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The view of Hong Kong Photo: VCG

The Hong Kong Special Administrative Region (HKSAR) Government strongly condemned the US House of Representatives on Wednesday for using the so-called Hong Kong Economic and Trade Office Certification Act to slander laws on safeguarding national security in Hong Kong and smear the human rights situation in Hong Kong. 

For quite some time, the US has been unjustly criticizing Hong Kong's national security laws and badmouthing the city's business environment. As a global and regional economic, financial, trade and shipping hub, as well as a core city in the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong plays vital roles as an international innovation and technology center, a regional intellectual property trade center, and a center for cultural and artistic exchanges. These roles underscore the expectations and recognition of its importance by both the country and the world. The Chinese government has fully and faithfully implemented the principles of "one country, two systems," "Hong Kong people administering Hong Kong," and a high degree of autonomy. 

Today, the constitutional order of the HKSAR, based on the Constitution and the Basic Law, operates smoothly. The high degree of autonomy is being exercised correctly, and the Law of the People's Republic of China on Safeguarding National Security (NSL) has provided strong safeguards for Hong Kong's prosperity and stability. These factors further enhance Hong Kong's top-tier business environment, characterized by marketization, the rule of law and internationalization. Confidence among international investors in Hong Kong is steadily rising. 

In the World Competitiveness Yearbook 2024 published by the International Institute for Management Development, Hong Kong's global ranking improved by two places, climbing up to fifth. According to the UN Conference on Trade and Development World Investment Report 2024, global FDI inflows to Hong Kong ranked fourth globally in 2023. Businesspeople worldwide clearly recognize Hong Kong's advantages and development prospects. Geographically, Hong Kong benefits from the vast market access and comprehensive industrial system and supply chain of the mainland. In terms of policy, while "one country, two systems" grants Hong Kong a more open institutional framework for growth, the nation also provides policy support and fundamental safeguards in various areas.

Hong Kong's prospects for prosperity are partly due to top-level planning that is in line with economic development trends and theories, and it is also inseparable from the favorable business environment created by the NSL. At the same time, the Hong Kong law-enforcement agencies have heavily cracked down on illegal activities that endanger the business environment in accordance with the law, thereby providing a safe and convenient development environment for companies. As the international community deepens its understanding of the NSL and gradually boosts confidence in Hong Kong's business environment, an increasing number of entrepreneurs are expected to come to the city. The gathering of entrepreneurs from around the world in Hong Kong to share the dividends of development serves as a resounding rebuttal to the US' smear campaign.

While it is essential to boost confidence in Hong Kong's development, we must also acknowledge the reality that Hong Kong still has a long way to go in terms of economic recovery and participation in the coordinated development of the Guangdong-Hong Kong-Macao Greater Bay Area. Currently, Hong Kong faces various challenges stemming from differences in policies and regulations when cooperating with other cities in the Greater Bay Area. These challenges have hindered the development of some enterprises to a certain extent. Therefore, the governments of these cities should prioritize breaking down barriers and promoting the integrated development of the Greater Bay Area, as well as ensuring the smooth flow of talents, logistics, capital and information.

Hong Kong's development achievements should be attributed to the efforts of Hong Kong compatriots along with the strong support of the Chinese mainland. Currently, the foundation of Hong Kong's success remains solid. The accusations made by the US about Hong Kong's business environment are completely fictitious and represent a continuation of its smear campaign against the city. As an open international city, Hong Kong will continue to welcome foreign companies from all over the world, including the US, to set up offices or branches in Hong Kong and share the vigorous business opportunities in the city and the Guangdong-Hong Kong-Macao Greater Bay Area. 

The author is an associate professor at Nankai University School of Law and executive director of the Taiwan-Hong Kong-Macao Law Research Center. [email protected]