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.

A failure to achieve universal suffrage will only perpetuate the political bickering, bringing further disruption to society. The ensuing social instability and political uncertainty will pollute the city's business environment. This will further erode its global competitiveness, a scenario that does not bode well for its long-term economic growth and the overall well-being of the society.

By virtue of the SAR's constitutional setup, the opposition lawmakers command a critical minority in the LegCo vote. But this is not the time for pursuing personal and party interests. It is their moral obligation to act in the best interests of Hong Kong society. They have attained this empowerment from the people of Hong Kong, the majority of whom have clearly expressed their aspiration for implementing universal suffrage in 2017.

The reform proposals fully conform with the Basic Law and the legal framework laid down by the Standing Committee of the National People's Congress under the "One Country, Two Systems" principle. Having taken the oath of allegiance to the Hong Kong SAR of the People's Republic of China, the lawmakers are also duty-bound to abide by the Basic Law and support the "One Country, Two System" policy.

At a time when Hong Kong's long-term development is at the crossroads, the lawmakers bear a historic responsibility to approve the reforms for public good.