Summary: Hong Kong’s first five-year plan paints a new picture for the development of internal and external links

Xinhua News Agency, Hong Kong, September 18th. Title: Hong Kong’s first five-year plan depicts a new picture of the development of internal and external communication

Shu Na, Liu Yinglun, Xi Tianqi

Hong Kong’s first five-year plan was officially announced on the 16th. This mid- to long-term development blueprint is closely aligned with the country’s “15th Five-Year Plan”, taking internal and external connections as the main axis, integrating into and serving the overall national development situation inward, expanding the depth of development through the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and anchoring the positioning of an international city outwards, continuing to deepen global exchanges and cooperation, and drawing up a long-term development picture.

People from all walks of life in Hong Kong and foreigners in Hong Kong said that the five-year plan has set clear mid- and long-term goals for Hong Kong’s development. While consolidating and improving its traditional advantages, it will accelerate the cultivation of new development momentum and expand the space and potential for international cooperation.

Deeply cultivate internal links and integrate into the overall development situation

Analysts have noticed that the five-year plan lists “strengthening the construction of four major centers and talent gathering highlands” as the first major goal. Zhao Yang, managing director of CICC Research Institute, believes that this top-level design is based on the unique advantages of “one country, two systems” and accurately fits Hong Kong’s unique positioning of “backing on the motherland and connecting the world.”

In terms of the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, the plan proposes “promoting “hard connectivity” of infrastructure”, “deepening the connection of rules and mechanisms” of “soft connectivity”, and “achieving “heart-to-heart connectivity” for residents of Guangdong, Hong Kong and Macao”, including promoting projects such as the Hong Kong-Shenzhen Western Railway and the Northern Ring Branch Line, building a “one-hour living circle” in the Greater Bay Area, promoting mutual recognition of professional qualifications, exploring and optimizing the interconnection mechanism of the capital market, and expanding space for young people to develop their careers in the Greater Bay Area.

Yao Zuhui, deputy to the National People’s Congress in the port area and chairman of the Shanghai-Hong Kong Federation of Associations, said that the plan clearly proposes “stabilizing container volume, increasing value, and strengthening synergy” to promote the transformation and upgrading of Hong Kong from a traditional “large tonnage port” to a “value port” with high added value, and to establish “partner port” relationships with the mainland and countries and regions co-building the “Belt and Road”. This is a very correct direction.

“The combination of Hong Kong’s scientific research advantages and the mainland’s transformation capabilities can form a synergistic model of ‘Hong Kong R&D, Bay Area transformation, and global market.'” Liang Haiming, director of the Silk Road Intelligent Valley Research Institute, said that the deepening of institutional connection is promoting the cooperation between Hong Kong and the sister cities in the Greater Bay Area from “bringing together transactions” to “sharing risks, binding benefits, and sharing results.”

Expand external relations and deepen international cooperation

The five-year plan proposes that Hong Kong has the strength, ability and confidence to play its role as a “super connector” and “super value-added person”. In this regard, Zhang Chi, a senior research assistant at the Center for Contemporary China and World Studies at the University of Hong Kong, said that this means that Hong Kong is no longer satisfied with letting capital, goods and enterprises “pass through Hong Kong”, but also allows all kinds of resources to achieve value gains in the process of flowing through Hong Kong.

Au Zhenxing, managing partner of Deloitte China South China, believes that the plan further strengthens Hong Kong’s “two-way platform” function connecting the mainland and the global market, supporting mainland enterprises to use Hong Kong as a platform to “go global” while “bringing in” global capital, enterprises and technology.

“Hong Kong’s development logic is shifting from ‘gathering funds’ to ‘allocating capital, managing risks, servicing industries and connecting the world.'” Li Luxia, general manager of the Southeast Asia Research Center of Industrial and Commercial Bank of China (Asia), said that Hong Kong will shift from the traditional “channel” function to the “allocation” function and play a more important role as a “super contact” and “super value-added person” in connecting the broader hinterland of the mainland and more diverse markets around the world.

The plan also clearly proposes in-depth participation in high-quality joint construction of the “Belt and Road” and giving full play to Hong Kong’s diverse and internationally recognized professional service resources. Deepen international exchanges and cooperation, and actively attract more international organizations and multilateral institutions to set up offices or regional headquarters in Hong Kong.

Zhang Bingxian, managing partner of Ernst & Young Hong Kong and Macau, said that this will help Hong Kong further leverage its advantages as an international platform, provide high value-added support in terms of rules, standards, compliance, risk management, etc., and enhance the influence of Hong Kong’s systems and professional services.

Strengthen the foundation and stabilize policy expectations

In terms of giving full play to its international advantages, Hong Kong’s first five-year plan proposes to deepen the construction of an international legal and dispute resolution service center, develop a regional intellectual property trade center, and build a Chinese and foreign cultural and art exchange center; it will gather global innovative resources, professional talents and high-end elements, strengthen the integration of industrial development and the connection of rules, and create an emerging center group with international competitiveness.

“Hong Kong relies on these institutional advantages to provide multinational companies with a predictable policy environment.” Florian Lang, co-chairman of the Artificial Intelligence and Fintech Committee of the French Chamber of Commerce and Industry in Hong Kong, said that the core demand of multinational companies from the government is policy predictability.

“The five-year plan clearly outlines the development direction until 2030, while adhering to Hong Kong’s core advantages.” Florian Lang said.

Francesco Vitali, Chairman of the Italian Chamber of Commerce in Hong Kong and Macau, believes that planning can provide a useful framework to enhance Hong Kong’s competitiveness. Hong Kong’s mature international business environment, supplemented by improvements in infrastructure, technology, talent and connectivity, can bring more opportunities to global companies.