Basic Law remains the bedrock of Hong Kong | Beyond The Law | José Antonio Maurellet SC

Article 5 of our Basic Law provides that “the socialist system and policies shall not be practiced in the Hong Kong Special Administrative Region, and the previous capitalist system and way of life shall remain unchanged for 50 years.” This is fully reflected in what the paramount leader Deng Xiaoping stated on 16 April 1987, that after the resumption of the exercise of sovereignty, it should be “50 years no change.”

President Xi Jinping, on 1 July 2022, the 25th anniversary of Hong Kong’s return to China, stated that the Central Government fully supports Hong Kong in its effort…to maintain the common law.”

It can be easily taken for granted, but this was and remains an ingenious and unprecedented design which preserves both the economic system here and also the way of life of our people, to the benefit of the rest of the country. The “One Country, Two Systems” model is the basis on which the common law cherished by both business and our community continues to apply. The jury system, the presumption of innocence in criminal cases, and the split legal professions have continued seamlessly.

Hong Kong’s strengths, including the rule of law, judicial independence, a free flow of goods, capital and information, and low taxes, allow us to flourish as an international financial and dispute resolution center. High costs, asset prices, and rents, while of course painful, were never a problem per se but rather the unfortunate consequence and result of our success. High labor and property prices are to be found from Singapore to New York to London. The collective challenge for our community is to use our energy and imagination to enable Hong Kong to thrive, using our historical strengths and unique international characteristics, and fully make use of the incredible framework our Basic Law provides. We need to forge our own path suitable for our city and to the benefit of the rest of the country.

José Antonio Maurellet SC is the Chairman of the Hong Kong Bar Association