In a 1995 cover story, prior to Hong Kong's return to China in 1997, Fortune magazine, among a lot of similar hullabaloo, predicted that the handover would bring about the eventual demise of the city.[Special coverage]
Defying the prophets of doom, Hong Kong, as a special administrative region of China, remains one of the most dynamic cities in the world 20 years after its return from the British rule.
Over the past two decades, the Hong Kong Special Administrative Region (HKSAR) has emerged stronger out of the challenges of the Asian and global financial crises and the SARS outbreak.
It has remained a center of international finance, shipping and trade, and has been widely recognized as one of the world's freest and most competitive economies.
The rule of law and freedom are still respected.
The city's success is down to much more than a little luck.
During the last 20 years, "one country, two systems" has proven not only to be the best solution to the Hong Kong question left over from history, but also the best institutional arrangement for Hong Kong's long-term prosperity and stability since its return, said Chinese President Xi Jinping.
The "one country, two systems" formula has charted Hong Kong's 1997 return to China and its ensuing prosperity for the past 20 years.
Under the formula, the HKSAR retains its previous capitalist system, is a separate customs territory, adopts its own economic and social policies, and is authorized to conduct relevant external affairs commensurate with its status.
"The unique form of governance in the HKSAR has been largely successful," said Kurt Tong, U.S. consul general to the Hong Kong and Macao SARs.
The "one country, two systems" framework "allows Hong Kong to be special and different while still being part of China," Tong said, adding that the people of Hong Kong are "prosperous" due to Hong Kong's "specialness."
