Beijing tasks Hong Kong with enhancing role as an international finance centre
City priorities in 15th five-year plan draft include development of a commodity trading ecosystem and deepening cross-border connections of financial markets
The draft’s 59th chapter, which covers Hong Kong and Macau, echoed the 14th five-year plan’s support for the city’s “eight centres” strategy to boost its competitiveness, including consolidating its role as an international centre for finance, shipping, trade and aviation. It added new tasks for Hong Kong in the fields of commodity trading and supply chain services.
“[Hong Kong will be supported] to strengthen its functions as a global offshore renminbi business hub, and an international asset, wealth management and risk management centre, as well as to construct a commodity trading ecosystem and high-quality supply chain service centre,” the draft said.
Another new mission for Hong Kong is to accelerate the development of the Northern Metropolis, a megaproject transforming 30,000 hectares of land near the city’s border with mainland China into an economic powerhouse and housing hub.
The megaproject – a key focus of the city’s budget last month – was not mentioned in a briefer outline of the 15th five-year plan released last October.