proud and colourful history. But it is only five years since the eruption of social unrest ignited a chain of events that ultimately shaped the future under the “one country, two systems” principle. They led to political reforms and the passing of national security laws.
Since then, in President Xi Jinping’s words, Hong Kong has been transformed “from chaos to governance” and has now moved “from governance to prosperity”.
Long may that remain true. The stage is set. The most recent signs are more promising, with the city moving back up global ladders of competitiveness and liveability. But there is no room for complacency, with regional competition gathering momentum.
The future is lined with both anticipation and uncertainty at home and abroad. At home, the long-awaited third party plenum this month is expected to set the country’s economic direction for five to 10 years ahead. It remains to be seen how it affects Hong Kong, and what role the private sector will play.
Abroad, in four months, Americans will elect either incumbent Joe Biden or predecessor Donald Trump as their next president. It is not clear what either result could mean in the long run. But the campaign has fanned anti-China sentiment that adds to geopolitical uncertainty, and China-US tension will continue after the election.
Meanwhile Hong Kong, inevitably, has become more integrated with mainland China, as evidenced yesterday by the opening of the Shenzhen-Zhongshan Link that cuts travel time to the other side of the Pearl River Delta.