Illustration: Chen Xia/GT

The signing ceremony of the Convention on the Establishment of the International Organization for Mediation (IOMed) was held in Hong Kong on May 30. Based in Hong Kong, the IOMed is the world's first intergovernmental legal organization that specializes in mediation as a mechanism for resolving international disputes. It is an innovation and breakthrough in the international judicial system, and also an important institutional mission for Hong Kong to serve China's major-country diplomacy, peaceful development of mankind and building of a community with a shared future for mankind.

The IOMed's establishment came at a time when the "America First" doctrine and anti-globalization policies intensified, the global tariff war was exacerbating, the global industrial chain and financial security system were seriously undermined, and the international legal order, which was cemented after World War II, was facing a serious crisis. How to respond to hegemony and chaos and rebuild a fair order and development momentum of globalization has become China's responsibility as well as an opportunity for Hong Kong.

The establishment of the IOMed is in line with the characteristics of Chinese civilization and the original intention of "one country, two systems." It is a major beginning for Hong Kong to assume the responsibility of the peaceful development of mankind. 

Centered on litigation and arbitration, the existing international dispute settlement mechanism lacks real fairness due to the hegemony of the Western system. It has dysfunction and double standards due to the institutional limitations of the UN system, and has caused the loss of voices of developing countries due to high costs, thus failing to provide adequate international judicial justice. 

Compared with the institutional increment brought by the IOMed, the talent and cultural increment brought by US' trade war and xenophobic policies are equally considerable. The cultural war and talent xenophobic policies of the current US government against Harvard and other universities are manifestations of US' return to conservatism and exclusionism. As an international financial center and highland of international higher education, Hong Kong has adopted an open policy of inclusiveness and absorption toward capital, talents and international students from the US. Hong Kong Chief Executive John Lee said that Hong Kong fully welcomes students who have been unfairly treated due to US policies to pursue their studies in the city.

The Hong Kong government and society should fully recognize the following: First, the changes in the US and West and the rivalry between China and the US bring both opportunities and challenges to Hong Kong. Due to Hong Kong's inherent international advantages, the more the situation changes, the more prominent the opportunities are. Second, the Chinese government is firmly committed to "one country, two systems" and is striving to enhance Hong Kong's international status and advantages. It fully supports Hong Kong in taking on the role of transferring international capital and talents to enhance its comprehensive attractiveness and competitiveness as an international metropolis. Third, the Hong Kong government needs to formulate supporting policies and government service plans for the above-mentioned transfer, create a better educational and business environment, and become more effective in policy communication and collaboration with the central country to seize the new round of development opportunities. Fourth, the Hong Kong society needs to further consolidate the consensus on "one country, two systems," establish new knowledge and collective confidence in national rejuvenation and globalization and build a richer and more functional international metropolis through open and inclusive social culture and social services.

In short, global changes are accelerating, US and Western hegemony and anti-globalization are becoming more rampant, and China's national rejuvenation and the development of "one country, two systems" are facing both opportunities and challenges. As Hong Kong, attached to the motherland and facing the world, has unique advantages, it still faces the challenges of economic downturns and consumption woes. 

More importantly, as its Chief Executive John Lee once noted, "Some challenges are posed by external forces, such as those attacking our legal system, intervening in our judicial processes." 

By building the IOMed, taking on the role of transferring international capital and talents, and focusing on enhancing the attractiveness of Hong Kong as an international metropolis, the city can seize the opportunities and ride the waves to secure a prosperous future for itself and for the country as a whole.

The author is a vice-dean of the Law School of Minzu University of China in Beijing and director of the Chinese Association of Hong Kong and Macau Studies. opinion@globaltimes.com.cn