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Rebuild mutual trust between HK and mainland China

Commuters stand on a train platform in front of a view of the Chinese and Hong Kong flags hoisted above a fire station in HK. (AFP/ Anthony Wallace)

The implementation of Hong Kong's national security law will help rebuild mutual trust between HK and mainland China, thus releasing the positive energy of "One country, two systems" to the fullest extent possible.

Senior Economist of Bank of China (HK), Dr. Wang Chunxin, pointed out that the illegal assembly in HK five years ago had to some extent shaken the foundation of mutual trust between HK and mainland China. The infiltration of violent incidents by opposition forces has further weakened mutual trust between the two places. At the same time, political and social instability in HK has accelerated the middle-class's tendency to emigrate and increased the risk of brain drain.

HK's national security legislation provides an opportunity to rebuild the foundation of mutual trust between the two places conducive to the implementation of "One country, two systems". More policies that benefit the people will boost HK's economic prosperity and enhance its status as an international financial center, Wang said.

Wang noted that it is impossible to split out two places economically integrated. HK needs the nation's full support to build up the financial center, offshore RMB trading center, cargo center, and international aviation hub. Issues such as housing conditions, aging problems, and youth employment all require sustained and robust support from China.

Wang pointed out that national security law will reinforce HK peoples' sense of belonging. In recent days, the "Wealth Management Connect" implement in the Greater Bay Area is a breakthrough in financial co-operation between HK and mainland China.

Wang believed that it has more places for mainland China and HK to co-operate with each other if the social environment is more stable. Nowadays, HK's financial system is still operating in an orderly manner, and the level of investment and the flow of capital have not been affected. It is indicated that market participants are interested in HK as usual.

Mainland China's market has enormous potential, which is the world's most significant consumer market. We could believe that the central government will introduce more policies and measures to support HK's economic development and improve people's livelihood. "One country, two systems" will help propel HK's economy to new heights, Wang added.

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