Investor Presentaiton

Foreword Fellow Hong Kong Citizens, During my annual reporting of work for the year 2020 on 27 January this year, President Xi Jinping unequivocally indicated that in order to ensure the steadfast and successful implementation of "One Country, Two Systems", we must always adhere to the principle of "patriots administering Hong Kong". This principle is fundamental to national sovereignty, security, development interests, as well as the long-term prosperity and stability of Hong Kong. Only through “patriots administering Hong Kong" can the Central Authorities' overall jurisdiction over the Hong Kong Special Administrative Region ("HKSAR") be effectively implemented, the constitutional order established by the Constitution and the Basic Law be effectively safeguarded, various deep-seated problems be effectively resolved, and the long-term stability and safety of Hong Kong be achieved. "Patriots administering Hong Kong" is definitely not a newly created concept. Tracing to its source, the chief architect of "One Country, Two Systems", Mr. Deng Xiaoping, clearly stated in 1984 that the idea of "Hong Kong people administering Hong Kong" has its scope and criteria, that is to say Hong Kong should be managed by Hong Kong people, with patriots forming the mainstay. The criteria for a patriot are to respect one's own nation, sincerely support the resumption of the exercise of sovereignty over Hong Kong by the Motherland, and not to impair Hong Kong's prosperity and stability. In recent years, Hong Kong has indeed faced circumstances that are not conducive to the thorough and accurate implementation of "One Country, Two Systems". This is particularly so since the onset of the disturbances arising from the opposition to the proposed legislative amendments to the Fugitive Offenders Ordinance in June 2019, and henceforth the year-long social unrest had thrown citizens into great fear. Groups advocating "Hong Kong independence", organising resistance against the governance of the Central Authorities, and even colluding with external elements to interfere with Hong Kong's affairs had emerged. These opposition forces and radicals entered the political structure of the HKSAR through elections. They paralysed the operation of the Legislative Council ("LegCo") and obstructed governance by HKSAR Government in accordance with the law; supported and glorified violence outside the Council; and orchestrated plans to gain dominance in the LegCo in order to achieve "mutual destruction", all of which seriously jeopardised Hong Kong's constitutional order and challenged national sovereignty. These chaos have exposed the loopholes and deficiencies of Hong Kong's electoral system, which if not rectified in time, will go directly against the principle of “patriots administering Hong Kong"; make it difficult to ensure the faithful implementation of "One Country, Two Systems"; and seriously impair Hong Kong's prosperity and stability. Following the enactment of the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region ("National Security Law") last year to plug the loopholes which endangered national security, the National People's Congress once again takes the lead at the constitutional level to improve the electoral system of the HKSAR. In so doing, the Central Authorities are faithfully exercising their overall jurisdiction over the HKSAR; fully supporting the HKSAR Government to put things back on the right track and govern HKSAR in accordance with the law; and protecting the well-being of over seven million citizens of the HKSAR. I and the HKSAR Government definitely see the necessity and urgency to improve the electoral system and will fully co-operate with the Central Authorities by enacting local legislation to implement the improved electoral system, with a view to putting the principle of "patriots administering Hong Kong" into practice. In the past two years, Hong Kong has faced unprecedented challenges. The Central Authorities have always spared no efforts at the national level in resolving the imminent problems faced by Hong Kong, demonstrating their adherence to the principle of "One Country, Two Systems" and care for the citizens of Hong Kong. From the formulation and implementation of the National Security Law, which halted chaos and restored order in Hong Kong, to the improvement of the electoral system of the HKSAR to ensure "patriots administering Hong Kong", our Motherland will forever provide staunch support to Hong Kong. As long as we shoulder the responsibility of safeguarding national security together, and uphold and implement "patriots administering Hong Kong", the principle of "One Country, Two Systems" would be steadfastly and successfully implemented and the long-term stability and safety of Hong Kong assured. Carrie Lam Chief Executive Hong Kong Special Administrative Region

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