Hong Kong needs to leverage strengths as financial centre and connector
- City urged to draw on its “super roles” to raise capital, as well as to connect with and support investors and help the country become a financial powerhouse
As the world focuses on how the second-largest economy is being reset in Beijing, Hong Kong’s attention is also being drawn to the ongoing high-level meetings in the capital where policies on local and cross-border affairs are being discussed. As usual, there is much food for thought on the challenges and opportunities ahead.
The city should reflect on what more it can do and continue to play to its unique strengths in the development of mutual benefits.
The city’s importance was again reflected in the arrangements for Vice-Premier Ding Xuexiang to meet Hong Kong and Macau delegates of the Chinese People’s Political Consultative Conference. The session covered issues such as the home-grown national security legislation under Article 23 of the Basic Law as well as integration into the development of the Greater Bay Area and nation.
The state leader is well aware of the local situation. While there is firm support for Hong Kong’s new stage of development, following the enactment of legislation to protect national security, the city still has much to do to live up to Beijing’s expectations.
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Chinese Premier Li Qiang delivers his first work report amid concerns about state of the economy
This was further underlined at another meeting attended by local deputies to the National People’s Congress and Zheng Yanxiong, director of the central government’s liaison office in the city. Elaborating on Premier Li Qiang’s work report urging Hong Kong to “play to its distinctive strengths”, the Beijing envoy called on the city to draw on its “super roles” as an international financial centre to gather capital, as well as connect with and support investors to help the country become a financial powerhouse.
“Hong Kong is a ‘super treasure bowl’ that gathers international financial capital, a ‘superconnector’ that aligns international financial rules and also a ‘super support point’ that manages external financial relations,” he told deputies.
The state’s commitment to pursuing “high-quality development” and “new quality productivity” has given fresh impetus for the city to promote innovation and technology, which is also a highlight in the government’s budget and earlier policy address. It is incumbent upon the government to further explore new areas of growth.
Gone are the days when Hong Kong could just rest on its laurels as an international financial centre. Nor can the administration continue to just count on favours and concessions from Beijing to counter economic woes.
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While the city still has an edge in finance, professional services and global connectivity, its “super roles” are being put to the test increasingly as competition intensifies.
How to make the most of its unique strengths and potential under the governance model of “one country, two systems” shall continue to be a major task for the Hong Kong government and society.
