As China commemorates the 120th anniversary of Deng Xiaoping's birth on August 22, 2024, discussions surrounding his legacy and its implications for Hong Kong have gained renewed attention. Deng's vision for Hong Kong, articulated in the early 1980s, was centered on the 'one country, two systems' model, which aimed to preserve the region's capitalist system following its handover from British rule. This framework was designed not only to ensure Hong Kong's prosperity but also to serve as a potential model for Taiwan [bef4f77b].
Since the handover in 1997, Hong Kong's economy has seen significant growth, with the number of companies listed on the Hong Kong Stock Exchange increasing from 658 in 1997 to 2,283 by 2022. However, political tensions have escalated since 2003, culminating in the imposition of a national security law in 2020, which many analysts argue diverges from Deng's original vision for the region [bef4f77b].
Former officials and analysts have expressed concerns over the erosion of freedoms in Hong Kong, indicating that the current implementation of 'one country, two systems' is increasingly at odds with Deng's intentions. In a 2022 speech, Xi Jinping emphasized the importance of adhering to this model, yet the future of the Basic Law, which guarantees this arrangement for 50 years, remains uncertain [bef4f77b].
In a recent opinion piece, Cui Jianchun emphasizes the importance of leveraging Hong Kong's unique strengths to drive its economic growth. He highlights the Communist Party's third plenary session resolution, which outlines a strategic framework for development, aiming to enhance Hong Kong's status as an international finance, shipping, and trade center [9fe39b78].
Cui notes that security improvements through electoral system changes and national security laws have created a more stable business climate, contributing to Hong Kong's ranking as third in the Global Financial Centres Index and a top performer in the World Bank’s Business Ready 2024 Report [9fe39b78]. The Greater Bay Area is also identified as a source of vast market opportunities, with key development objectives including internationalization, integration, and innovation [9fe39b78].
John Lee Ka-chiu's policy address on October 22, 2024, outlines necessary reforms in the financial sector, including boosting yuan-denominated products and easing IPO processes. Wong emphasizes the need for attracting talent and fostering cultural exchanges with Southeast Asia and Gulf countries, as well as the establishment of higher education institutions in Hong Kong [dcf9420c].
As the anniversary of Deng Xiaoping's birth prompts reflection on his legacy, the contrasting narratives surrounding his vision for Hong Kong and the recent calls for strategic reforms underscore the complexities of navigating modern governance in a rapidly changing political landscape. The prospects for high-quality development in Hong Kong appear optimistic, with its role as a superconnector being highlighted [9fe39b78][bef4f77b][dcf9420c].