tv Bloomberg Markets Asia Bloomberg June 30, 2022 10:00pm-11:00pm EDT
kind of opportunities for the young people. haslinda: we are looking at pictures from the hong kong convention center where the ceremony is going to be held. it's looking pretty somber. front and center will be the covid policy, and therein lies the problem for hong kong. stephen: that's right, but also, they lies the opportunity for hong kong. hong kong has nearly 2000 local cases reported yesterday, that's quite a sizable number. if we were in february the authorities would be freaking out and talking about lockdowns and actually restricting people's movements into bars and into restaurants, but the social distancing requirements have been extremely relaxed despite the fact that we been having 1500 cases a day, upwards nearly 2000 and day in recent weeks.
so that is perhaps -- by the way, we are not having a rise in deaths like we did in february and march. so there could be a case to be made that hong kong, after china announcing they were going to cut the inbound quarantine you have this week, there's a case that hong kong could exert its slight bit of autonomy under one country, two systems to show china how it can be done. that's opening up, so reducing the quarantine, reducing the flight beds, getting commerce going and getting people in and out of the city while singapore is open, dubai is open, london is open, new york is open, hong kong can't afford, some say, to be left behind. rishaad: of course international criticism has been coming in as well, has in it? stephen: absolutely, when there is ever a change in what the pro-democracy camp here viewed
as enshrined promises in the basic law, and pledges, in the good faith and that declaration that pave the way for the handover, and the basic law, which is the mini constitution here, which says, it states clearly that the ultimate aim on the political spectrum, the ultimate aim is for the people to directly elect its own leader, its chief executive, well many people say we've gone backwards year, we only have one candidate, one candidate that was approved by beijing. it was a far cry from either -- even the electoral process that was proposed from beijing to the pan-democrats back in 2014 and rejected in 2015 that allowed a selection of three prevented officials for the hong kong people to directly choose among those three candidates. the pan-dems rejected that. so, we are now further away from
that there we have ever seen in the 25 years of chinese rule in hong kong. how hong kong can crawl its way back into a more inclusive, diverse political spectrum and legislative council, and also the selection of chief executive, that's a key question to be answered over the next 25 years. it will happen overnight. john lee, potentially the career law enforcement official could potentially be the chief executive for the next 10 years. haslinda: speaking of johnny's priorities, housing is one of them, and he is promised to improve housing conditions, is there a sense of how he will achieve that? is it the key issue with hong kong residents? stephen: i think it will be right at the top, if not at the top. the first chief executive, he was a chipping magnet, he could not get any movement on breaking
the group that the break -- that the big property tycoons have on housing. he cannot make any movement, then we have the career civil servants. he replaced him as the second chief, he could make no headway. and that their chief executive cannot also. his one term in office was marked by the occupied essential in the umbrella movement where the political discontent really bubbled over. he was an effect on housing. carrie lam, look, the incoming chief secretary under john lee, that's the former security secretary, she told me a couple years ago there carrie lam, " could not make any heads of sales on breaking the group that the tycoons here have on housing . john lee with the direct housing is using people at -- perhaps
we'll have the political mandate to change things for good. it's wishful thinking for the establishment camp that's wanted to break that grip that the property tycoons have had on hong kong for a long time, we will see. haslinda: we are looking at pictures of the hong kong convention center where xi jinping is expected to make a speech. of course john lee, the new chief executor is also expected to be sworn in, just awaiting for that moment to happen. and steve, you spoke to carrie lam, who said it was a tough task having to answer to two losses. you have to wonder how john lee will adept to that. stephen: that is actually -- absolutely a great question because we don't know his leadership style. i spoke to the advisor to both carrie lam and in this campaign
for john lee, he has advised both of them, and he has been very frank that -- and he told me this on camera, so i'm not violating his confidence in me -- he essentially said carrie lam was not a good listener. she thought she was the smartest person in the room. john lee, he says, is a listener, he comes to meetings with a notebook and pattern paper and takes notes. he is confident that john lee will have a different approach. he said it's all about personality. carrie lam crabs and not have the appropriate personality, this sternness, and the stubbornness other people have said that john lee might be a little bit better at listening and he's a career cop. we will have to see it, he is an open book, be honest. rishaad: just one thing i want to try to get a sense of here.
