I can recall with pride and glory that historic moment back in 1997 when I was still a teenager, seeing Hong Kong's triumphant return to the motherland after 150 years of British colonial rule.

Hong Kong has progressed enormously virtually on all fronts since then with "One Country, Two Systems" solidly entrenched along with the Basic Law, which has served as the core constitutional document that has sharpened our governance. The Basic Law has sheltered Hong Kong people and helped safeguard our rights. In return, we have to comply with the obligations as stipulated in the Basic Law. However, the Basic Law has been subject to various challenges since the right-of-abode issue came to the forefront, raising very much the people's knowledge and awareness of what it holds for their future.

The rights and privileges for Hong Kong as enshrined and guaranteed under the Basic Law have been widely debated in the wake of several controversial issues which had necessitated interpretations by the National People's Congress Standing Committee (NPCSC), the most notable being the debate over the right of abode involving children of Hong Kong and mainland parents born in the HKSAR, as well as the landmark case in which a US investment fund in Hong Kong launched a $100 million lawsuit against the government of the Democratic Republic of Congo.

Following the NPCSC interpretations, some academics have argued that the NPCSC interventions were inappropriate as it gave the impression that the NPC is supervising Hong Kong's judicial system, making the local courts lose their autonomy. As a graduate in Common Law and now a student reading law of the People's Republic of China, I would like to interpret the issues from my personal point of view. All sides do have their valid arguments over interpretation of the Basic Law. The most authoritative scholars tend to take the view that the Basic Law should be interpreted as with Continental Law instead of Common law. Thus, we can expect to see further developments in the Basic Law and in constitutional development in the next few decades.

As for Hong Kong's economic development, all business sectors are now reaping the benefits arising from the Closer Economic Partnership Arrangement (CEPA) signed between the HKSAR and the mainland a decade ago. Joint efforts and close cooperation between the two sides have offered vast opportunities for local entrepreneurs, and designated streams of Hong Kong professionals have crossed the border to various provinces to take up jobs or for investment. More job opportunities will be on the horizon as the mainland economy accelerates. CEPA also serves as a bridge for business advancement between Hong Kong and mainland, especially Guangdong province. Such opportunities can only strengthen with the rapid implementation of the country's 12th Five-Year Plan (2011-15), which promises even greater economic achievements to the betterment of Hong Kong.

Hong Kong has weathered a string of economic crises and setbacks in the past two decades, including two global financial meltdowns and the 2003 SARS pandemic that almost brought Hong Kong to its knees. Fortunately, with the concern and strong support of the central government, Hong Kong rode it out. With the introduction of the mainland's Individual Visit Scheme in 2003, Hong Kong's retail, catering and hospitality sectors in particular have experienced an almost unprecedented boom, benefitting from the hordes of mainland tourists who throng the city for their shopping and sightseeing. It has put Hong Kong back on track.

The HKSAR has enjoyed high autonomy in the past 16 years and will continue to do so. No doubt, the concept of "One Country, Two Systems" has proved to be a success. Also, with Hong Kong's constitutional development having had a good start in recent years with the inclusion of more geographical constituencies in the Legislative Council and Chief Executive Leung Chun-ying's pledge on universal suffrage for Hong Kong people, we're enjoying more rights than before the handover. Hong Kong's progress under "One Country, Two Systems" is crucial to its positioning itself as one of the country's key financial and trading hubs by taking full advantage of the nation's rapid development.

With a new vision, Hong Kong will be in a much better position to continue marching ahead and develop, in parallel with other fast-emerging cities in Guangdong. We can only expect the city to reach new heights in its economic development.

The author is chief convener of the Youth Exchange with Government Officials.

(HK Edition 07/05/2013 page9)