Forum highlights Hong Kong's business environment advantages under rule of law

John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), addresses a legal forum with a focus on how the rule of law has brought about a superior business environment for Hong Kong, in Hong Kong, south China, July 18, 2023. (Information Services Department of the Government of the HKSAR/Handout via Xinhua)

HONG KONG -- A legal forum was held in Hong Kong on Tuesday with a focus on how the rule of law has brought about a superior business environment for Hong Kong.

John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), said in his address that under the principle of "one country, two systems," Hong Kong enjoys a highly free and open business environment, maintains smooth connections with various parts of the world, and has signed trade and investment agreements with multiple economies, providing ample legal protection to promote economic, trade, and investment cooperation.

With the support of the country's 14th Five-Year Plan (2021-2025), Hong Kong is building itself into a leading center for international legal and dispute resolution services in the Asia-Pacific region, while actively meeting the significant demand of the country for international legal talents, Lee said.

Hong Kong will fully leverage its legal resources, actively integrate into the overall national development, and boost China's high-level opening-up, added Lee.

Paul Lam, secretary for justice of the HKSAR government, said Hong Kong's common law system is aligned with many major economies, and is highly trusted by the international business community and investors.

Wang Songmiao, secretary general of the Liaison Office of the Central People's Government in the HKSAR, said since its return to the motherland, Hong Kong has seen the rule of law under the principle of "one country, two systems" make the market more free, the business environment more open, and commercial activities more regulated.

The legal summit, organized by the Hong Kong Policy Research Institute, was held for the first time in 2022.