Common law system remains Hong Kong’s most important asset
- Speakers at the Belt and Road Summit – including Vice-Premier Ding Xuexiang – all said the same thing: that the city’s success rests on the rule of law
China’s Belt and Road Initiative may link dozens of countries around the world in a trade network, but Hong Kong still plays a key role. Repeated reminders of that are to be found in a few words spoken often at the eighth Hong Kong Belt and Road Summit – “common law legal system”.
So long as Hong Kong preserves it under its rule of law, alongside world-class financial services, it can stay on track to be a super-connector to the mainland economy.
President Xi Jinping confirmed Beijing’s support for these values in his speech in July last year marking the 25th anniversary of the resumption of Chinese sovereignty over the city. Vice-Premier Ding Xuexiang, a Politburo Standing Committee member, affirmed it in the main keynote speech at the summit.
It was the clearest public confirmation yet of Ding’s leading role in the city’s affairs, as the state leader in charge of the party’s central leading group on Hong Kong and Macau. Other Chinese leaders have stressed the importance of the city’s common law system, and how this can help Hong Kong better connect China with other countries.
Ding said Hong Kong remained an important bridge and window connecting the mainland with the world, but set four expectations of the city, on deepening regional cooperation, enhancing financial services, focusing on professional services and deepening cultural interaction. He also reinforced Premier Li Qiang’s support for Hong Kong’s bid to join the Regional Comprehensive Economic Partnership (RCEP) – the world’s largest trade deal – and for more free-trade pacts.
RCEP membership can only enhance the city’s role as a super-connector.
In a reflection of Hong Kong’s uniqueness under the “one country, two systems” principle, Beijing continues to support the city as a hub for cultural exchange. In that regard, while continuing tension between China and the United States complicates visa processes, Hong Kong remains an open and easily accessible venue.
About 20 memorandums of cooperation are set to be signed during the summit. Chief Executive John Lee Ka-chiu said the government would use the event to promote Hong Kong as a trade and investment partner, and explore opportunities in emerging markets.
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This year’s summit also includes a policy dialogue on tapping into the potential of the Middle East, featuring visiting guest speakers from Saudi Arabia, the United Arab Emirates and Egypt.
The summit has an ambitious agenda. It would justify every cent of the outlay to host it if the world hears loud and clear the affirmation of the common law legal system, long trusted by investors and business and integral to the city’s development as an international centre for finance and trade.
