China's former premier Zhu Rongji passed away in Beijing on August 12. As a university student, I remember watching him on television. He was a tall and imposing figure, statesmanlike and very eloquent. He was adept at using humor to win over his interlocutors. The Tsinghua University graduate was a big supporter of Hong Kong. In February 2002, in the aftermath of the Asian Financial Crisis, he met then Chief Secretary for Administration of Hong Kong Donald Tsang in Beijing.
Speaking to reporters afterward, Mr Tsang said the premier believed that Hong Kong has "excellent foundation … a very good heritage and … a lot of strengths," and that "what is important is Hong Kong should continue to nurture our strengths – our strengths of rule of law, of being very free, very equal, and a very efficient market." Premier Zhu pithily summarized Hong Kong's institutional strengths. These are as relevant today as they were nearly a quarter of a century ago.
Given our size, both in space and in population, and our comparatively high salaries and prices, we can never compete with other cities across the region in price alone unless there are drastic downward adjustments in salaries and asset prices. On the contrary, we should position ourselves in a way which plays to our competitive advantages – in particular, in soft power and software. Bankers, tourists, students and others have many choices. We want to attract them to Hong Kong because we can provide a good place to visit, live, and work. Fundamental freedoms, commercial certainty, and the rule of law, all entrenched in the Basic Law, are a very important foundation for our success. Equality before the law is one of our core values and one which has allowed us to be one of the leading international financial centers. Whilst one should never be too complacent, one should also not be alarmist.
Hong Kong's economy and society, like everywhere else, adapts and evolves with time of course. But our core values should remain steadfast. These core values have given Hong Kong the strength to meet its challenges. Premier Zhu understood that, and it was the reason for his confidence in the city's future.
José Antonio Maurellet SC is the Chairman of the Hong Kong Bar Association
