Illustration: Sun Ying

It has been 15 years since Hong Kong's return to China. The practice of the "one country, two systems" principle in Hong Kong has proven to be a success, and Hong Kong people's recognition of the benefits of the system has greatly improved as well.

People in Hong Kong realize that the "one country, two systems" principle helped maintain Hong Kong's rule of law and free market economy, which is the city's advantages in development and international competition.

Over the past 15 years, the advantages were consolidated and provided a stable environment for Hong Kong's development.

The past 15 years has also witnessed the establishment of closer links and gradual integration between the mainland and Hong Kong, especially after the signing of the Closer Economic Partnership Arrangement between the two sides in 2003.

There have been three major international economic and financial crises since Hong Kong's return, but it has managed to keep its prosperity and stability. This is largely attributed to the mainland's support.

Hong Kong has also played a special role in promoting the mainland's development. As one of world's most internationalized cities and a major international financial center, Hong Kong has offered many experiences and expertise to mainland in terms of how to meet international standards.

Hong Kong has become a major fundraising center for mainland enterprises, as an increasing number of them choose to be listed in Hong Kong. Hong Kong is also an ideal place for mainland companies to conduct entrepôt trade.

It is true that some issues have occurred during the integration between the mainland and Hong Kong. Many local Hong Kong residents complain that the increasing number of mainland mothers coming to Hong Kong to give birth is straining the local healthcare system and mainlanders have pushed local property prices up.

Hong Kong is a rather small market compared to the mainland. When implementing policies to promote mutual integration, there has to be a balance between pace and bearing capacity. Otherwise, this might have some negative impact on Hong Kong's development.

The Hong Kong government also needs to take more measures to ensure that ordinary Hong Kongers enjoy the benefits brought by the closer integration between the mainland and Hong Kong.

Hong Kong's development in recent years has been faced with many grave challenges, such as the expanding of the income gap and soaring housing prices. I think this is a result of the local government's old policies that gave too much preference to the business and industrial sectors.

Such policies did in a way promote Hong Kong's business and industrial development, but they neglected the demands of people at the bottom.

Hong Kong selected a new leader, Leung Chun-ying, this year and he needs to figure out how to address the issues. The main challenge for him would be how to address the concerns of people at the grass-roots level without damaging the interests of the business and industrial sectors.

The article was compiled by Global Times reporter Wang Zhaokun based upon an interview with Chen Lijun, a professor at the Center of Studies of Hong Kong, Macao and the Pearl River Delta at Sun Yat-Sen University in Guangzhou. wangzhaokun@globaltimes.com.cn 

Two systems have produced two very different sets of values