we will have xi jinping make a speech, he is expected to, he may or may not, in that species likely to perhaps outline his vision for hong kong ahead. what do you think you would say? stephen: he has already spoken a few words yesterday, he set his heart goes out to the hong kong people. i think those are his exact words. he set his heart is always with hong kong. he said the cities one country, two systems formula would ensure hong kong's prosperity and stability. so i am expecting similar ones coming from xi jinping today. we have to see if he gives any concrete gestures towards hong kong. will he allow hong kong to exercise its greater of ptolemy then those municipal governments on the mainland? two may be craft their own pandemic response, their own quarantine response and policy,
and show china how it can be done on a scale of 7.5 million people on an international global financial center. haslinda: chief north asia correspondent stephen engle, of course it is a significant day for hong kong as we await the swearing in of the new chief executive, john lee. also a speech from xi jinping, a much anticipated speech. you are looking at live pictures of the hong kong convention center where the ceremony is being held. of course to get real-time commentary, and analysis from bloomberg's expert editors as hong kong march 25 years since the hanover against a new leader. that's all on the terminal. let's bring in our chief correspondent for asia, garfield reinoehl. as we talk about china and hong kong, i mean china on the cusp of a bull market, just 1% away, is there optimism that it will
get there soon or perhaps in the next few days, next few trading sessions? garfield: there is plenty of optimism about china stocks, which is something that lacks as things develop. -- wax and wane says things develop. we are in covid lockdowns that have extended to the worst since the regulatory crackdowns. that's helping to fear optimism that they could keep climbing. i think there's also a bit of classic dip buying going on in that china shares dropped a long way, and they did so really before the global meltdown started first shares. they had gone a long way down, they were looking very cheap, if you're looking for someone to deploy her money and want to put it in equities, that makes them potentially good because they are cheap, even if they are
cheap for a reason. the question going forward is, if global equities are going to take further steps lower as fears spread of the u.s. and other economies get pushed and with higher rate hikes to fight inflation, that is going to make a harder for chinese stocks to accelerate harder -- higher from here, even if they do still started to offer or continue to be seen as offering some better potential returns then what's going on in the previous cycle, such as the nasdaq and so on in the u.s. rishaad: tell us a bit about how this bifurcation between the u.s. and europe and china is playing out here, and also, what does this really ultimately mean for the economy? we saw a bit of a rebound take place with the pmi data that came out just about 25 minutes ago. garfield: the period concern
that remains over the economy is there is still vulnerabilities, that's why you've got looser monetary policy in china then you have been most other jurisdictions. and also, you are kind of among the last places to have some sort of hope that you are getting to a post-pandemic normal. china seemed to be the first one coming out of covid, and then it got drawn back in partly because its particular way of fighting covid was to impose shut downs at the first sign of trouble, which is something that the other governments had moved away from. if we are getting back to it and more normal situation, that might allow for a sustained rally, or it might lead to a decision that, well, actually, the previous declines were more in line with where china's economy is going once matter stabilize. rishaad: garfield, i have to stop you, thank you so much. our filled rentals there, let's have a look at the hong kong
convention center. chinese president xi jinping there, just walking in with who will be the new chief executive. this of course in the wake of the chinese president saying hong kong had been reborn since the last time five years ago. he is here for the 25th anniversary of chinese rule. there are always with hong kong, and going on to reiterate that one country, two systems formula, which he says will ensure its prosperity and stability. we are looking at the swearing in ceremony that's likely to take place in the next couple of minutes. expecting xi jinping to lay out his expectations for hong kong, and what this new incoming administration has to offer, and what he'd like to see it do, this is a halfway point in china's fifty-year promise to maintain their british capitalist institution, something that really has been questioned by many. so this is the scene at the hong
jinping was in hong kong, stepping out of mainland china at about 900 days. we are waiting to see what his key messages, if you recall back in 2017 when he sore and carrie lam he called for growth and development. this time around, unity front and center. unity will be in focus as we've been saying, he's talking about how hong kong has arisen from the ashes, rising from the dissent, which we saw 2017, and we are looking at xi jinping walking off the stage. this gets our chief north asia correspondent stephen engle. of course, this speech is a much anticipated speech. what are we awaiting to hear? stephen: we are going to get the swearing in here right now, essentially, there's john lee, maybe we should listen to what he is saying.
