In New York and San Francisco, a toast to return's anniversary
With the full support of the central government in Beijing, "one country, two systems" enables Hong Kong to be the first-mover to capture economic opportunities from the Chinese mainland's development, while it retains a separate system that "gives us the autonomy to make our own laws and determine our own trade and economic policies", said Clement Leung, Hong Kong Commissioner to the US.
"This has given businesses the trust, confidence and predictability to thrive in the region," Leung said in his remarks on Wednesday in New York at an event organized by the Hong Kong Economic and Trade Office to celebrate the 20th anniversary of the establishment of the HKSAR.
Since Hong Kong's return from British rule to the motherland, not only have Hong Kong emigrants returned from Canada, Australia and the UK, but it now has a strong inflow of expatriates, Leung said. The American population there has nearly doubled and the French population has tripled since 1997.
New sectors have emerged along with the development of the pillar sectors of trade, finance, tourism and professional services, Leung said.
Hong Kong has developed into the largest center for the offshore RMB business, and its Stock Connect programs offer international investors access to the Shanghai and Shenzhen stock markets.
"I am confident about the future of Hong Kong because successive generations of Chinese leaders want Hong Kong to succeed and our people continue to have this can-do spirit to get things done, because the rule of law is rock-solid and our judiciary is fiercely independent," he said.
On the same day, hundreds of people from the Chinese communities of the San Francisco Bay Area gathered at the Chinese consulate in San Francisco to celebrate the 20th anniversary of the return of Hong Kong to the motherland.
Chinese Consulate General in San Francisco Luo Linquan said he was proud of the successful practice of the "one country, two systems" policy over the past 20 years and pleased with Hong Kong's great economic and social achievements. He said he had full confidence in the bright future of Hong Kong.
Luo said he witnessed the historic reunification ceremony in Hong Kong on July 1, 1997.
"Twenty years has passed in a mere snap of the fingers," he said. "Hong Kong has maintained prosperity and stability, the people of Hong Kong have lived in peace and contentment, and the international community speaks highly of it."
From 1997 to 2016, Hong Kong's GDP increased from $175.5 billion to $319 billion, according to Luo. He said Hong Kong continues to serve as an international financial, trade and shipping hub, and the region's indicators for political stability, government effectiveness, regulatory quality, rule of law and corruption control are much higher than they were before 1997.
Benefiting from the central government's policies, the number of Chinese mainland tourists has ballooned from 2.36 million in 1997 to 42.77 million in 2016.
Hong Kong continues to interact positively with the mainland, said Luo. The Hong Kong-Zhuhai-Macao Bridge will be completed by the end of 2017, and the Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link is scheduled to start operation in the third quarter of 2018, which will substantially shorten the travel time between Hong Kong and the mainland.
"I believe that under the leadership of Madam Lam Cheng Yuet Ngor, Hong Kong people will strive to maintain Hong Kong's prosperity and stability, take full advantage of the unprecedented development opportunities of the country, and working together with the people of the mainland, jointly write a new chapter in Hong Kong's history," Luo said.