Bulletin No. 1, 2011

20   Chinese University Bulletin No. 1, 2011 simultaneously to a Faculty and a College. There is a division of labour: the Faculty is responsible for the student’s formal education within the classroom and the College is responsible for the student’s non- formal education outside the classroom and pastoral care. In combination, whole-person education—the transmission of not only knowledge but also norms and values—can be effectively achieved. The college system is what distinguishes Oxford and Cambridge and CUHK from their many counterparts in the world. However, with the growth of undergraduate enrolment at CUHK over time, from a couple of thousands in the 1960s to upwards of an expected 13,000 in 2012, the original Colleges will have become too large to continue to allow the intimate and intense teacher-student and peer interactions that are so critical to non-formal education. The addition of the new Colleges will restore and reinvigorate the original ideal of the college system. It is a unique advantage that CUHK has enjoyed and will continue to enjoy in the years to come, giving it an edge not only in Hong Kong but also in the Greater China region, East Asia and the world. H ow will Hong Kong fare under the economic growth of China? W hen the mainland began its economic reform and opened to the world in 1978, Hong Kong played a pivotal and indispensable role in its success. Entrepreneurs from Hong Kong, making use of their cultural and linguistic affinity with Guangdong and the mainland, as well as their international links with the rest of the world, were the first to undertake investment on the mainland, bringing capital, technology, business methods and markets to the mainland. It was no accident that of all the Special Economic Zones established at the time, only Shenzhen, which was adjacent to Hong Kong, was able to achieve significant lasting success. But now the success of the mainland economy has led to a new situation. The mainland has become a full member of the World Trade Organization and no longer needs Hong Kong as a bridge or a gateway or a middleman to the rest of the world. It has moved beyond traditional light industry to heavy industry and high-technology industry, in which Hong Kong has no comparative advantage. The mainland economy has entered a stage of sustainable rapid growth, emerging as the world’s second largest. Hong Kong’s role has to change. The economy of Hong Kong and the livelihood of many of its inhabitants have come to depend on the mainland to a very large extent. Financial services and tourism are the two most obvious examples. Mainland firms account for more than half of the market capitalization of the Hong Kong Stock Exchange; and out of 36 million non-local visitors to Hong Kong in