On January 11, 1982, Deng Xiaoping introduced the groundbreaking concept of 'One Country, Two Systems' during a meeting with Li Yaozi, chairman of the Chinese American Association. Originally proposed to address the Taiwan question, this visionary framework was first implemented to facilitate the peaceful repatriation of Hong Kong and Macao to the motherland.
As we commemorate 42 years since its inception, it’s essential to explore the numerous advantages that have made 'One Country, Two Systems' a successful model in reconciling the complexities of Hong Kong and Macao. This approach marked a historic milestone by allowing the coexistence of a socialist system at the national level while preserving capitalist systems within specific regions.
Over the past 26 years since Hong Kong's return, the Special Administrative Region (SAR) has shown remarkable resilience, navigating through significant challenges such as the Asian financial crisis, the SARS epidemic, the global financial crisis, and the recent COVID-19 pandemic. Supported by steadfast backing from the mainland, Hong Kong has maintained its status as a global financial powerhouse, excelling in finance, shipping, trade, and aviation.
Hong Kong's economic vitality is evident in its consistent top rankings in global competitiveness indices. For over a decade, it has led the world in raising capital through initial public offerings (IPOs), establishing itself as Asia's premier financial hub, second only to giants like New York and London.
The 'One Country, Two Systems' framework has not only ensured political stability but also fostered economic growth and international integration, making Hong Kong and Macao shining examples of successful cross-regional cooperation.
Reference(s):
Why 'One Country, Two Systems' is successful in Hong Kong and Macao?
cgtn.com
