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Willa Wu

Beijing’s point man on Hong Kong affairs has hailed the recent strong performance of the city’s stock market, expressing confidence the financial hub can withstand external pressure.
Xia Baolong, director of the Hong Kong and Macau Affairs Office (HKMAO), held a closed-door meeting with National People’s Congress (NPC) deputies from both cities on Tuesday night. The top legislature holds its annual session on Wednesday, with Premier Li Qiang delivering a work report.
NPC deputy Ma Fung-kwok said Xia hailed the Hong Kong stock market’s positive performance over the past few months, saying its trajectory could benefit the city’s economy.
He said Xia warned that Hong Kong would face external pressures Beijing was contending with, without referencing global geopolitical tensions.
“[Xia] mentioned that the pressures faced by the nation will be transmitted to Hong Kong, but he believed Hong Kong can withstand them,” Ma said.
He added that the director also called on deputies to accurately implement the “one country, two systems” principle and fully support the local administration’s law-based governance.
“[Xia] expressed hope that everyone could better support the government in making Hong Kong thrive and contribute to advancing Hong Kong’s economy and improving people’s livelihoods,” Ma said.
The Hang Seng Index has been the world’s best performer among major stock benchmarks this year with a 14 per cent gain, helping to increase Hong Kong’s stock market capitalisation by US$596 billion.
The Hang Seng Tech Index, comprising many of China’s technology titans, entered a bull market last month after rising by more than 20 per cent from a January low.


A statement issued by Xia’s office after the meeting said the director urged deputies to “perform duties in accordance with the law, actively reflect public opinion and provide suggestions and advice”.
He also asked members to promote both cities’ long-term prosperity and stability to contribute more to the country’s development and rejuvenation.
A photo provided by the HKMAO shows that Hong Kong and Macau liaison office chiefs Zheng Yanxiong and Zheng Xincong attended the meeting.
Xia met dozens of Hong Kong deputies in a closed-door meeting last year, where the main topic was the national security legislation required under Article 23 of the Basic Law.
He told the deputies that he hoped it could be completed “as soon as possible” so that Hong Kong could focus on economic development.
On Monday, Xia met about 190 Hong Kong members of the Chinese People’s Political Consultative Conference, urging them “not to be observers but active players” in the city’s development.
He also called on them to continue to have faith in the one country, two systems principle and not be too worried about Hong Kong’s HK$87.2 billion (US$11.2 billion) deficit, calling for confidence in the city’s prospects.
Separately on Tuesday, Xia met Macau Chief Executive Sam Hou-fai, praising the new city leader for “shouldering responsibilities, taking many beneficial and pioneering initiatives, and demonstrating an admirable spirit”.
According to a statement issued by HKMAO after the meeting, Xia said he believed the new Macau administration would be capable of uniting and leading all social sectors to comprehensively and accurately implement the one country, two systems principle and give full play to the city’s unique status and advantages.
Xia also tasked Macau with taking greater action to promote the diversification of its economy, especially through the development of the Guangdong-Macau In-Depth Cooperation Zone in Hengqin and implementing the “One Centre, One Platform and One Base” policy.
The policy aims to turn Macau into a world centre for tourism and leisure, a commercial and trade cooperation service platform between China and Portuguese-speaking countries, and a multicultural exchange and cooperation base with special emphasis on Chinese culture.


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Xia Baolong holds a closed-door meeting with NPC deputies from Hong Kong and Macau on Tuesday night. Photo: Handout

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Xia Baolong met Hong Kong and Macau members of the Chinese People’s Political Consultative Conference for 70 minutes. Photo: Handout

The gathering was held ahead of the CPPCC’s annual session. Photo: Handout

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Members of the Hong Kong delegation gather for a group photo on Tuesday before the opening of the two sessions at the Great Hall of the People in Beijing. Photo: AP

Kenneth Fok, a lawmaker representing the sports, performing arts, culture and publishing sectors, is one of 21 new faces among 36 Hong Kong NPC deputies elected in 2021. Photo: Handout

Chairwoman and executive director of MGM China Holdings Pansy Ho is one of Hong Kong’s 200-odd representatives in the CPPCC. Photo: Eugene Lee

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Hong Kong and Macau Affairs Office director says pressures faced by nation will be transmitted to city


Hong Kong and Macau Affairs Office director says pressures faced by nation will be transmitted to city.
