1/5 The security legislation in Hong Kong has brought an end to the riots. But the great challenge facing China is winning the hearts and minds of Hong Kong people, and the key to this is reforming Hong Kong's economy: it is stuck in the past.

2/5 The legacy of British rule was a colonial style economy. Westerners used to describe it as the world's freest market economy. Dream on. It was the opposite: it was a highly oligopolistic, anti-competitive economy dominated by tycoons chosen by the British.

3/5 Since 1997 far too little has changed. Apart from financial services, the tycoon-owned conglomerates still dominate the economy. Property prices are sky-high because the tycoons control the supply of land. And business interests still hold sway over LegCo.

4/5 Compare HK and Shenzhen. While HK has stagnated, Shenzhen has boomed. Tiny in 1997, it overtook HK's economy in 2018. Home to Huawei, Tencent and BYD, it now rivals Silicon Valley. Meanwhile HK's economy is little more than financial services, property and tourism.

5/5 China's challenge is the reinvention of HK's economy: breaking the tycoons's stranglehold and building many new homes; broadening the HK economy and fostering new sectors and companies; cooperation and cross-fertilisation with Guangdong province so HK can have new ambitions.