HONG KONG - The promulgation of the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (HKSAR) marks a significant turning point for Hong Kong and a milestone for the practice of "one country, two systems," Luo Huining, director of the Liaison Office of the Central People's Government in the HKSAR, said on Wednesday.

"With the elapse of time, we will get a good view that the promulgation of the law marks a significant turning point for Hong Kong to move from turmoil to stability, and a major milestone for the practice of 'one country, two systems' in Hong Kong," Luo said in a speech at a launching ceremony of events marking the 23rd anniversary of Hong Kong's return to the motherland.

The social unrest arising from the now-withdrawn ordinance amendments concerning fugitive transfers since last year has exposed the tremendous risks Hong Kong is facing in safeguarding national security and posed a grave challenge to "one country, two systems," he said.

Against this backdrop, the Standing Committee of the National People's Congress enacted the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region in accordance with the Constitution and the Basic Law of the HKSAR, a move to further consolidate and improve the "one country, two systems" framework, Luo noted.

The following is the full text of Luo's speech:

Respected Vice-Chairmen Tung Chee-hwa, Leung Chun-ying

Respected Chief Executive Carrie Lam Cheng Yuet-ngor, Chairman Tam Kam-kau

Distinguished guests and friends

Good morning!

Today marks the 23rd anniversary of Hong Kong's return to the motherland, and the first day that the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region has taken effect upon gazettal. The variety of events staged by different sectors of Hong Kong to "mark the return of Hong Kong and the enactment of the National Security Law"are brimming withfeelings of jubilation and joy, and are of declarative and landmark significance.

Today we gather to mark the anniversary of Hong Kong's return.We take pride in the successful practice of "one country, two systems" over the past 23 years. The day of handover declared the end of more than 150 years of humiliation, and saw Hong Kong embarking on a broad path of common development and integration with the mainland. In pre-handover Hong Kong under British colonial rule, Hong Kong compatriots were reduced to second-class citizens in terms of political rights, and there were no democratic rights to speak of.Public data revealed that Britain's economic plunder from Hong Kong was astronomical, amounting to HK$22.1 billion in military expenses alone for the British garrison troops between 1950 and 1997. After the handover, Hong Kong compatriots became the masters of the special administrative region, and are now enjoying unprecedented democratic rights and freedoms. The central government imposes no levies on the special administrative region, nor does it request the SAR to pay for the PLA Hong Kong Garrison troops. It has unveiled a raft of favorable policies in support of Hong Kong's development, and has helped Hong Kong successfully fend off two international financial crises. In the battles against the Severe Acute Respiratory Syndrome and the COVID-19 pandemic, the mainland spared no effort in securing medical and daily supplies for Hong Kong. This has fully demonstrated that the central government has Hong Kong and its people close at heart, and takes the utmost care for Hong Kong's overall interests and the fundamental well-being of Hong Kong compatriots.

Today we gather to mark the anniversary of Hong Kong's return. We feel heartened that the National Security Law will help safeguard Hong Kong's "one country, two systems", an innovative arrangement that is indicative of the political wisdom and magnanimity of the Chinese communists, and of the Chinese nation's unique contribution to world civilization. This unprecedented practice will continue to be further enriched and developed during the course of implementation. The Extradition Bill Incident of last year exposed the great risk facing Hong Kong in safeguarding national security, posing grave challenge to the practice of "one country, two systems". Against this background, the National People's Congress Standing Committee enacted the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region in accordance with the Constitution and the Basic Law -- a move set to buttress and round off the mechanisms of "one country, two systems". For the tiny minority who endanger national security, this law will be a sword hanging over their heads. For the vast majority of Hong Kong residents including foreigners in Hong Kong, the law will be a "guardian" that protects their rights, freedoms and peaceful life. With the elapse of time, we've come to realize that the promulgation of the National Security Law marks the turning point for Hong Kong to move from turmoil to stability, and the milestone for the practice of "one country, two systems" in Hong Kong.

Today we gather to mark the anniversary of Hong Kong's return. We are deeply touched by a great many Hong Kong compatriots staying committed to the original aspiration of "one country, two systems". The National Security Law has won the support of all Chinese people, including Hong Kong residents. During the legislation period, people from all walks of life demonstrated their collective supportfor the National Security Law and "one country, two systems"via the media, street signature campaign, web posts and national anthem flash mob. This is clear evidence that the National Security Law meets the shared aspirations of the people, and that "one country, two systems" is Hong Kong society's greatest common denominator. Upon the implementation of the National Security Law, the country will become more secure, the society more stable and the life of Hong Kong residents more peaceful, while this big family of Hong Kong will surely be able to emerge from the quandary, start anew and embrace a victorious future.

Distinguished guests and friends!

No mountains could stop the river from flowing into the sea. Risks and challenges abound on our way forward but the wheels of history will forge ahead. No forces can stop the historical trend of the great rejuvenation of the Chinese nation. No difficulties can stop the advance of the great cause of "one country, two systems". Together let's extend our best wishes to the motherland! Best wishes to Hong Kong!

Thank you!

Xinhua