john lee: [speaking chinese] stephen: john lee taking the oath of office after the march volunteers the national anthem was played. xi jinping overseeing the swearing in. john lee is a for chief executive for hong kong, this is the six terms since the 1997 handover. no chief executives has lasted the allowed to terms, either by scandal where one did not make it through to terms, carrie lam had one term, and -- had one turn in a little bit and there were a lot of protest. we will see if john lee brings stability to wet carrie lam acknowledge to me a couple weeks ago as a very difficult job
serving two masters, xi jinping on the communist party and the leadership in beijing, and the people of hong kong. it's unenviable, obviously. rishaad: hold that thought, john lee has been sworn in as the hong kong chief executive, he was pledging his loyalty both china and to hong kong, doing so with the chinese president by his side. that of courses accompanied by much fanfare. we have the cabinet now coming out as well. as steve was telling us, we have principally a lot of beijing loyalists will now be taking the oath of office as well. we have the finance secretary as we had under carrie lam's administration, paul chan right there. and also we have a new health secretary and leaving that particular job. all the officials being sworn in into the cabinet.
steve, i mentioned the finance secretary being -- representing a sign of continuity. i want to get a sense of what the business community of hong kong really wants your as well, given the number one priority is having a lifting of quarantine. but that aside, what are their priorities? stephen: -- >> paul chan is fairly popular, he was a steadying force on carrie lam's cabinet and the executive council. he of course spearheaded some of the shopping vouchers in the likes to weather the economic downturn. it's been a tumultuous economic roller coaster for hong kong, obviously given the closed border with mainland china, a couple of years of contraction, they did rebound yesterday on base effects, but this year is
going to be very challenging with 155% to 2% growth. how they will get that is a key question, obviously. paul chan was retained, he was actually considered to be a potential candidate to be chief executive, but, again, beijing only endorsed one candidate, and that was john lee, the lifetime -- essentially law enforcement official who does not necessarily have the bona fides and the financial arena, or the political arena to say the least. again, he's a strongman when it comes to implementing the national security law as well as the pandemic response for building all those isolation centers during that covid fifth wave, but his track record on economic and financial matters is unproven. so he will rely on paul chan quite heavily. haslinda: it is worth noting that the ceremony is being held
in mandarin. the hong kong people actually speak cantonese, it shows who really is in charge and that the tone of the position of chief executive. stephen: i think you are definitely seeing more mandarin being spoken in hong kong, and i believe one of the cabinet members, i can't remember exactly who it was, maybe you have that data and freddie you, is a beijing born official, as well as primarily a mandarin speaker, and will be doing that swearing in and mandarin. i think it's just reflective of the times, not necessarily saying that it is an eradication of the cantonese language, but the mainland chinese presence in hong kong as much greater than it was 25 years ago, and will increase as we go forward. there will be more mainland
officials taking significant roles in this government. that is just an inevitability of the one country, two systems under president xi jinping. rishaad: steve, you have covered these before, the swearing in ceremonies, how has the mood been in your view? i know this is a very subjective question. stephen: this is the most significant when we have seen aside from the first one, of course, because it was just a complete change in the landlord, if you will. this time xi xiping is completely putting his stamp of approval on this new team, including his hand-picked successor to carrie lam, john lee. it is a different era, and you see that across the city with slogans and statements saying the new era of stability and
prosperity. and that's the tone that they want to set, now that we have gotten -- in xi jinping's mind, through the dirty works, through the implementation of the national security law in the electoral reform, patriots only -- patriots only can be in government. so, this is the new inevitability, and they are turning the page for the next 25 years. you can complain all you want about it, if you are so inclined, but the reality is, national security law is baked in. the electoral reform is baked in. where hong kong can maybe chart its own course is on opening up to the world and being an international financial center and regaining that confidence the globe has in a hong kong semi autonomy from mainland policies, rich right now, are fairly restrictive on the covid
front that has damaged the chinese economy. hong kong, and many peoples's eyes, cannot afford and continue to be so in lockstep on the covid front because hong kong is being isolated. haslinda: we are looking at live pictures from the hong kong convention center where johnny's new cabinet is being sworn in. steve, you talk about a new era, what is the new era mean for the people of hong kong? stephen: it's an opportunity to kind of take stop -- take stop and see if there any better off now that carrie lam is gone, or whether it really matters anymore. does john lee have the mandate to be able to kind of carve his own path? probably economically he probably does. politically, forget it. the man he sharing the stage with right now is calling the shots politically, and i think after the party congress in the ottoman beijing, where he will
