Tung Chee-hwa believes city is ready to move forward following a period of stagnation

On July 1 Hong Kong celebrated the 20th anniversary of its return to China, allowing us to reflect on how far we've come, where we are today and what the future may bring.

The successful implementation of "one country, two systems" has provided Hong Kong an enormous competitive advantage in moving our economic and social agenda forward. The rule of law, the free-market economy, the international character of Hong Kong, as well as our way of life, have all been preserved and bolstered. Despite having faced the severe Asian financial crisis of 1997 and 1998, the SARS attack in 2003 and then again the global financial crisis of 2008, Hong Kong's economy has grown at an average rate of 3.3 percent per year over this 20-year period. We have stayed the course, and benefited greatly from it.