Sunday marked the first anniversary of the enactment of the Safeguarding National Security Ordinance (SNSO).

When the ordinance took effect a year ago, critics claimed that it would trigger serious Western sanctions on Hong Kong, suffocating its economy. To the disappointment of those doomsayers, Hong Kong has scored remarkably well in terms of socioeconomic development over the past year — despite persistent efforts by the United States and its allies to suppress the city.

In 2024, Hong Kong’s economy grew by 2.5 percent, surpassing the developed economies’ average of 1.8 percent, demonstrating its economic vitality and resilience; total export and import values rose by 8.7 percent and 6 percent respectively year-on-year, signaling robust recovery in trade; and the Hang Seng Index climbed 17.7 percent with annual turnover reaching HK$32.4 trillion ($4.17 trillion) — the highest in three years — showcasing investors’ optimism about the city’s economic prospects.

Notably, statistics from InvestHK reveal that the number of startups in Hong Kong reached 4,694 in 2024, up 10 percent year-on-year, employing nearly 18,000 workers, up 7 percent. Both the startup count and workforce size set new records, with the healthcare and medical sectors and the sustainable/green-technology industries registering the most pronounced growth in startups.

Over the past year, Hong Kong has been reconfirmed as the world’s freest economy; the city has also reclaimed third place in global financial center ranking, climbed two places to fifth in global competitiveness, and jumped seven spots to return to the top 10 in talent competitiveness.

According to a survey released by the American Chamber of Commerce in Hong Kong earlier this year, 83 percent of US firms expressed confidence in Hong Kong’s rule of law, rising for three consecutive years.

These facts irrefutably demonstrate that Hong Kong has created a safer, freer, more open, and more predictable business environment — by fortifying its national security framework.

Doomsayers have been peddling the notion that “Hong Kong is over”, ever since the promulgation of the National Security Law for Hong Kong (NSL) in 2020. The reality is that the city has defied such doom-mongering, and is thriving.

The NSL and SNSO erected a robust legal shield for Hong Kong’s stability, allowing the Hong Kong Special Administrative Region government to focus on economic development and livelihood improvement, with governance greatly improved.

The “proactive governance” philosophy has been more manifestly demonstrated. For example, the government has vigorously promoted an event-driven economy in the face of weak local demand, hosting over 200 major events over the past year to boost economic vibrancy. In response to a sluggish housing market, the government scrapped all restrictive measures, triggering a rebound in transaction volume. Amid sustained Western suppression, the government proactively reached out to Southeast Asian and Middle Eastern markets, attracting conglomerates to establish regional offices in the city — 2,700 family offices had registered by late 2024. To address spatial constraints, the government accelerated development of the Northern Metropolis.

Significant progress has been achieved in tackling the housing shortage, with the average waiting time for a public rental housing flat having declined to just over 5 years from 6.1 years at its peak. With the completion of more Light Public Housing projects, the waiting time is projected to drop to 4.5 years by 2026-27.

Meanwhile, district councils, which had been hijacked by political radicals and turned into platforms for promoting “Hong Kong independence”, have been thoroughly reinvented, with their original functions of providing community services and public consultation effectively restored, allowing them to serve as a bridge between the government and communities.

When the SNSO came into effect one year ago, concerns were raised about whether Hong Kong’s human rights could be safeguarded. The facts speak for themselves: The ordinance has targeted only a tiny number of individuals who endangered national security, while protecting the rights and freedoms of the overwhelming majority. As of March 1, only five individuals had been charged under the ordinance, with three convicted.

Respecting and protecting human rights is enshrined as a key principle in the ordinance, which preserves all rights and freedoms protected by the Basic Law. The provisions of the International Covenant on Civil and Political Rights, and the International Covenant on Economic, Social and Cultural Rights which are applicable to Hong Kong remain intact. This principle is reflected in every article of the ordinance: Clear boundaries between legal and illegal acts; prohibition of penalties without established laws; presumption of innocence; protection of defendants’ right to defense; nonretroactivity of legislation; and specific exemptions or defenses for certain crimes.

In practice, these provisions have been scrupulously implemented. Over the past year, public identification of national security and social cohesion have both increased markedly.

At the opening ceremony of the 2024 National Security Education Day, Xia Baolong, director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, emphasized that safeguarding national security is safeguarding the “one country, two systems” principle and Hong Kong’s prosperity and stability. A comparison of what happened in the city during the 2019-20 riots and the socioeconomic developments over the past year unmistakably shows that national security and social stability is a key pillar for socioeconomic development. Only when the rule of law solidifies as a core competitive strength can Hong Kong’s potential be fully unleashed, allowing it to bring its capacity as a superconnector and super-value-creator to full play.

The author is vice-chairman of the Committee on Liaison with Hong Kong, Macao, Taiwan and Overseas Chinese of the National Committee of the Chinese People’s Political Consultative Conference and chairman of the Hong Kong New Era Development Thinktank.

The views do not necessarily reflect those of China Daily.