However, the flip side of the coin poses a counter-question: why should Hong Kong be more special than the rest of the country? And what should Hong Kong do to convince Beijing that it must be the case?
My answer to the question raised at the gathering was, “I don’t think Beijing has such an intention because it will do no good to either side.”
I believe that realistically, no other city in China can simply replace Hong Kong because of the two-systems arrangement. But the elephant in the room is the matter of how Hong Kong can justify that it deserves this special status.
Hongkongers have long been seen by their mainland compatriots as moneymakers – the city knew how to get rich, thanks not only to its good business sense, but also its free and investment-friendly environment. Now, facing reality requires a collective effort for economic development involving every stakeholder for Hong Kong to survive and grow.
Zheng’s message was telling: he reaffirmed Beijing’s unchanged promise to maintain the one country, two systems policy while he also urged Hong Kong to safeguard its own unique features and keep them “unchanged”. Those unique features – strong connectivity with the outside world, the rule of law and common law system, and rich culture – are what differentiate Hong Kong from its mainland peers, and what the city should spare no effort to preserve.
Lee remains upbeat about navigating Hong Kong through troubled waters. Staying confident and being pragmatic are not mutually exclusive.
The debate about Hong Kong’s future, and whether it is indeed “over”, as some critics have suggested, is likely to continue. But those who disagree with the doomsday narrative would do well to counter it with a deliverable “fat choi” strategy and prove that it will not happen, just like it has never happened in the past, no matter how loud the naysayers.
At the end of the day, identifying Hong Kong’s “super moneymaker” role and making it actually happen are two different things, especially amid wider geopolitical and economic uncertainties. While mainland China is making a paradigm shift towards high-quality economic development, whether Hong Kong can turn headwinds into tailwinds at this difficult time may provide better answers.