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Marching collectively in progress | twentieth Anniversary of Hong Kong’s Return to China – NEWPAPER24

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Marching collectively in progress | twentieth Anniversary of Hong Kong’s Return to China

2021-01-17 18:13:22

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Leaders from a large spectrum of Hong Kong society sum up the previous 20 years as a interval that has introduced immense advantages to each the SAR and the Chinese language mainland as mutual hyperlinks and exchanges develop. 

(Li Min / China Every day)

Tam Yiu-chung 

Hong Kong Primary Regulation Drafting Committee member, former lawmaker in HK (1997-2016)

“One nation, two methods” is the perfect association because it advantages each the nation and town. It’s the most suitable choice that guarantees a excessive diploma of autonomy, permitting Hong Kong folks to rule Hong Kong.

Examples of the success of “one nation, two methods” embody Hong Kong SAR passport holders being allowed visa-free entry into greater than 100 international locations. All Hong Kong legal guidelines, besides these contravening the Primary Regulation, stay legitimate after 1997. Organising Hong Kong’s Courtroom of Last Attraction was an vital milestone.  

The ability to interpret the Primary Regulation rests with the Nationwide Individuals’s Congress Standing Committee, and the highest legislature has interpreted the Primary Regulation on solely 5 events prior to now 20 years, displaying it had very sturdy justification in doing so,  whereas cautiously exercising its powers.  

The co-location of immigration, customs and quarantine amenities on the Shenzhen Bay Management Level is one other basic instance of the success of “one nation, two methods”. The Shenzhen Bay co-location mannequin might be utilized to the West Kowloon Terminus of the Hong Kong part of the Guangzhou-Shenzhen-Hong Kong Specific Rail Hyperlink.

I anticipate Chief Govt Carrie Lam Cheng Yuet-ngor’s administration to carry out properly, and there can be a greater working relationship between the brand new administration and the opposition.

Maria Tam Wai-chu

member of the HKSAR Primary Regulation Committee of the Standing, Committee of the Nationwide Individuals’s Congress

Hong Kong folks ought to put apart their variations and respect the help the nation has unfailingly given to Hong Kong. Favorable growth plans, just like the Belt and Highway Initiative and the Guangdong-Hong Kong-Macao Better Bay Space venture, can provide nice alternatives for town.

Hong Kong and the mainland can strengthen their ties in lots of features, resembling in finance, commerce, innovation and know-how, artwork and tradition.

Above all, Hong Kong must crew up with the mainland within the innovation and inventive industries.

Innovation and know-how has been Hong Kong’s brief plank, however we’ve a superb financing platform that may work with Shenzhen, which has considerable skills and a vibrant know-how and innovation base.

Hong Kong shouldn’t relaxation on its laurels however make an effort to take part within the nation’s initiatives within the pursuit of additional growth.

Charles Li Xiaojia

chief government of Hong Kong, Exchanges and Clearing

Hong Kong was only a regional monetary middle 20 years in the past. It has now grow to be a significant worldwide monetary middle, attracting world capital to put money into Chinese language mainland property. Hong Kong has undergone huge adjustments, particularly prior to now 10 years. Town has attracted an enormous quantity of funds from the Chinese language mainland and is the primary alternative of mainland entrepreneurs in search of an abroad financing middle.

Hong Kong will emerge because the nation’s world wealth administration middle, main offshore threat administration middle and world asset pricing middle in 20 years. The important thing level is to stick to “one nation, two methods”.

Within the coming 20 years, Hong Kong will play a significant position within the Chinese language mainland’s means of reform and opening-up. Moreover attracting capital from the mainland, it’s going to assist to allocate property for mainland enterprises and traders.

For the reason that begin of the nation’s reform and opening-up, Hong Kong has made main accomplishments in three areas — entrepot commerce, direct investments and the event of capital markets.

The mainland’s capital allocation will grow to be extra world in 20 years, and Hong Kong will assist mainland folks allocate their property worldwide in future. The Shenzhen-Hong Kong Inventory Join and the Shanghai-Hong Kong Inventory Join provide such channels. It’s going to make capital stream extra clear and in a superb order. In approving the Bond Join, the Hong Kong inventory trade is contemplating introducing Alternate Traded Funds, new shares and commodities to the system.

