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SCMP Editorial

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.
While a draft private economy promotion law was not ready for a legislative vote, a more comprehensive draft is in the works that aims to include further concrete measures to address private sector fears.
Mainland entrepreneurs can use the city as a footbridge to overseas markets. Hong Kong entrepreneurs – always direct investors and facilitators of overseas investment on the mainland – have further opportunity to venture north and set up businesses and joint ventures under more favourable legal and business conditions.
And on international relations, the city can serve as an important backchannel for communications between mainland and local officials, non-officials and academics, and the West, especially important in times of tension.
It also is a natural place for Belt and Road Initiative countries to exchange ideas. Universities and business chambers are already engaging in such an outreach.
Cultural and non-profit NGOs focusing on international exchanges, along with those that promote Hong Kong and the country’s soft power, may also enhance mutual understanding through humanitarian works.
Much thought should be given to the scheduling of events and ingraining them in our agenda. It is time for Hong Kong to give serious thought on how to implement its new role, step up and seize the opportunities.


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Opinion

City’s unique strengths mean it can take lead on international cooperation and exchanges while also benefiting from Beijing’s economic moves


City’s unique strengths mean it can take lead on international cooperation and exchanges while also benefiting from Beijing’s economic moves.


China

Hong Kong

Hong Kong economy

Greater Bay Area

John Lee

China economy

National People's Congress (NPC)

Greater Bay Area: Business, Property & Tech

Greater Bay Area: News & Politics

Hong Kong politics

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Column

Editorial

Opportunities knock for Hong Kong with role in national development

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}City’s unique strengths mean it can take lead on international cooperation and exchanges while also benefiting from Beijing’s economic moves

City’s unique strengths mean it can take lead on international cooperation and exchanges while also benefiting from Beijing’s economic moves