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But the city has paid a price for embracing more democracy. The Hong Kong government has become less efficient and more divided than in the colonial era. An anti-business, anti-development and anti-mainland China ideology permeates debates in the legislature, which has become fractious and dysfunctional. Its hard to make the case that more democratic freedom has been a net gain for the citys more than seven million residents.

Filibustering in the legislature has slowed down many development projects, making land and housing shortages more acute, and hindering efforts to catch up with the rapid advances of neighboring mainland Chinese cities. As summer recess neared, the legislatures finance committee had approved only about half of the budgeted projects for the 2017-18 fiscal year.

The dysfunction of Hong Kongs legislature may also be a reflection of frustrations with high-speed growth, which appears to be breeding more inequality. Perhaps it is part of a global hostility to the excesses of capitalism. Whatever the cause, we have good reason to pause and reflect deeply on what sort of political system best suits our future development.

Like or not, we are part of China, not only politically, but culturally and economically. When Moodys downgraded Chinas debt credit rating in May, ours was downgraded in tandem.

And Beijing has reiterated, since publication of its white paper on one country, two systems in 2014, that the standing committee of Chinas legislature has the power to interpret Hong Kongs local laws. Under Chinas centralized system, cities, provinces and regions have no inherent power of their own. All the powers enjoyed by Hong Kong are given by Beijing, and can be taken back.

Our best bet lies in nurturing a harmonious and supportive relationship with mainland China. Its encouraging that some moderate democrats appear to have shifted their strategy by suggesting a more open dialogue with the central leadership. Several moderate democrats reportedly plan to attend a dinner with Mr. Xi this week.

Beijing, however, would be wrong to ignore Hong Kongs democracy movement. The fringe is becoming more extreme, with increasing calls in recent years for outright independence, a move that a majority of Hong Kongers reject. Most young people are unhappy with the political situation, and the nations leaders could find themselves with a much bigger challenge down the line.

While Beijing might be content with the election of Carrie Lam, a seasoned and popular civil servant who will be inaugurated on Saturday as Hong Kongs next leader, the undercurrent for change could return with a vengeance in just a few years time.

Regina Ip, a member of the Hong Kong Legislative Council, is the chairwoman of the New Peoples Party.

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A version of this op-ed appears in print on June 30, 2017, in The International New York Times.

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Hong Kong's Democracy Dreams - New York Times