On the 25th anniversary of Hong Kong’s return to the motherland, decoding the gold content of the word ＂Hong Kong SAR＂

　　Xinhua News Agency, Hong Kong, June 10th Title: Decoding the gold content of the word "Hong Kong SAR"

　　Xinhua News Agency reporter Zheng Xin

　　The Greater Bay Area Special Administrative Region (HKSAR), which is about to celebrate its 25th birthday, has many advantages besides its fascinating scenery and culture: the world’s freest economy, the world’s largest offshore RMB business center, Guangdong-Hong Kong-Macao Greater Bay Area, which is the fastest growing among the four cities in the world, and the "hometown of longevity" with the highest average life expectancy in the world & HELIP; …

　　There are also organizations with a keen sense of smell that love the Hong Kong SAR: more than three-quarters of the world’s top 100 banks have set up branches in Hong Kong, and 15 of the world’s 20 largest private equity funds have set up branches in Hong Kong, many of which are regional headquarters.

　　The data of "topping the list" reflects the gold content of the word "Hong Kong SAR".

　　This is the freest economy in the world. Since 1997, Hong Kong has been awarded this honor for 25 consecutive years. Hong Kong continues to rank first in "freedom of international trade" and "regulation" among the five major evaluation items in the 2021 Annual Report of World Economic Freedom by the Fraser Institute of Canada.

　　This is the first financial center in Asia. Hongkong, new york and London are also called "Port of Newland". In the latest Global Financial Center Index released by Z/Yen Group and China (Shenzhen) Comprehensive Development Research Institute this year, Hong Kong’s overall ranking remains the third in the world.

　　There is also the first talent competitiveness in Asia. According to the IMD World Talent Competitiveness Report 2021 published by the International Institute for Management Development in Lausanne, Switzerland, Hong Kong ranks first in Asia, up three places from last year.

　　There are still many areas in which Hong Kong ranks among the best. In the past two years, many authoritative international organizations and publications have honored the Hong Kong Special Administrative Region, including but not limited to: ranking first in the global financial system, ranking first in the environment of initial public offering and corporate mergers and acquisitions, ranking first in the global business environment for five consecutive years, and ranking first in the world in infrastructure safety.

　　Since the return of Hong Kong, the practice of "one country, two systems" in Hong Kong has achieved universally recognized success, despite various challenges such as the Asian financial turmoil, the attack of severe acute respiratory syndrome (SARS), the global financial crisis, the "legislation revision storm" and the COVID-19 epidemic.

　　In 1997, Hong Kong’s GDP was 1.37 trillion Hong Kong dollars, and its per capita GDP was 192,000 Hong Kong dollars. By 2021, Hong Kong’s GDP was 2.86 trillion Hong Kong dollars, and its per capita GDP exceeded 380,000 Hong Kong dollars. The number of companies listed on the Hong Kong Stock Exchange has increased from 619 in 1997 to more than 2,500 now. At the end of 2021, Hong Kong’s foreign exchange reserves were close to 500 billion US dollars, more than five times that of the end of 1997 … …

　　Under "one country, two systems", the Hong Kong Special Administrative Region has maintained its original capitalist system and enjoyed unique business advantages. The Basic Law of Hong Kong protects private property and foreign investment, stipulates that Hong Kong will not implement foreign exchange control, maintain its status as a free port, guarantee the free movement of goods, property and capital, and stipulate that Hong Kong is a separate customs territory. The Basic Law also expressly guarantees the judicial independence of the SAR, the continued application of the common law and the basic rights of Hong Kong people.

　　Reunification brings new opportunities to Hong Kong. Through CEPA series of agreements and multi-level regional cooperation platforms, Hong Kong has expanded the mainland market, continued to attract international capital to invest in the mainland through Hong Kong, and at the same time helped mainland products and services to go global, and served as a testing ground for national financial opening, from which it gained more development space.

　　Since the reunification, the scope of economic and trade cooperation between Hong Kong and the Mainland has been continuously expanded, the level has been improved, and the convergence point of interests has been continuously expanded: the Mainland is Hong Kong’s largest export market and import source, while Hong Kong has long been the largest source of foreign direct investment and overseas financing platform in the Mainland, and has also become the largest overseas investment destination in the Mainland.

　　This is the largest offshore RMB business center in the world. The balance of RMB deposits in Hong Kong increased by nearly 133 times from 6.298 billion yuan at the end of May 2004 to 841.9 billion yuan at the end of April 2022, and more than 70% of offshore RMB payments in the world were handled by Hong Kong.

　　It is also a two-way service platform for the country to "bring in" and "go out" and an important offshore fund-raising center for China enterprises. By April 2022, there were 1,370 mainland enterprises listed in Hong Kong, accounting for 53.3% of the total number of companies listed on the Hong Kong Stock Exchange and 77.7% of the total market value of Hong Kong stocks.

　　For Hong Kong, "one country, two systems" is the greatest advantage, and the implementation of national strategies such as the "Belt and Road Initiative" and the construction of Guangdong-Hong Kong-Macao Greater Bay Area is a new major opportunity. If the reform and opening up in the Mainland has given Hong Kong a wing, the construction of Guangdong-Hong Kong-Macao Greater Bay Area has given Hong Kong another wing.

　　Greater Bay Area urban agglomeration consisting of Hongkong, Macau and nine Pearl River Delta cities is one of the largest and most competitive Bay Areas in the world. Compared with San Francisco Bay Area, new york Bay Area and Tokyo Bay Area, Guangdong-Hong Kong-Macao Greater Bay Area ranks first among the four Greater Bay Area areas in the world in terms of GDP growth rate, soil storage area and population size.

　　Hong Kong has achieved a major turning point from chaos to governance, and is in a critical period from governance to prosperity. People expect Hong Kong to give full play to its unique advantages, better integrate into the overall situation of national development, maintain long-term prosperity and stability, and constantly increase the gold content of the "Hong Kong Special Administrative Region" brand.

　　It is foreseeable that the advantages of the Hong Kong Special Administrative Region’s "standing alone in the world" will increase in the future. The outline of the 14th Five-Year Plan has clearly stated that it will, as always, support Hong Kong to upgrade its position as an international financial, shipping and trade center, strengthen Hong Kong as a global offshore RMB business hub, an international asset management center and a risk management center, support Hong Kong to upgrade its position as an international aviation hub, support Hong Kong to build an international innovation and technology center and a regional intellectual property trade center, and support Hong Kong to develop a cultural and artistic exchange center between China and foreign countries … …

　　Li Jiachao, the sixth Chief Executive of the Hong Kong Special Administrative Region, stressed after his election that the new SAR government should make good use of the advantages of the "one country, two systems" system, fully integrate into the overall situation of national development, deeply participate in the construction of Guangdong-Hong Kong-Macao Greater Bay Area and catch the express train of economic development.

　　As the theme song "Before" released by the Hong Kong SAR Government to celebrate the 25th anniversary of Hong Kong’s return to the motherland sings: "In the face of this opportunity and hope, exercise well … … The dreamer set off from the starting line and crossed the line under the Lion Mountain … …”

　　Along the way, the Hong Kong SAR is telling the world with its long-term prosperity and stability: for 25 years, Huayan is a bauhinia, and looking forward to the future, Hong Kong will definitely win!