Henry Tang Ying-yen 

monetary secretary of the HKSAR Authorities (2003 – 2011), member of the Standing Committee of the CPPCC Nationwide Committee (since 2013) 

The Hong Kong SAR has been enjoying a strategic position as a pioneer and trendsetter for the nation since 1997.

It has organized varied vital worldwide conferences prior to now 20 years. This absolutely displays Hong Kong’s key position underneath “one nation, two methods”, making the perfect of town’s place as a trend-setter and permitting the mainland to Share Hong Kong’s expertise. Every time the worldwide conferences had been held right here, the mainland despatched huge delegations to Hong Kong to take part and Share our expertise. This was earlier than the Chinese language mainland hosted the 2008 Olympic Video games and the 2010 World Expo.

Internet hosting main worldwide conferences has supplied the nation invaluable alternatives. Hong Kong additionally performed a pioneering position in different cross-boundary initiatives, together with the Nearer Financial Partnership Association (CEPA) between Hong Kong and the mainland, the Particular person Go to Scheme and offshore yuan providers, having fun with the distinctive benefits of “two methods” underneath the “one nation” association.

Jonathan Choi Koon-shum

chairman of the Chinese language Common Chamber of Commerce (CGCC),

On the periphery of Hong Kong’s return to the nation, many native businessmen had been involved concerning the uncertainties forward, however the huge advantages created and the motherland’s unreserved help for Hong Kong over the previous 20 years have  dismissed their worries. As we speak, I’m more than pleased to see Hong Kong corporations thrive on the expansion of the world’s second-largest economic system.

After Hong Kong’s return to the nation, the Asian monetary disaster erupted, and banks pushed up rates of interest, giving native businessmen a tough time. And, earlier than we may catch our breath, the SARS epidemic hit Hong Kong in 2003. The central authorities gave us many preferential insurance policies, such because the Nearer Financial Partnership Association (CEPA) and permitting extra mainland folks to go to Hong Kong, offering a giant enhance for our retail and tourism industries.

Carmen Cano de Lasala 

head of the EU Workplace to Hong Kong and Macao

Relations between the European Union and the Hong Kong Particular Administrative Area have grown broader and deeper because the “one nation, two methods” precept has labored properly prior to now 20 years. 

Enterprise confidence in Hong Kong could be very excessive, underpinning Hong Kong’s particular standing. Hong Kong’s uniqueness lies in such features because the rule of regulation, independence of the judiciary, a free-market economic system, transparency, in addition to the excessive requirements set within the combat in opposition to corruption. All these present that “one nation, two methods” has gained the boldness of enterprise folks coming to Hong Kong. 

The EU is a agency supporter of the implementation of “one nation, two methods”.  We expect it has been key to the event of Hong Kong, and we’re assured it’s going to proceed to stay a key factor in Hong Kong’s future growth. The “one nation, two methods” precept has been useful not solely to Hong Kong, but in addition the Chinese language mainland, the area and the remainder of the world. 

Pansy Ho Chiu-king

group government chairman of Shun Tak Holdings

I feel it is a historic second. We’re celebrating the twentieth anniversary of China resuming sovereignty over Hong Kong — 20 years of collaboration between the Chinese language mainland and the Hong Kong Particular Administrative Area. You’ll be able to see in actually concrete phrases how intently we’ve grown collectively.

We now have a number of recent infrastructure initiatives being constructed, together with the Hong Kong-Zhuhai-Macao Bridge which is because of open subsequent 12 months. We additionally welcome the Guangdong-Hong Kong-Macao Better Bay Space plan during which Hong Kong, clearly, has a giant position to play.

For Hong Kong itself, the mega Hong Kong-Zhuhai-Macao Bridge will result in the creation of recent built-in recreation and leisure amenities in a “North Industrial District of the Airport”. It’s going to additionally give rise to new tourism infrastructure and different amenities, all of which improve Hong Kong’s tourism sector.

Lee George Lam

chairman of Cyberport  

Hong Kong has what it takes to sharpen its edge as a big-data middle for international locations participating within the Belt and Highway Initiative.

As town seems to be to capitalize on Belt and Highway undertakings and objectives in a 12 months that marks the twentieth anniversary of its return to the motherland, Hong Kong’s potential as a big-data hub — underpinned by its well-established telecommunications and knowledge know-how infrastructure — ought to by no means be underestimated.