likely solidify the position for a third term, and potentially in perpetuity he will be calling shots for hong kong on the political side for some time. i think john lee can carve it out. we have to see. like i said, he's a bit of an open book. we don't know much other than he was the security chief and he was a lifetime police officer, he was the chief secretary carrying out the covid policies for carrie lam, and then the implementation of the national security law. we will have to see if he's a diverse leader. rishaad: we just had the cabinet being sworn in. we get the executive for the territory that will also be sworn in. and their role i suppose, is to implement legislation. they are not really the ones that format. is that enough to maybe decide on when we start to see relaxation quarantine rules year, which have drawn so much
criticism from the business community? what sense have you had around that subject and the damage that it has caused to the territory as its natural hub? stephen: there are mixed signals, which we have been getting a long time in hong kong on the covid front. of course it's february and march when we thought we were going into a locked down. we thought we would all be tested three times over a three week timeframe. then, carrie lam disappeared for a couple of weeks. there has been a lot of mixed messages. so, hopefully john lee will have a health team, led by the notable doctor here. but at the same time, earlier on, in february, he was quoted as saying, living with the virus would kill us all or get us all killed. he has since backtracked a bit on that hard line stance, and there's a lot of speculation, including charles lee, the former chairman of the hong kong
stock exchange told me earlier here on bloomberg television that it makes sense to relax further on the quarantines, and that perhaps this could be a step that hong kong could take, like what we saw earlier this week with china cutting its inbound quarantine in half. haslinda: steve, we are looking at executive council members walking in. they will be next to be sworn in. talk to us about the priorities. how much pressure is john lee, how much pressure is the new cabinet under to fulfill all the wishes of mainland china? stephen: it's interesting because you saw just a few minutes ago, the former security secretary, the first female security secretary hong kong had, and she is now going to be chief secretary. so she will be the right hand woman to john lee. number two in command.
and she is a strong proponent of article 23. if you remember the protests that we had earlier in 2003, i believe, when people took to the streets against article 23, which is hong kong's own security law, which these authorities here in regina if was going to be number two in the city would be put in, it's almost a foregone conclusion with the pan-democrats already out of legislative council. that is a requirement under the basic law, that hong kong must ratify article 23 of the basic law for its own security law. and up until now, because of the divided legislative council, they have not been able to pass that. i think that's going to be one of the first orders of business of this term of john lee, is to pass article 23 and get hong kong's own security law, witchel -- which will complement and add to the national security law.
haslinda: live pictures where executive council members in hong kong are getting sworn in. let's continue our discussions about hong kong's future as president xi jinping visits to mark 25 years since its return from reddish to chinese rule. joining us from dresden is the chairman of the european chamber of commerce in hong kong. frederick, good to have you with us. what is the sense amongst the business community, how hopeful are businesses about a hong kong and or the leadership of john lee? guest: good morning and thanks for having me. the business confidence, as we know from many surveys that international business chambers have launched, among them the
european chamber of commerce, we know that confidence is at a low for obvious reasons. those reasons being travel restrictions prevailing in this part of the region, and that is not helping the economy. therefore, the new government is certainly starting off with very little business sentiment. we do hope to see further positive messages from xi jinping himself, and also from john lee following -- going down the road. rishaad: his priorities are quite a long laundry list. and of course, your list is not going to match his. i am sure you have been telling him about quarantine and how much damage it is doing. give us a sense of his reaction to that. guest: i think he is pretty aware of that particular challenge. it is not only the international community reaching out to him on this point, it is also the very
influential local chambers doing the same, influential businessmen doing the same. so it is not a surprise for him that this is a big priority for the business community and frankly for restarting hong kong. stephen: frederick, this is stephen engle. harborside. i have talked to a lot of officials in carrie lam brea: camp and they say they all know you. you apparently have been in their ear a lot, calling for an open hong kong. they all know you. you are strongly voiced. do what you have done has made a difference to end this isolation hong kong is in right now? guest: yes and no. we have not yet achieved the opening up of hong kong. we have always made it our point that the opening of the borders either to the mainland or to the rest of the world is our priority, because we see
