II. Full Support of the Central Government
4. Since my delivery of the 2019 Policy Address, Hong Kong has been facing severe and unprecedented challenges in the past year. The COVID-19 outbreak, coupled with the social unrest in the second half of last year, has taken a toll on our commercial activities. The local economy has experienced a rapid downturn, with a continual rise in the unemployment rate and various sectors badly hit. Although the promulgation of The Law of the People’s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (the National Security Law) on 30 June this year has restored stability in our society, the road to economic recovery is still fraught with difficulties.
5. On the other hand, we have seen a quick rebound in the economy of our country as a result of its vigorous efforts in putting the epidemic under control. Set to be the only major economy to record growth in 2020, the Mainland has put forward a new development pattern of domestic and international dual circulation. Benefiting from its proximity to the Mainland and the Central Government’s long-standing support under the “One Country, Two Systems” principle, Hong Kong’s economic development will be given new impetus. It can continue to capitalise on its strengths to serve the country’s needs with proactive participation in the domestic and international dual circulation as well as better integration into the overall national development.