Editorial | Opportunities knock for Hong Kong with role in national development
City’s unique strengths mean it can take lead on international cooperation and exchanges while also benefiting from Beijing’s economic moves
China’s annual legislature and top advisory body sessions wrapped up this week after laying out a clear path for the year ahead, despite tensions stemming from the rivalry with the United States.
The top leaders and policymakers set a growth target of around 5 per cent. To achieve this, they sent a strong signal that technology must be leveraged for healthier growth. There also were pledges for a more proactive fiscal policy and support for the private sector.
In each of these objectives, Hong Kong has a unique role that makes it a key part of national strategic development.
There are of course challenges, but also opportunities. The city, along with Macau, was given a new role of taking the lead on international cooperation and exchanges, a challenge that should allow it to play to its unique strengths, under “one country two systems”, as a superconnector between the mainland and the world.
Hong Kong has much to offer in the push for technology-driven growth. While there is much talk about the hi-tech powerhouses of Shenzhen and Hangzhou, the city is attractive to top talent from around the world, aims to become a research centre to support the Greater Bay Area, and can connect the mainland hi-tech world with international capital markets.
A more proactive fiscal policy may be a boon for the city, an obvious venue for ultra long-term bond sales and local government bond issuance. The further relaxation of rules is expected to bring more initial public offerings.