The Belt and Highway Initiative is greater than a large commerce and infrastructure plan bolstering the nation’s imaginative and prescient of reviving its historical commerce route. Once we speak about an enormous ribbon of infrastructure initiatives prepared for building or on the desk, a “Knowledge Silk Highway” additionally spells probably large alternatives for these with the foresight to take part.

Hong Kong, ideally positioned to be a world funding middle alongside the “Knowledge Silk Highway”, may assist mainland know-how corporations go world and help the Belt and Highway international locations in accessing the newest improvements from Hong Kong and the mainland.

Lo Chung-mau

liver transplant professional, chief government of the College of Hong Kong-Shenzhen Hospital

The HKU-Shenzhen Hospital is a take a look at area for operating a hospital with two totally different medical methods, and its growth prior to now 5 years has proved a hit. There are 250 Hong Kong docs who’re licensed to apply on the mainland, working for the hospital, accounting for half of the full docs employed by the hospital. 

The hospital has launched a number of reforms, together with pricing. It has performed a pioneering position on the Chinese language mainland by introducing a package deal pricing system utilized to its outpatient and inpatient departments, and surgical procedures. Sufferers are charged a set one-off medical charge that covers customary check-ups, remedy, surgical procedure and session. 

The HKU-Shenzhen Hospital additionally advantages Hong Kong, serving as an amazing lab and coaching area for Hong Kong’s future medical workers. 

For the reason that hospital’s inception, HKU has been sending medical college students to the establishment for transient research stints. This association will strengthen college students’ information and broaden their horizons as they are going to be uncovered to circumstances which can be seldom seen or handled in Hong Kong.

We began from zero and we’re now seeing passable outcomes. We now have made Hong Kong’s as soon as closed medical system extra open to fixed exchanges with the mainland.

Hu Zhanghong

CCB Worldwide (Holdings), chief government

Hu Zhanghong, chairman and chief government officer of CCB Worldwide (Holdings) Ltd, instructed China Every day the standing of Hong Kong as a world monetary middle has been additional strengthening prior to now 20 years particularly over the past decade. Town has attracted huge mainland capital and has grow to be the highest prior vacation spot for mainland enterprises looking for to lift funds offshore. 

“As we speak’s Hong Kong is the ‘super-connector’ between the mainland and the remainder of the world. It has additionally been evolving right into a strategic platform for renminbi internationalization and the Belt and Highway Initiative,” he mentioned.
He famous that quite a few mainland monetary establishments have come to Hong Kong and developed properly by way of capital measurement and market Share prior to now 20 years. Hong Kong authorities statistics present that, by the top of final 12 months, mainland banks’ property in Hong Kong had made up roughly 33 p.c of the native banking system, in contrast with 13 p.c in 1997. At present, nearly all State-owned banks and nationwide joint-equity industrial banks have branches in Hong Kong.

Tan Yueheng

chairman of the Chinese language Securities Affiliation of Hong Kong and BOCOM Worldwide Holdings chief government

Over the previous 20 years, Hong Kong has efficiently weathered a cluster of economic crises, cementing its place as a world-renowned monetary hub and the most important offshore yuan middle.

Banking on the Chinese language mainland’s unwavering help, the particular administrative area’s irreplaceable standing because the world’s main monetary middle continues to be consolidated and redefined, taking up a brand new significance. The SAR is eyeing an even bigger position in asset administration and fundraising underneath the Belt and Highway Initiative and the Better Bay Space plan.

Such grand plans will vastly carry Hong Kong’s prosperity, placing it heading in the right direction to reap the fruits of the mainland’s speedy growth and shoring up its main position in monetary providers.

Hong Kong can also be a mature worldwide monetary middle with sound rules that give precedence to sustaining market well being and defending traders. It has saved up with the market by way of innovation and introducing it to the market. 

Chen Shuang

chief government of Hong Kong-based China Everbright Ltd (CEL) — the abroad arm of Chinese language mainland conglomerate China Everbright Group 

Together with many Chinese language mainland-funded finance homes coming to Hong Kong years in the past, China Everbright was a small agency that didn’t have the boldness to compete with international funding banks.

Having set foot in Hong Kong in 1997 as town returned to the motherland, CEL has since grown right into a flagship mainland-funded finance firm that has been synonymous with direct investments, asset administration, funding banking and brokerage providers through the years. Town’s return to the nation, and taking Hong Kong as a conduit to the worldwide capital market, is important for CEL’s success.

