This July 17, 2020 Aerial photo shows the Wan Chai district of Hong Kong. (LUI SIU WAI / XINHUA)
Hong Kong can be the “testing ground” for the nation’s economic development and policy directives in the coming decade, according to the city’s prominent business groups.
Heavyweights like the Hong Kong General Chamber of Commerce, the Chinese Manufacturers’ Association of Hong Kong and the Federation of Hong Kong Industries made the remarks to China Daily in connection with the upcoming 20th National Congress of the Communist Party of China, which begins on Oct 16.
At the 19th CPC National Congress in 2017, President Xi Jinping, who is also general secretary of the CPC Central Committee, said the country has entered a new development era, and the Party is striving to build a moderately prosperous society.
New policies for national development are expected to be unveiled at the 20th CPC National Congress.
We can function well as a springboard for mainland companies to access the global market and the best gateway for multinational corporations to enter the mainland market.
George Leung Siu-kay, chief executive officer of the HKGCC
“We can function well as a springboard for mainland companies to access the global market and the best gateway for multinational corporations to enter the mainland market,” said George Leung Siu-kay, chief executive officer of the HKGCC — the city’s oldest business chamber representing multinational companies.
He said the SAR will play a key role in promoting renminbi internationalization, as well as in the mainland’s capital market liberalization, through various connect schemes, and can help mainland companies align with international standards in areas, such as accounting, financial services and management practices.
“We can contribute our experience and know-how in urban planning, city management and public transportation to facilitate further development and sophistication of the mainland economy,” said Leung.
Riding on national strategies, such as the 14th Five-Year Plan (2021-25), the Guangdong-Hong Kong-Macao Greater Bay Area and Belt and Road Initiative, Hong Kong shall continue to benefit from the mainland’s development and higher connectivity with the world.
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“Hong Kong’s super-connector role includes helping the nation “bring in” and “go global” in terms of capital, talents and technology, and serving as the Asian industrial chain headquarter that coordinates resources and leads the advancement of the manufacturing sector in the region,” FHKI Chairman Sunny Chai Ngai-chiu told China Daily.
With Hong Kong’s active participation and contributions, Chai expects the Greater Bay Area to be a “fertile ground for industrial and information and technology companies and talents, injecting growth momentum to national economic development”.
CMA President Allen Shi Lop-tak said Hong Kong can help the country develop its “dual circulation” economic strategy. “For internal circulation, enterprises in the Greater Bay Area can make use of Hong Kong’s brand-related knowledge and skills, experience and services while, for external circulation, Hong Kong can also play the role of ‘going out’ by helping mainland enterprises and commodities enter the international market,” he said.
Hong Kong already has a set of mature institutional norms and market standards in line with global standards. “Hong Kong should actively participate in the construction of standards in the Greater Bay Area by strengthening the connection of rules and systems, such as testing and certification and intellectual property protection, with Guangdong and Macao,” said Shi.
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Lawmaker Gary Chan Hak-kan of the New Territories North-East constituency said Hong Kong could help build up the nation’s international relations in its blueprint for the new era.
Hong Kong has a unique advantage in providing professional services to the Belt and Road countries, said Chan, who is also an unofficial member of the Executive Council.
“The SAR government should do more to promote this aspect of Hong Kong, and let more enterprises in the ASEAN (the Association of Southeast Asian Nations) member states know that they can make use of Hong Kong’s professional arbitration services to settle disputes,” he added.