For years, the people of Hong Kong have not been as anxious about their future as they are today. On Wednesday, they were holding their breath as the Legislative Council started deliberating on the electoral reforms proposed by the government of the special administrative region (SAR) for the election of the next chief executive via "one person, one vote".

The outcome of the vote will have profound implications for Hong Kong and will be a watershed for its long-term development. An approval of the reform package means Hong Kong will be on the right track to achieve universal suffrage in 2017, the biggest step forward the city will have ever taken in democratic development.

Universal suffrage may not be a quick fix for all of the SAR's deep-seated social problems. But approval of the reform package will give the SAR government a stronger political mandate to lead and administer the region. It will also help its society heal the wounds inflicted by political wrangling over electoral reform.