businesses suffering locally and internationally, and therefore, we have been very vocal. i am just a figurehead and i am giving the message, the relayer, if you will. but we do have hope that our work has been making an impact, and we know that here and there, when it comes to the easing of flight restrictions, the treatment of children and very small steps, we have made an impact. i think we have also collaborated with the government very openly, so we cannot say that there has been a big bang breakthrough here, but i think we have at least made our voice heard, and we have achieved significant relaxations. we will continue to push. we do this because we love hong kong. we want hong kong to strive and
we want our businesses to be successful in hong kong, in the greater bay area, and in mainland china. stephen: i know a lot of families who are leaving right now, not just anecdotal, i count many families leaving, many waiting until the end of the school year. and then the exodus will pick up again. we have already seen 130 thousand net departures from hong kong mostly in february and march, because of the fifth wave of covid. you expect more of a surge if we don't get clear exit strategies from the covid policies from john lee in the opening days? do you think there will be a bigger exit in hong kong from the european business community? guest: time is of the essence. many have been leaving already. and certainly, summer is approaching fast and people are going on vacations. therefore, the question is how
many of them will return. certainly, any message now, any positive message will tremendously help for people who are considering right now whether to opt for or against hong kong as their place of living. personally i have to say, hong kong has not lost its charm. it is just the inconvenience of reconnecting to families and businesses abroad has taken a big toll on the community. and we do see this outf lux of people that is sad to see. we hope to reverse the trend so people can come back. we know that people want to come back. it is not that they wish to leave. stephen: frederick, the big elephant in the room, we have been talking about the pandemic response and the quarantine for seven days in the hotel and the hindrance that is to business. what about the national security
law? we have had two years to digest that. how much of a deterrent is that to european businesses to stay here? guest: the national security law is not a big issue in the international business community right now. everything is overshadowed by restrictions on travel. there are certainly some issues when it comes to data privacy which are still things that we connect to the government to seek more clarity on. i wouldn't say it is completely off the table. but we have to see how the national security law will work out in practice and how it affects businesses. for now, it is not required -- relatively quiet around this point. haslinda: hang tight, that was frederik gollob. we are going back to the hong kong convention center, where john lee is speaking right now. take a listen. >> with a humble heart, i have
been sworn in by the president of the people's republic of china as the six term chief executive of the hong kong administrative region. i would like to extend my sincere gratitude to the central people's government and the people of hong kong for their trust that they place in me. i will lead my governing team to strive to build a more caring and inclusive hong kong full of vibrancy, hope, and development opportunities. 25 years ago, at the stroke of midnight on the first of july, the national anthem of the people's republic of china was laid, and the national flag and the hong kong sar regional flag were raised at the exhibition center where we are right now.
it is at that soul and moment -- at that solemn moment that the hong kong sar was established in the principle of one country, two systems. it is that it's additional safeguard of hong kong and the cornerstone of maintaining hong kong's long-term prosperity and stability. it is also a successful national policy that allows hong kong to maintain its unique strength. over the past two and a half decades, hong kong has made impressive achievements on multiple fronts. there -- it has been recognized as the world's freest economy, the world's number three global financial center, and fifth-most from. the economy around the globe. hong kong is also the world's largest offshore randomly --
offshoring remnimbi hub. five other universities in hong kong or in the list of the top 100. the list goes on. hong kong has also encountered various challenges, including a global financial crisis, the unlawful occupy movement 2014, the riots in 2016 the riots in 2019, together with the interference of hong kong's affairs by external forces to threaten our national security, and the covid pandemic. thanks to the full support of the central authorities, the vitality and strength of the one country, two systems principle, as well as hong kong citizens' diligence and determination to
seek improvements, hong kong succeeded in overcoming each and every challenge. and moving forward to scale new heights. this fully demonstrates two major strengths of hong kong. the first one comprises hong kong's unique advantages over one country, two systems, as a special administrative region, making it possible for hong kong to fully integrate into our country's national development to thrive as a metropolitan city with high international connectivity, and to serve as the most effective gateway between the world in our country. the second is the vigilance and strong will of our people, and concerted efforts of all sectors of the community. it is a great dishonor for me today to shoulder this historic -- it is the greatest honor for me today to shoulder this historic responsibility.
