Hong Kong can recover only by fully implementing "one country, two systems": HKSAR chief executive

Carrie Lam, chief executive of the Hong Kong Special Administrative Region (HKSAR), attends a press conference in Hong Kong, south China, March 8, 2021. Carrie Lam said on Monday that the "decision plus amendment" approach to improving the electoral system of the HKSAR is legal and constitutional, and the HKSAR government will cooperate with the central authorities to carry out the work in three aspects. Lam elaborated on the three aspects at a press briefing here. (Xinhua/Lui Siu Wai)

HONG KONG, March 23 (Xinhua) -- Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam said on Tuesday that "one country, two systems" must be fully implemented if Hong Kong is to truly recover its strength.

During the past 18 months, relevant work to improve the "one country, two systems" has been underway, Lam said at an economic forum held in Hong Kong.

She said that in order to be a vibrant place, Hong Kong needs to seize the development opportunities especially those offered by the country's 14th five-year plan.

Paul Chan, financial secretary of the HKSAR government, said at the forum that he expected 2021 to be the year of "recovery," and believed that Hong Kong's economy will return to positive growth this year. However, there are still uncertainties about the extent and strength of the recovery, he said.

Chan said that externally, the strong economic growth in the mainland and the regain of momentum of other major economies will benefit Hong Kong's goods and service export, but the pace of recovery will depend on whether the cross-border personnel exchanges can be resumed and the progress of resumption.

Locally, if the COVID-19 vaccination program can achieve the expected results and the epidemic situation gradually eases, local economic activities should resume more steadily and comprehensively in the second half of the year, he said.

Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA), said at the forum that reputation is crucial to maintaining confidence in the financial markets. Over the past year, the HKMA has worked closely with stakeholders to respond to their concerns about Hong Kong and will continue to do well in external communication to enhance Hong Kong's reputation as an international financial center.