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After two weeks of excitement, the majority of Hong Kong people have calmed down and started to contemplate in what direction their city should be heading.

It is true that the local populace has a lot of discontentment with the current economic conditions and the government's way of handling public opinion. Some politicians have capitalized on these grievances and demanded Tung Chee-hwa's resignation, leading to political uncertainties. Investors and the public are beginning to query whether a change of guard will be able to solve the current economic problems or, on the contrary, make the situation worse. After having been enlightened by central leaders, Hong Kong people have come to realize the significance of political stability, economic development and the improvement of people's livelihoods.

As a matter of fact, the economic problems the territory is facing have been caused by a variety of factors. They include historical legacies, inflexible systems, the bursting of the economic bubble, economic globalization and transformation, world economic slowdown and internal attrition at home.

How can these problems be solved? Definitely not by changing horses in mid-stream.

At present, those who are most eager to topple Tung are the politicians from the "democratic" camp. If they are allowed to assume power, all those problems will only be aggravated.

Members of the public have criticized the "democrats" for their disregard for economic issues and their inability to come up with measures to revitalize the economy. It seems that the only things they can do well are to incite demonstrations, sabotage capital-labour relationships and divide society. They even go against the central government by trying to play a role in the "pro-democracy" movement on the mainland. They are trying to drive a wedge between the SAR and its motherland, undermining Hong Kong's trade ties with the mainland.

Can these people solve the problems of negative equities, high unemployment, population ageing and talent mismatch? Can they facilitate the implementation of the Closer Economic Partnership Arrangement with the mainland so as to bring prosperity to the territory?

Hong Kong people must keep cool heads. "One Country, Two Systems" is a policy and measure formulated by the central government and the best way forward. The high autonomy that Hong Kong enjoys is endowed by Beijing and is not determined by the local residents. Promoting democracy on the residents' own initiative runs against the Basic Law and will jeopardize the territory's stability. The procedures stipulated by the Basic Law must be followed and democracy should be developed in a gradual manner by taking into account the realities in Hong Kong.

Those who are trying to oust Tung are actually aiming to upset the procedures prescribed by the Basic Law, undermine the democracy that is being gradually developed and change the direction of Hong Kong's development with a coup. This will only bring more harm to the local economy and will not safeguard Hong Kong's interests. Only under a stable social environment could the economy take a turn for the better.

If Tung is not allowed to continue with his rule under the Basic Law, Hong Kong will be thrown into a state of lawlessness and volatility. If tens of thousands of people besieging the Legislative Council Building could usurp the power and set a precedent, that would spell the end of Hong Kong. Tung Chee-hwa is still the best choice for the post of chief executive. It is difficult to find the right person to replace him if he quits the job.

A reshuffling of the leadership team, concentration on economic development, riding on the motherland's backing and facing the world, restructuring its economy and improving people's livelihoods are what Hong Kong must now do in order to edge its way out of the present doldrums.

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