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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

2020-10-17 16:30:09

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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 Day by day)

Tam Yiu-chung 

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

“One nation, two programs” 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 individuals to rule Hong Kong.

Examples of the success of “one nation, two programs” embody Hong Kong SAR passport holders being allowed visa-free entry into greater than 100 nations. All Hong Kong legal guidelines, besides these contravening the Primary Legislation, stay legitimate after 1997. Establishing Hong Kong’s Court docket of Closing Attraction was an necessary milestone.  

The ability to interpret the Primary Legislation rests with the Nationwide Folks’s Congress Standing Committee, and the highest legislature has interpreted the Primary Legislation 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 services on the Shenzhen Bay Management Level is one other traditional instance of the success of “one nation, two programs”. The Shenzhen Bay co-location mannequin may be utilized to the West Kowloon Terminus of the Hong Kong part of the Guangzhou-Shenzhen-Hong Kong Specific Rail Hyperlink.

I count on Chief Government 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 Legislation Committee of the Standing, Committee of the Nationwide Folks’s Congress

Hong Kong individuals ought to put apart their variations and admire the assist the nation has unfailingly given to Hong Kong. Favorable growth plans, just like the Belt and Street Initiative and the Guangdong-Hong Kong-Macao Larger Bay Space undertaking, can provide nice alternatives for town.

Hong Kong and the mainland can strengthen their ties in lots of features, corresponding to in finance, commerce, innovation and expertise, artwork and tradition.

Above all, Hong Kong must staff up with the mainland within the innovation and artistic industries.

Innovation and expertise has been Hong Kong’s brief plank, however we have now financing platform that may work with Shenzhen, which has ample skills and a vibrant expertise and innovation base.

Hong Kong shouldn’t relaxation on its laurels however make an effort to take part within the nation’s tasks 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 change into a serious worldwide monetary middle, attracting international capital to put money into Chinese language mainland property. Hong Kong has undergone massive adjustments, particularly prior to now 10 years. The town has attracted an enormous quantity of funds from the Chinese language mainland and is the primary selection of mainland entrepreneurs searching for an abroad financing middle.

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

Within the coming 20 years, Hong Kong will play a serious function within the Chinese language mainland’s strategy of reform and opening-up. In addition to attracting capital from the mainland, it is 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 change into extra international in 20 years, and Hong Kong will assist mainland individuals allocate their property worldwide in future. The Shenzhen-Hong Kong Inventory Join and the Shanghai-Hong Kong Inventory Join provide such channels. It would make capital circulation extra clear and in 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 taking part in a strategic function as a pioneer and trendsetter for the nation since 1997.

It has organized varied necessary worldwide conferences prior to now 20 years. This totally displays Hong Kong’s key function underneath “one nation, two programs”, 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 have been held right here, the mainland despatched massive 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 provided the nation invaluable alternatives. Hong Kong additionally performed a pioneering function in different cross-boundary tasks, together with the Nearer Financial Partnership Association (CEPA) between Hong Kong and the mainland, the Particular person Go to Scheme and offshore yuan companies, having fun with the distinctive benefits of “two programs” underneath the “one nation” association.

Jonathan Choi Koon-shum

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

On the periphery of Hong Kong’s return to the nation, many native businessmen have been involved in regards to the uncertainties forward, however the huge advantages created and the motherland’s unreserved assist for Hong Kong over the previous 20 years have  dismissed their worries. In the present day, I’m very happy to see Hong Kong companies 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 individuals to go to Hong Kong, offering an enormous 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 programs” precept has labored properly prior to now 20 years. 

Enterprise confidence in Hong Kong may be very excessive, underpinning Hong Kong’s particular standing. Hong Kong’s uniqueness lies in such features because the rule of legislation, independence of the judiciary, a free-market economic system, transparency, in addition to the excessive requirements set within the battle towards corruption. All these present that “one nation, two programs” has received the arrogance of enterprise individuals coming to Hong Kong. 

The EU is a agency supporter of the implementation of “one nation, two programs”.  We expect it has been key to the event of Hong Kong, and we’re assured it is going to proceed to stay a key component in Hong Kong’s future growth. The “one nation, two programs” precept has been helpful 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 possibly can see in actually concrete phrases how carefully we have now grown collectively.

Now we have a bunch of recent infrastructure tasks being constructed, together with the Hong Kong-Zhuhai-Macao Bridge which is because of open subsequent yr. We additionally welcome the Guangdong-Hong Kong-Macao Larger Bay Space plan through which Hong Kong, clearly, has an enormous function 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 services in a “North Industrial District of the Airport”. It would additionally give rise to new tourism infrastructure and different services, 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 nations collaborating within the Belt and Street Initiative.

As town seems to capitalize on Belt and Street undertakings and objectives in a yr 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 expertise infrastructure — ought to by no means be underestimated.

The Belt and Street Initiative is greater than an enormous commerce and infrastructure plan bolstering the nation’s imaginative and prescient of reviving its historical commerce route. Once we discuss an enormous ribbon of infrastructure tasks prepared for development or on the desk, a “Information Silk Street” additionally spells doubtlessly enormous alternatives for these with the foresight to take part.

Hong Kong, ideally positioned to be a worldwide funding middle alongside the “Information Silk Street”, may assist mainland expertise companies go international and help the Belt and Street nations in accessing the most recent improvements from Hong Kong and the mainland.