>> that is the scene of the convention center, the new chief executive of hong kong that there after being sworn in, making a speech that he will fully implement the country and the two systems. he has gone on there to talk about how the national security law which has been so controversial, as a transformed the territory here as well and saved it from the chaos that has ensued before with the protest on the street. pledging to maintain hong kong's competitiveness in shipping, developing emerging industries such as technology and and evasion. very few specifics on how the government will deal with the challenges still facing the
city, particularly the close-out order here as well. going out to talk about development, the basis for solving economic problem's and improving people's livelihood, providing more housing for the world's least affordable city in that regard. just there, john lee talking about that, talking about the boosting of innovation and also the moment saying that he really supports the help that china has given to the territory here as well. now the president of china heads to the electric chair. >> fellow compatriots, difference, today we gather here on this solemn occasion to celebrate the 25th anniversary
of hong kong's return to the motherland. and holding the ceremony of the six term government of the hong kong special administrative region, fara. on the onset i wish to extend cordial greetings to all hong kong residents. and my warm congratulations to mr. lee. the newly inaugurated six term chief executive of the hong kong fara and officials of the six term hong kong government and members of the executive council. i also experience heartfelt
appreciation to all fellow both at home and overseas in foreign friends for their support for the course of one country to systems that brought prosperity. the history of the civilization of the chinese nation keeps records of our forefathers of the land here in sovereign china. china's modern history, following the war, records not just the humiliation of hong kong but also the historic,
reward -- heroic struggle made by the sons and daughters of the chinese nation for national salvation. the history of this part of china rallying and leading the people in an extraordinary endeavor, carries chapters of the unique and significant contribution of our compatriots in hong kong. throughout history, hong kong compatriots have always stood together with the motherland rain or shine. and the bond that links us is truly inseparable. hong kong's return to the motherland opened a new -- in the history of hong kong. over the past 25 years, with the full support of the motherland
and common efforts of the government of the hong kong the practice of one country has achieved success in hong kong recognized by all. since the return to the motherland, dutch, hong kong has been the pioneer riding the wave of our country's great reform and opening up. it has leveraged as an important window and bridge, connecting the chinese mainland with the world. and has made an irreplaceable contribution to the miracle of long-term study and fast economic development of the
motherland. hong kong has become an integral part of the country's overall development and has actively aligned with national development strategy. it has continued to maintain its strength of being highly free and open. uncomfortable with international rules -- and comfortable with international rules. hong kong has played an important role in advancing the new paradigm of china's opening up on the larger scale, across more areas, and in greater d epth. chain -- exchanges and cooperation between hong kong and the mainland have expanded across the board. and the mechanisms for such exchanges and cooperation have been steadily improved. the stage for hong kong
compatriots to start business and achieve success has been increasingly broader. since its return to the motherland, hong kong has overcome various difficulties and challenges. and forged ahead with steady steps. be at the global financial crisis, covid-19, or some intense social upheaval. nothing has stopped hong kong's advanced. -- advance. over the past 25 years. hong kong has endured robust economic growth. it has maintained its status as an international financial shipping and trading center. and it's innovation and technology, industry has developed a rapidly. its economy is one of the freest -- has developed rapidly.
-- its economy is one of the freest and most open in the world, and it boasts a world-class business environment. hong kong's pre-existing laws, including the common law, have been preserved and developed. its social programs are flourishing, and its society has remained stable as a whole. as an international metropolis, hong kong enjoys a vitality that is the admiration of the world. since hong kong's return to the motherland, and calm compatriots have become masters -- hong kong compatriots have become masters of their own destiny. ♪
long-term prosperity and stability in hong kong and macau. everything the central government has done is for the benefit of our country. of hong kong and macau. and of our fellow compatriots in hong kong and macau. at the meeting celebrating the 20th anniversary of hong kong's return to the motherland, i stressed the two points that the central authorities would stick to, regarding implementation of the policy of one country two systems. first, the policy should be implemented unswervingly, without deviating or wavering. second, the policy should be
applied fully and faithfully, without legal bent or distorted. today i wish to highlight one thing, that the policy of one country two systems having been tested and proved time and again, meets the fundamental interests of the country and the chinese nation, and those of hong kong and macau. it enjoys the full support of the more than 1.4 billion people of the motherland. it has the unanimous endorsement of hong kong and macau residents , and it is widely recognized by the international community. there is no reason to change
such a good system. and it must be adhered to over the long run. fellow compatriots, dear friends , a review of the past points the way to the future. the rich practice of the policy of one country, two systems in hong kong has left us much valuable experience and food for thought. 25 years of practice tells us that only with a deep and accurate understanding of the rules governing the policies' implementation, can we ensure