Hong Kong Chief Executive John Lee Ka-chiu speaks at the Hong Kong Legal Week 2023, in Hong Kong, Nov 10, 2023. (PHOTO / HKSAR GOVERNMENT)

Rule of law is essential for ensuring a brighter future for Hong Kong, and it is necessary to uphold the rule of law and fully leverage the city’s advantages to secure stable prospects in an unstable world, top officials and experts said on the last day of Hong Kong Legal Week 2023. 

During the event, Liu Guangyuan, deputy director of the Liaison Office of the Central People's Government in the HKSAR, slammed some US politicians’ attempt to threaten Hong Kong officials, prosecutors and judges with sanctions, emphasizing that the implementation of the National Security Law for Hong Kong (NSL) has bolstered global investors’ confidence on the city.

Liu also noted that as Hong Kong has restored stability, global investors have cast their vote of confidence in Hong Kong’s future with substantial investments.

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According to Liu, Hong Kong's total bank deposits had exceeded $2 trillion by August this year, marking a 72 percent increase from the figure before the NSL was introduced in 2020.

Secretary for Justice Paul Lam Ting-kwok said Hong Kong is a place full of opportunities, but without a safe and secure environment, it is hard to turn dreams into reality, so it is vital to handle national security issues seriously

Addressing the Friday event, which was themed “Rule of Law for the Future”, Chief Executive John Lee Ka-chiu said that under the common law framework, Hong Kong's legal system can safeguard business activities, and its prosperity and stability. The city will have a bright future under the rule of law and continue to be a world center for law and dispute resolution, as well as a financial and shipping hub.

Lee said Hong Kong will continue to leverage its unique advantages and serve as a bridge between the Chinese mainland and the world as the only common law jurisdiction of the nation.

He added that Hong Kong, being one of the world's freest economies, ranked 7th in the World Competitiveness Report, a testament to its competitiveness. The city also secured the top spot in terms of business legislation. 

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He emphasized that Hong Kong's widely recognized legal strengths will open up immense opportunities and help it secure a brighter future.

Liu Guangyuan, deputy director of the Liaison Office of the Central People's Government in the HKSAR, delivers his speech at the Hong Kong Legal Week 2023, in Hong Kong, on Nov 10, 2023. (PARKER ZHENG / CHINA DAILY)

Liu Guangyuan said that the world is currently plagued by numerous conflicts and instability, where unpredictability has become a persistent condition. The rule of law is a cornerstone to provide a stable future in an unstable world, he said.

He called for continuous optimization of Hong Kong’s legal and business environment and encouraged active engagement with national strategies like the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area. 

He added that the rule of law is crucial for upholding the principle of “one country, two systems”.  It serves as a necessary foundation for maintaining a well-functioning society, ensuring social stability, and advancing the long-term success of "one country, two systems.”

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Secretary for Justice Paul Lam Ting-kwok underlined that security is paramount for development. Hong Kong is a place full of opportunities, but without a safe and secure environment, it is hard to turn dreams into reality, so it is vital to handle national security issues seriously, he said.

Secretary for Justice Paul Lam Ting-kwok delivers his speech at the Hong Kong Legal Week 2023, in Hong Kong, on Nov 10, 2023. (PARKER ZHENG / CHINA DAILY)

Lam reiterated the government's unwavering commitment to utilizing Hong Kong's unique advantages and leveraging the principle of  “one country, two systems” to seize opportunities and resolve disputes.

Chief Judge of the High Court Jeremy Poon Shiu-chor also emphasized the importance of upholding the rule of law, especially in the context of evolving international economies in the post-pandemic era. 

Poon highlighted the role of the rule of law in facilitating better communication, exchange, and business activities between local and foreign entities.

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In response to the proposed sanctions by US politicians, Liu said such ridiculous, despicable and malicious behavior has violated international law principles and the spirit of the rule of law.

Chief Judge of the High Court Jeremy Poon Shiu-chor delivers his speech at the Hong Kong Legal Week 2023, in Hong Kong, on Nov 10, 2023. (PARKER ZHENG / CHINA DAILY)

In the past few days, there have been large-scale demonstrations in Hong Kong against the so-called sanctions. Facts have proved that intimidation cannot curb the rule of law in Hong Kong, and any attempt to disrupt the rule of law in Hong Kong and undermine the principle of "one country, two systems" is doomed to failure, he stressed.