Liaison office of central govt says 'one country, two systems' biggest advantage of Hong Kong's business environment

HONG KONG - "One country, two systems" is the biggest advantage of Hong Kong's business environment, the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region (HKSAR) said Monday.

A spokesperson of the liaison office made the remarks after the HKSAR government released its first report on Hong Kong's business environment that specifically responds to foreign investors' concerns.

The report, with full and solid data and facts, shows a more healthy and stable business environment, strongly guaranteed economic development, and improved investors' confidence after the implementation of the national security law in Hong Kong, the spokesperson said.

Social stability is the cornerstone of economic development, the spokesperson said, recalling the dark time during the social unrest in 2019 when rampant violence impacted the economy and people's well-being, trampled on the rule of law, and brought about huge losses and uncertainties to Hong Kong's economy.

Hong Kong has been put back on track after the implementation of the national security law in Hong Kong, the spokesperson said.

Funds raised through initial public offerings topped HK$500 billion ($64.25 billion), up about 50 percent year on year. The aggregate deposits in banks increased by nearly 8 percent to surpass HK$15 trillion ($1.93 trillion). In the first three months of this year, Hong Kong's economy grew by 7.9 percent, with the contribution of trade being the highest in 10 years.

A survey by the Hong Kong General Chamber of Commerce said over 60 percent of business respondents believed the national security law in Hong Kong will bring positive or neutral influence to their business. A latest international index showed Hong Kong has returned as a top-three global financial center.

These facts proved that the solid guarantee of the rule of law has stabilized the markets and people's confidence and provided sustained impetus to Hong Kong's economy, and the facts strongly hit back at the malicious slanders by a handful of countries, the spokesperson said.

As for Hong Kong's economic development, the country's reform and opening up is the biggest arena and "one country, two systems" is the biggest advantage, the spokesperson said.

The central authorities have been attaching great importance to Hong Kong's prosperity and stability as well as people's well-being, rolling out many favorable policies, the spokesperson said, citing the fresh opportunities brought by the 14th Five-Year Plan for national socio-economic development, the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and the newly unveiled plans on Hengqin and Qianhai.

In the process of integrating into the national development, Hong Kong's unique advantages in business environment will be even stronger, the spokesperson said.

Foreign chambers of commerce also see the opportunities, saying Hong Kong still has a sound business environment and will continue to play as a super-connector between the mainland and the world, the spokesperson said.

As the mainland became the only major economy that registered positive growth in 2020, the spokesperson said the motherland will provide the strongest support for Hong Kong and urged the global financial hub to make full use of its advantages and make greater progress in its integration into the national development landscape.