Much has changed in the past 20 years. On the international stage, the world economy has endured the Asian financial crisis, the collapse of the dot-com bubble and the global economic crisis, while the euro has emerged as a global currency and China has come to the fore as a global economic superpower. Meanwhile, in politics, we have seen the effects of the United States' "war on terror" in Afghanistan, Iraq and now - most tragically - in Syria. Yet from the horror of 9/11 to the brutality of the recent terror attacks in London, the specter of terrorism continues to haunt us.

Back in Hong Kong we have seen the rise of our own small band of separatists. The threat posed by SARS in 2003 was similarly overcome by local authorities - with the help of the central government. On the economic front, we have been blessed by the Closer Economic Partnership Arrangement (CEPA), which has greatly facilitated cooperation between Hong Kong and the mainland, much to our benefit.

Elsewhere in Hong Kong, there have been many momentous occurrences since 1997, notably the opening of Hong Kong Disneyland in 2005, the holding of the equestrian events for the 2008 Summer Olympics and the hosting of the Fifth East Asia Games in 2009. These events have been accompanied by extensive infrastructure improvements - from the Ngong Ping 360 cable car and several new MTR lines to the Express Rail Link to Guangzhou and the Hong Kong-Zhuhai-Macao Bridge - as well as a number of iconic property developments.

Yet, for all the assertions on the part of the "pan-democrats" and "localists" about the alleged erosion of Hong Kong's core values over the past two decades, how much has actually changed in our day-to-day lives? Very little if the truth is told. After all, we still have our own passports and currency; we still enjoy the rule of law and freedom of speech, not to mention transparent and stable government. Moreover, Hong Kong remains a major international finance center and a leading gateway to the mainland.

This is all testimony to the ingenious nature of "one country, two systems". The policy has proved strong and flexible enough to cope with all the stresses which were inevitably going to accompany Hong Kong's journey into the post-colonial world. In other words, it has not only helped us survive the vicissitudes of local and international politics and economic upheavals; we seem to have come out of these challenges more self-assured of our position as a special administrative region and feeling impatient to capitalize on opportunities that would greatly benefit the next generation of Hong Kong residents.

That is not to say, of course, that there are no difficult challenges ahead. Indeed, when Chief Executive-designate Carrie Lam Cheng Yuet-ngor assumes office on July 1, she will have a number of thorny issues to tackle. These include rising inequality, the growing aging population and the runaway housing market. Perhaps more importantly, however, she will have to find an antidote to the poisonous rhetoric of our populist politicians - demagogic language that is turning our youngsters away from constructive social engagement toward nihilistic protest and xenophobic grandstanding. The prosperity of Hong Kong in the next 20 years cannot be taken for granted. We will only be able to take our city to the next level of its development if we can put aside internecine politics and persuade our young people to grasp opportunities offered by closer economic partnership with the mainland.

With all the opportunities provided by groundbreaking projects like the Belt and Road Initiative and Guangdong-Hong Kong-Macao Greater Bay Area project, we are incredibly fortunate to be positioned to take advantage of such opportunities. If that's not a good enough reason to celebrate, I really don't know what is.

The author is a current affairs commentator.

(HK Edition 06/28/2017 page9)