Hong Kong's post-2047 future needs more clarity

IN THE 1970s, with Britain's 99-year lease over most of Hong Kong due to expire in 1997, London worried about the colony's future as investment was bound to dwindle over time unless an accord was reached with China. Eventually, Beijing agreed that Hong Kong's legal, economic and social systems would remain unchanged for 50 years after its return to Chinese sovereignty under a policy known as "one country, two systems".

Now, Hong Kong is near the mid-point of that 50-year period, and again there is growing anxiety about the city's future, this time after 2047.

Article 5 of the Basic Law, the city's mini-constitution, stipulates: "The socialist system and policies shall not be practised in the Hong Kong Special Administrative Region, and the previous capitalist system and way of life shall remain unchanged for 50 years."