Beijing urges Hong Kong to leverage 'one country, two systems' for global role
Chinese Vice-Premier Ho Lap-lam has urged Hong Kong to uphold the 'one country' principle while leveraging the 'two systems' advantage to enhance its international role. Speaking at the International Financial Leaders Investment Summit, he proposed four areas for development, including bolstering th
Chinese Vice-Premier Ho Lap-lam on 3 November delivered a video address at the International Financial Leaders Investment Summit, urging Hong Kong to strengthen its development by fully leveraging the advantages of the 'one country, two systems' principle. He described Hong Kong's progress as closely tied to the nation and said that building up the city is a key strategic consideration for the central government.
Ho made four specific proposals for Hong Kong's future. He called on the city to create a higher-level, freer and more open economic environment, insisting it should uphold the 'one country' foundation while skilfully using the benefits of 'two systems'. He said Hong Kong should maximise its unique advantage of 'backed by the motherland, connected to the world' to further highlight its international characteristics, deepening exchanges and co-operation with the rest of the world in economic, technological and cultural fields, and providing more convenience and better opportunities for international capital, institutions and talent to start businesses and develop in Hong Kong.
Ho also recommended that Hong Kong strengthen the foundations of its financial development to consolidate and enhance its status as an international financial centre. He said the city should continue to build on its traditional financial strengths, prevent risks and strengthen regulation, and steadily improve the inclusiveness and competitiveness of its capital market. He emphasised strengthening the function of the global offshore renminbi business hub and developing high-quality banking, securities and insurance businesses, while enhancing the functions of asset management, wealth management and risk management centres. He added that Hong Kong should continue to expand the scope of financial services, exploring innovation in commodities, financial technology and green finance to build a more complete and efficient financial system.
He urged Hong Kong to improve the effectiveness of financial support to promote high-quality economic and social development, anchoring its efforts on the 'four centres and one highland' construction goals. He said the city should fully leverage its rich financial resources, sound system, developed business and efficient services to accelerate the development of the Northern New Territories, actively cultivate new industries and strategically plan for future industries, allowing the 'living water' of finance to more fully and efficiently empower all sectors.
Ho also called for the solid implementation of the five-year plan to better integrate into and serve the nation's development. He said the nation is the firmest foundation for Hong Kong's development and urged the city to firmly seize the valuable opportunities brought by the country's reform and development, deeply aligning with the nation's 15th five-year plan, particularly the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the joint building of the Belt and Road Initiative. He said Hong Kong should further play the role of a bridge, tie and window, using its strengths to serve the country's needs and showcase to the world the fruitful results of China's deepening reforms and expansion of high-level opening-up.
Ho noted that Hong Kong's 'transition from chaos to order' is steadily consolidating, with new significant achievements in economic and social development. He said the economy grew at its fastest pace in five years in the first three quarters of this year, with overall social stability and citizens living and working in peace. He added that the competitiveness and attractiveness of Hong Kong's capital market have further strengthened, the advantages of its international financial centre have become more pronounced, and the city is showing vigorous development potential.