Lo Chung-mau

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

The HKU-Shenzhen Hospital is a check discipline for working a hospital with two totally different medical programs, and its growth prior to now 5 years has proved successful. There are 250 Hong Kong docs who’re licensed to apply on the mainland, working for the hospital, accounting for half of the entire docs employed by the hospital. 

The hospital has launched a number of reforms, together with pricing. It has performed a pioneering function on the Chinese language mainland by introducing a bundle pricing system utilized to its outpatient and inpatient departments, and surgical procedures. Sufferers are charged a hard and fast one-off medical payment that covers normal check-ups, remedy, surgical procedure and session. 

The HKU-Shenzhen Hospital additionally advantages Hong Kong, serving as an important lab and coaching discipline for Hong Kong’s future medical employees. 

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

We began from zero and we’re now seeing passable outcomes. Now we 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, informed China Day by day the standing of Hong Kong as a world monetary middle has been additional strengthening prior to now 20 years particularly during the last decade. The town has attracted huge mainland capital and has change into the highest prior vacation spot for mainland enterprises looking for to boost funds offshore. 

“In the present day’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 Street Initiative,” he stated.
He famous that quite a few mainland monetary establishments have come to Hong Kong and developed properly when it comes to capital dimension and market Share prior to now 20 years. Hong Kong authorities statistics present that, by the top of final yr, 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 the moment, 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 assist, the particular administrative area’s irreplaceable standing because the world’s main monetary middle continues to be consolidated and redefined, taking over a brand new significance. The SAR is eyeing a much bigger function in asset administration and fundraising underneath the Belt and Street Initiative and the Larger Bay Space plan.

Such grand plans will significantly raise Hong Kong’s prosperity, placing it on target to reap the fruits of the mainland’s fast growth and shoring up its main function in monetary companies.

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 stored up with the market when it comes to 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 arrogance 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 companies through the years. The 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 international economic system because it was among the many few nations that have 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 knowledgeable in investments in China.

In the present day, 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 companies going out and holding 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 function as a worldwide monetary middle as its bond market remains 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 completed by international banks. Mainland-owned brokerages in Hong Kong have been very a lot a uncommon commodity.

Peregrine’s collapse provided a grim preview of what may comply with.

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 international”. 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 corporations in Hong Kong may leverage alternatives arising from the Belt and Street Initiative to develop and improve the present aggressive industries to the following degree, thereby consolidating Hong Kong’s place as a world monetary middle.

Huarong is China’s largest asset administration firm. According to the Belt and Street Initiative, our worldwide technique may be very sensible. We’ll proceed to diversify our enterprise, and transit from passive asset administration to energetic administration, from heavy property to gentle property, from the normal enterprise to the modern enterprise, whereas emphasizing each home and abroad efficiency.

Over time, we have now seen shut interplay between the mainland and abroad with regard to collaborating within the Belt and Street Initiative. As the following step, we are going to arrange a $20-30 billion Belt and Street 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 an important function as a world fund-raising platform when it comes to refinancing, in addition to mergers and acquisitions, capitalizing on town’s skilled skills, corresponding to attorneys and consultants who may make sure the viability and security of all the business’s funding chain in relation to the Belt and Street 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 dimension of $8.5 trillion and a number of merchandise. As much as 90 p.c of the market includes interbank bonds, whereas the remaining 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

advisor at BOC Hong Kong

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

There’s enormous demand for monetary assist from quite a lot of tasks 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 influence on the worldwide monetary system can be additional enhanced.

In the meantime, the usage of yuan funds within the financing course of for the Belt and Street Initiative will consolidate Hong Kong’s place as an offshore yuan settlement and clearing middle. An rising variety of offshore yuan merchandise can be issued in Hong Kong, which can 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 Group

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. By 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 glad to see mutual advantages. I hope such exchanges may 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 Group

Sports activities is sports activities however, typically, it’s greater than that. By organizing trade excursions to the mainland for Hong Kong’s scholar ping pong gamers, I discovered the members from each side have damaged obstacles that appeared to exist between kids from two totally different societies. They’ve gained not solely higher desk tennis strategies, 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 received’t see one other metropolis like Hong Kong, which has a inhabitants of about 7 million however abounds with wine fanatics with an amazing generosity on premium wines. The 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, just lately, I’ve been so glad to see that our motherland’s home manufacturing of tremendous 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 kind within the reverse path, through which mainland-produced tremendous wines will circulation into Hong Kong and attain abroad markets by town.

Vivienne Tam

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

I name Hong Kong town of lights. I keep in mind each time I land in Hong Kong, I can see the neon lights flashing on skyscrapers. After I stroll by tonglau (low-rise tenement buildings), I see colourful logos of tiny outlets. 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 means of dressing as a result of I imagine 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 a substitute of a mandarin collar, I exploit a shirt collar to match the asymmetrical minimize. When individuals take a look at the costume and put on it, they could exclaim ‘Wow! That is new’. The rule of design isn’t 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. Now we 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 offered in a novel means. With the fusion of East and West, Hong Kong’s designers can get inspiration from works worldwide. Hong Kong can work extra carefully 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 are attempting to know what a co-production is meant to be like. Viewers from the mainland, Hong Kong and different components of the world will finally play an important function in pushing out these productions.

In filmmaking, after you have the power that captures these little elements everybody loves and might relate to, there comes the magic.

We’re only one massive staff, such that we don’t even assume it’s a co-production. As an alternative, we consider ourselves as filmmakers. 

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

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