'One country, two systems' works in Hong Kong

FE Team | Published: July 01, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

HONG KONG, June 30 (Xinhua): At one time Hong Kong amazed the world as it transformed itself from a colonial fishing outpost into an economic miracle. Today it's impressing the globe again to become a political wonderworks-a capitalist city thriving in a socialist country.
Ten years after its return to China, Hong Kong-with its political, economic and social systems largely unchanged since the end of British rule-has evolved along with the rest of the country to become even more vibrant and prosperous. The naysayers of the "one country, two systems" must surely be embarrassed.
The "one country, two systems" was first put forward by late Chinese leader Deng Xiaoping in the 1980s as a potential solution to China's thorny Taiwan issue. The creative compromise formula charted the way to Hong Kong's successful and peaceful return to China in 1997.
The basics of the system saved face, instilled pride and maintained peace. It allowed the British a graceful exit and returned to China what was rightfully due.
It all came to pass at the end of Britain's 99-year lease over Hong Kong, which had been signed after foreign powers of the day purposefully debilitated China with massive imports of opium.
Britain had already been the chauvinistic ruler of Hong Kong Island for five decades when it forced the teetering Qing dynasty in 1898 after the Opium Wars to lease areas south of Shenzhen River and north of the Boundary Street and more than 200 nearby isles for 99 years.
Not even a bit of revenge or atonement was sought by China's leaders during the handover negotiations. The cooperative approach found in the "one-country, two-systems" formula has now become a staple of China's foreign policy.
The policies entrenched in the agreement have been faithfully implemented by the central government and they have helped Hong Kong to quickly change its identity from a former British colony to a special administrative region of China.
Over the past decade, maintaining Hong Kong's long-term stability and prosperity has remained the primary consideration of the Chinese central government in all its dealings with Hong Kong.
Top Chinese leaders, including President Hu Jintao and former President Jiang Zemin, have staunchly supported the principles of the agreement and have guarded Hong Kong's security as one would a member of the family.
During the Asian financial crisis, the Chinese central government stood shoulder with Hong Kong as the city fought off currency speculators and survived the financial disaster that ravaged so many Asian economies.
While dealing with difficulties has been a mainstay of the 10-year-old relationship, the "one-country two-systems" formula has also helped broaden horizons, create wealth and provide a new sense of self confidence in the entire nation.
In 2003, the Chinese mainland and Hong Kong signed the closer economic partnership arrangement (CEPA), gradually scrapping tariffs on products manufactured in Hong Kong, expanding market access for Hong Kong services on the mainland, and improving trade and investment facilities.