Why the Basic Law is the best safeguard for Hong Kong’s prosperity and stability
- From topping global IPO rankings to its large offshore renminbi market, independent judiciary and bilateral trade and other agreements, the special administrative region has come a long way under ‘one country, two systems’
On April 4, 1990, the Basic Law of the Hong Kong Special Administrative Region (HKSAR) was adopted by the seventh National People’s Congress of China. It enshrines the basic policies of the People’s Republic of China regarding Hong Kong and provides a solid constitutional basis for the implementation of “one country, two systems”.
Looking back, we must not forget the purpose and mission of the Basic Law. It clearly states that Hong Kong has been part of the territory of China since ancient times and is an inalienable part of the country. It is a special administrative region enjoying a high degree of autonomy under the central government.
Upholding national unity and territorial integrity, maintaining the prosperity and stability of Hong Kong, and taking account of history and realities, the “one country, two systems” principle was put forth by Deng Xiaoping as a way to preserve the characteristics and strengths of Hong Kong as much as possible and to enable Hong Kong citizens to maintain their way of life.
In the 22 years since its return to the motherland, Hong Kong has weathered different challenges and, on the whole, the implementation of “one country, two systems” has been successful.
Leveraging on our strengths of a free-market economy, the rule of law, an independent judiciary and the free flow of information, and with our country’s strong support, Hong Kong has developed into an international financial, trade and transport centre and attracted more than 9,000 overseas and mainland companies to establish offices here, with many making Hong Kong their regional headquarters in the Asia-Pacific.
Article 109 of the Basic Law confirms Hong Kong’s status as an international financial centre and stipulates that the HKSAR government shall provide an appropriate economic and legal environment for the maintenance of this status.
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Riding on our country’s reform and opening up, Hong Kong has also developed into the world’s largest offshore renminbi centre.
The Basic Law stipulates that judges shall be appointed by the chief executive on the recommendation of an independent commission; for the appointment of judges of the Court of Final Appeal and the chief judge of the High Court, the chief executive shall obtain the endorsement of the Legislative Council and report such appointments to the NPC Standing Committee for the record.
Hong Kong's judicial independence will stay - as long as 'one country' and 'two systems' are both fully recognised
The fundamental rights and freedoms of Hong Kong residents are fully protected by the Basic Law. Under Chapter 3, they shall have freedom of speech, of the press and of publication; freedom of association, of assembly, of procession and of demonstration; freedom of the person; freedom of communication; freedom of religious belief; freedom of choice of occupation; freedom to engage in academic research, literary and artistic creation, and other cultural activities; and, freedom of marriage.
However, as pointed out by our courts in their judgments, freedom is not absolute; one should respect the rights and freedoms of other people and be subject to law when exercising such freedoms.
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Hong Kong has always been a bridge between East and West. The Basic Law allows the SAR to maintain and develop relations with foreign states and regions and relevant international organisations in the appropriate fields, using the name “Hong Kong, China”.
The implementation of “one country, two systems” fully demonstrates that it is the best institutional arrangement to maintain Hong Kong’s long-term prosperity and stability.
As a pioneering initiative, its application entails an evolving process and we have to effectively apply this principle to maintain the prosperity and stability of Hong Kong, to meet the aspirations of our citizens and the fundamental interests of our country.
I encourage all Hong Kong citizens to learn more about the Basic Law, including the institutional safeguards, and the rights and duties of Hong Kong residents.
In so doing, we should consider how best we can continue to leverage Hong Kong’s advantages, allowing it to advance with the country and enabling every Hong Kong resident to realise their goal.
Carrie Lam Cheng Yuet-ngor is chief executive of the Hong Kong Special Administrative Region