In 2008, China turned the focus within the world economic system because it was among the many few international locations that had been solely mildly hit by the worldwide monetary disaster. The yuan was on its upward observe and the demand of international traders to put money into China surged. We noticed the chance and touted the corporate as an professional in investments in China.

As we speak, regardless of the yuan’s depreciation, home investor urge for food for abroad funding is powerful and cross-boundary asset administration and funding maintain nice promise.

As Hong Kong celebrates the twentieth anniversary of its return to the motherland, it’s good to see many mainland finance corporations going out and conserving tempo with their abroad opponents. We’re rising by leaps and bounds.

Yim Fung

chairman and chief government officer of Guotai Junan Worldwide Holdings

The Bond Join will facilitate internationalization of the yuan and enhance Hong Kong’s position as a world monetary middle as its bond market continues to be comparatively small in contrast with different mature monetary facilities.

In 1999, simply two years after the handover, the native retail brokerage commerce was nonetheless very a lot within the clutches of town’s securities homes, and funding banking was largely executed by international banks. Mainland-owned brokerages in Hong Kong had been very a lot a uncommon commodity.

Peregrine’s collapse supplied a grim preview of what may observe.

However, by 2006 the China Securities Regulatory Fee (CSRC) — the mainland’s securities watchdog — had began encouraging monetary enterprises to innovate and prodding them into “going world”. Mainland-owned brokers thus launched into their march onto the worldwide monetary stage.

Guoyuan Securities turned the primary mainland brokerage to acquire the CSRC’s nod to arrange store in Hong Kong in mid-2006. This triggered a rush, with the variety of mainland brokers having surpassing that of their native and international friends in Hong Kong in recent times.

Lai Xiaomin

chairman of China Huarong Asset Administration

Mainland monetary firms in Hong Kong may leverage alternatives arising from the Belt and Highway Initiative to develop and improve the present aggressive industries to the following stage, thereby consolidating Hong Kong’s place as a world monetary middle.

Huarong is China’s largest asset administration firm. Consistent with the Belt and Highway Initiative, our worldwide technique could be very sensible. We are going to proceed to diversify our enterprise, and transit from passive asset administration to lively administration, from heavy property to gentle property, from the standard enterprise to the revolutionary enterprise, whereas emphasizing each home and abroad efficiency.

Through the years, we’ve seen shut interplay between the mainland and abroad with regard to collaborating within the Belt and Highway Initiative. As the following step, we are going to arrange a $20-30 billion Belt and Highway Initiative growth fund.

Tse Yung-hoi

chairman of BOCI-Prudential Asset Administration and China Securities Affiliation of Hong Kong (HKCSA) honorary president

Hong Kong may play a vital position as a world fund-raising platform by way of refinancing, in addition to mergers and acquisitions, capitalizing on town’s skilled skills, resembling legal professionals and consultants who may make sure the viability and security of the complete business’s funding chain in relation to the Belt and Highway Initiative.

The upcoming Bond Join, beginning with northbound buying and selling, hyperlinks Hong Kong with the mainland, which is the world’s third-largest marketplace for bonds with a market measurement of $8.5 trillion and a number of merchandise. As much as 90 p.c of the market includes interbank bonds, whereas the remainder are exchange-traded bonds.

The Bond Join marks the third of three steps within the opening-up of the mainland’s bond market. Step one allowed international traders direct entry to its capital market by the Certified International Institutional Investor (QFII) program, which was launched in 2002, adopted by the opening-up of the interbank bond market in 2005, permitting international traders entry even outdoors the QFII.

Zhu Yanlai

marketing consultant at BOC Hong Kong

The Belt and Highway Initiative has created golden alternatives for Hong Kong to develop and improve its economic system. With its geographical benefit and ideal market mechanism and years of expertise in offering buying and selling, logistics, financing {and professional} providers, Hong Kong may play a big position within the venture.

There’s large demand for monetary help from a wide range of initiatives concerned within the initiative, along with quite a few investments, in addition to merger-and-acquisition actions. Hong Kong, as a mature worldwide monetary middle, will see increasingly monetary actions carried out within the metropolis, thus its affect on the worldwide monetary system can be additional enhanced.

In the meantime, using yuan funds within the financing course of for the Belt and Highway Initiative will consolidate Hong Kong’s place as an offshore yuan settlement and clearing middle. An growing variety of offshore yuan merchandise can be issued in Hong Kong, which may even promote and deepen the foreign money’s internationalization.

