We are about to celebrate the 20th anniversary of the establishment of the Hong Kong Special Administrative Region. Those who have lived through the past 20 years in the city would probably agree that it has been a remarkable journey. When the unprecedented concept of "One Country, Two Systems" was put forward not everyone believed it would work. Some Western media predicted Hong Kong would be doomed, and concluded the central government would renege on its promises. Today, I believe most people of Hong Kong would agree that the implementation of "One Country, Two Systems" has been a success overall.

The HKSAR faced a tough challenge almost immediately after its establishment with the onset of the Asian financial crisis. The real-estate bubble burst, the stock market collapsed and, worst of all, the Hong Kong dollar was attacked by international speculators. The resulting deflation, unemployment and recession were painful to most if not all residents. Nevertheless, the HKSAR Government rose to the challenge and stabilized financial markets. Unfortunately there was more hardship to come. The most horrific experience in our collective memory was probably the outbreak of the SARS epidemic. The sudden plague caught everyone off guard and the government, particularly the public health system, was stretched to the limit. It has changed our city forever and raised our hygiene awareness and standards. Seeing someone wearing a facemask is very common in public places nowadays but was unheard of before the epidemic.

Luckily, the central government came to the rescue and implemented a series of policies to support Hong Kong, such as the Closer Economic Partnership Arrangement and the Individual Visit Scheme, which has helped bring in droves of tourists from the Chinese mainland. These policies sparked a long period of economic boom that we still enjoy today. With the backing of the central government and hard work of the people of Hong Kong, the US subprime credit crisis barely affected us. It is probably hard to imagine 10 years ago that the economic issues we now face are the lack of labor due to full employment and rising rents brought by a property boom.

While we have succeeded in fighting external challenges, internal conflicts have deteriorated over the years. In the final years of its rule, the British colonial government rashly introduced political reforms in Hong Kong and opposition parties have been stirring up mistrust against the central government and SAR government. Countless political rallies and movements were organized against almost all major government legislation and initiatives. Politically motivated resistance against the government is so commonplace that the rationale behind some of those political campaigns is simply illogical and invalid. Moreover, political wrangling is becoming more personal as every word and action of government officials is scrutinized and always criticized. Recently, the anti-government movement has been radicalized to the point where riots broke out on the streets and some attention-seeking youngsters called for the independence of Hong Kong.

Despite all the difficulties Hong Kong has encountered over the years, the achievements we have all made are remarkable. The economy is booming; the government fiscal reserve is at a record high and unemployment remains at a record low. Our political rights continue to be guaranteed by the Basic Law and we enjoy greater freedom than ever before. The rule of law is an integral part of our core values and the political system is becoming more and more democratic. If it were not for the absurd political posturing and senseless miscalculations of the opposition camp, we would already have elected our Chief Executive by universal suffrage. Therefore, there is no doubt Deng Xiaoping's grand vision of "One Country, Two Systems" has been working well in Hong Kong over the past 20 years.

Looking into the future, we face many opportunities and challenges as always. The breathtaking economic development of the motherland has created more and more chances for Hong Kong, especially the recent Belt and Road Initiative and Guangdong-Hong Kong-Macao Greater Bay Area project. Our core strengths of global connectivity, rule of law and role as an international financial center will continue to serve us well in the foreseeable future. On the other hand, our greatest hindrance is endless political wrangling. There needs to be reconciliation of both sides to prevent the situation from worsening while trying to build on common ground. Both the government and opposition have to create an appropriate atmosphere for the constitutional reform process to restart with the hope of achieving universal suffrage as ordained in the Basic Law. This is perhaps the most demanding task the next SAR administration has to face.

(HK Edition 06/26/2017 page8)