The resolution adopted at the Communist Party’s third plenary session outlines a strategic framework for Hong Kong’s development. It emphasises leveraging the “one country, two systems” principle to enhance Hong Kong’s status as a centre of international finance, shipping and trade. It also encourages the city to become a global hub for high-calibre talent.
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The resolution charts a new course for Hong Kong’s high-quality development, injecting significant momentum into the city’s governance and prosperity. Hong Kong already has three advantages in this regard.
The first is security. By improving the electoral system, restructuring the district council system and implementing the national security law and Safeguarding National Security Ordinance, Hong Kong has established a comprehensive institutional framework that ensures security, stability and effective governance.
Hong Kong now has a safer, freer and more open society, as well as a predictable business climate, ushering in a great period for reviving the economy and seeking development. Under such conditions, the city will attract more global enterprises, capital and talent.
Second, Hong Kong enjoys unique strengths due to its greatest asset – one country, two systems. The benefits of “two systems” enable Hong Kong’s international linkages. As one of the world’s freest economies and the only region in China that practises the common law, Hong Kong is highly favoured by the global elite for its strong rule of law, low tax rates and safe, liveable environment.
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Hong Kong’s status as an international financial, shipping and trade centre also remains solid. Recently, the city regained its position as the third-ranked global financial centre in the latest Global Financial Centres Index.