‘Ping Pong Twins’

Li Ching, native Ping Pong icon, head coach of the Hong Kong Ladies’s Desk Tennis Workforce

I’ve to say “thanks” to Hong Kong’s return to China. It’s true. It has considerably elevated the frequency and depth of sports activities exchanges between town and the mainland. Via these exchanges, Hong Kong gamers have improved their abilities quickly by studying from the stronger facet. They’ve additionally helped to encourage top-level mainland gamers in comprehending the sport. I’m completely satisfied to see mutual advantages. I hope such exchanges might be prolonged and deepened within the years to come back.

Ko Lai-chak, native Ping Pong icon, former head coach of the Hong Kong Males’s Desk Tennis Workforce

Sports activities is sports activities however, typically, it’s greater than that. By organizing trade excursions to the mainland for Hong Kong’s pupil ping pong gamers, I discovered the individuals from each side have damaged limitations that appeared to exist between kids from two totally different societies. They’ve gained not solely higher desk tennis methods, however, extra importantly, friendship, imaginative and prescient and higher information of the nation’s and the SAR’s growth. This proved that sports activities is the perfect stepping stone to mutual understanding. I’ll proceed to work on such exchanges, hopefully, to contribute to the promotion of concord between Hong Kong and the mainland.  

Paulo Pong Kin-yee 

founding father of Altaya Group, dubbed Hong Kong’s “King of Wines”

You gained’t see one other metropolis like Hong Kong, which has a inhabitants of about 7 million however abounds with wine lovers with an amazing generosity on premium wines. Town’s vibrancy and professionalism in wine buying and selling has all alongside drawn in legions of wine traders and oenophiles from the Chinese language mainland, fueling cross-boundary wine buying and selling actions.

And, not too long ago, I’ve been so glad to see that our motherland’s home manufacturing of positive wines, particularly the revered Ningxia wines, have gained worldwide recognition.

Within the coming years, Hong Kong’s wine re-exports to the mainland are sure to surge, because the mainland’s wine market is rising vigorously. However, I additionally foresee one other commerce sort within the reverse course, during which mainland-produced positive wines will stream into Hong Kong and attain abroad markets by town.

Vivienne Tam

New York-based clothier, who lived for years in Hong Kong

I name Hong Kong town of lights. I bear in mind each time I land in Hong Kong, I can see the neon lights flashing on skyscrapers. Once I stroll by tonglau (low-rise tenement buildings), I see colourful logos of tiny retailers. As night approaches, life on this metropolis will get much more thrilling. Hong Kong is a metropolis that by no means sleeps. The scene, the colourful lights of the concrete jungle have impressed me and helped formed my newest vogue assortment. I needed to seize the vibrancy of town.

I at all times consider a brand new approach of dressing as a result of I consider adapting to town’s life is essential for design. For instance, though qipao is a part of our tradition, I at all times consider methods to make it trendy. In my newest assortment, as an alternative of a mandarin collar, I exploit a shirt collar to match the asymmetrical minimize. When folks have a look at the costume and put on it, they could exclaim ‘Wow! That is new’. The rule of design will not be at all times the identical. That’s the essence of vogue.

The style business has been rising quickly in China, offering nice alternatives for younger designers to showcase their work. We now have vogue weeks in Beijing, Shanghai, Dalian, Shenzhen and, in fact, Hong Kong as properly.

The designers’ works, marked by every metropolis’s traits, are introduced in a singular approach. With the fusion of East and West, Hong Kong’s designers can get inspiration from works worldwide. Hong Kong can work extra intently with different mainland cities to advertise the event of the style business.

Dagan Potter

manufacturing lead of Oriental Dreamworks, the studio that produced Sino-US animated movie Kung Fu Panda 3

Mainland-Hong Kong and Sino-foreign co-production markets will proceed to develop in step with mainland audiences’ rising urge for food for high quality movies. Co-produced movie will consistently evolve and producers try to know what a co-production is meant to be like. Viewers from the mainland, Hong Kong and different elements of the world will finally play a vital position in pushing out these productions.

In filmmaking, upon getting the power that captures these little parts everybody loves and may relate to, there comes the magic.

We’re only one huge crew, such that we don’t even suppose it’s a co-production. As a substitute, we consider ourselves as filmmakers. 

It’s actually about bringing skills collectively and, finally, creating one huge crew with a singular imaginative and prescient and delivering on that.

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