Last October, Hong Kong was once again ranked the world's freest economy. In June, the city's global competitiveness rose to the third place — the first time since 2019, according to international rankings. In the face of persistent narratives predicting Hong Kong's decline, what has the National Security Law actually brought to the city? What role has the law played in safeguarding "One Country, Two Systems"? What are the future challenges regarding the city's governance?