Hong Kong’s capitalist system and way of life under “one country, two systems” will endure beyond 2047, when the “50 years unchanged” formula set by the Sino-British Joint Declaration of 1984 is due to expire, Secretary for Constitutional and Mainland Affairs Erick Tsang Kwok-wai maintained on Wednesday.

Answering a query at the Legislative Council from lawmaker Ambrose Lam San-keung, Tsang said the central authorities have shown firm commitment to “one country, two systems”, adding that it “will not be altered, nor shaken”.  

“At the meeting celebrating the 25th anniversary of Hong Kong's return to the motherland in 2022, President Xi Jinping said that, ‘One country, two systems' has been tested repeatedly in practice. It serves the fundamental interests of not only Hong Kong, but also those of our country and the nation, so there is no reason for us to change such a good policy, and we must adhere to it in the long run,’" Tsang said in his written reply.

“President Xi reiterated in his report to the 20th National Congress that ‘the policy of 'one country, two systems' is a great innovation of socialism with Chinese characteristics. It has proven to be the best institutional arrangement for ensuring sustained prosperity and stability in Hong Kong after its return to the motherland. The policy must be adhered to over the long term,’" he added.

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Tsang said it is essential to ensure that "one country, two systems" is fully implemented in the Hong Kong Special Administrative Region without being bent or distorted, and “will always advance in the right direction”.

The Sino-British Joint Declaration of 1984, which set the conditions for Hong Kong’s return to the motherland in 1997, stated that the Chinese government would maintain city’s existing governing and economic systems after 1997, distinguished from that of the mainland, under the “one country, two systems” principle for 50 years.

In his query, Lam noted that there were concerns about a "2047 time limit" for Hong Kong's capitalist system and asked about SAR government efforts to allay these concerns.

He noted that some view the passage of the Extension of Government Leases Ordinance, which came into force in July last year, would ensure that the vast majority of land in Hong Kong will have the leases automatically extended for a term of 50 years upon their expiry in 2047.

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The ordinance stipulates that unless there is significant public interest, general purpose leases will be extended for a term of 50 years without payment of an additional premium, but an annual rent equivalent to 3 percent of the rateable value of the property will be charged.

Owners do not have to perform any procedures for handling lease extension matters, improving convenience for the public and for businesses.