4th March 2023 – (Hong Kong) The former Chief Executive Carrie Lam recently wrote an opinion piece for CGTN on the topic: “Leveraging HK’s global connectivity to support Chinese modernisation“.
According to Lam, Hong Kong has played a significant role in China’s reform and opening-up since 1978, contributing to trade and investment, management, and institutional reform. China’s ongoing efforts to deepen its reform and opening-up, as outlined in the 20th National Congress of the Communist Party of China, will likely involve Hong Kong’s unique advantages and global connectivity.
During his keynote address on 1st July, 2022, Chinese President Xi Jinping praised Hong Kong’s international status and unique strengths, highlighting its crucial role in supporting China’s high-quality development. As an international financial centre with rich liquidity, diverse products, and robust regulation, Hong Kong is well positioned to serve as a reliable capital market for the Chinese mainland. Its financial sector has already demonstrated its support for China’s real economy through various Connect Schemes and its status as the predominant offshore RMB hub. Hong Kong will also play a role in China’s modernisation efforts in green finance, emphasising sustainable development and ecological harmony.
Hong Kong’s strengths in science and technology have received significant boosts in recent years, with five of its publicly-funded universities ranked among the world’s top 100 and a large pool of top research talents in the Hong Kong Science Park. President Xi’s recognition of Hong Kong’s contribution to the country’s science and technology development is a significant boost to the scientific community.
Hong Kong’s businesses have accumulated significant experience investing and starting businesses throughout the Chinese mainland, making them the “first mover” and the largest source of inbound investment. During the upcoming “Two Sessions,” Hong Kong delegates are expected to further participate in the opening-up of the mainland economy and offer their advice.
Hong Kong’s internationally recognised legal services can also play a useful role in promoting world peace and building a community with a shared future for mankind. The opening of the Asian-African Legal Consultative Organisation (AALCO) Hong Kong Regional Arbitration Centre and the setting up of the International Organisation for Mediation Preparatory Office in Hong Kong demonstrate the tremendous support of the motherland in strengthening Hong Kong’s unique status under “One Country, Two Systems” and its contribution to the country’s mission in playing an active part in the development of the global governance system that will benefit the human community.
Hong Kong’s high degree of autonomy under “One Country, Two Systems” and its policy of using the name “Hong Kong, China” have allowed it to implement bilateral and multilateral agreements with foreign states and regions and international organisations. The HKSAR government has 14 economic and trade offices overseas promoting Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area and beyond.
By consolidating its role as an international city, broadening its global influence, and staying connected with the world, Hong Kong can remain relevant in China’s modernisation efforts.