Hong Kong to strengthen role as global offshore yuan hub: leader
Hong Kong Chief Executive John Lee said the city will reinforce its status as the world's largest offshore yuan business hub during the 15th Five-Year Plan period, boosting support for trade, investment and cross-border services, and aligning with national tech strategies.
Hong Kong Chief Executive John Lee said on 5 November that the city will strengthen its role as the world's largest offshore renminbi business hub during the 15th Five-Year Plan period, addressing the Ninth Hongqiao International Economic Forum's Hong Kong sub-forum.
Speaking at the event, Lee described the China International Import Expo as a world-class fair and a major international event. He noted the forum was the first large-scale promotional session held at an international event since Hong Kong announced its five-year plan.
Lee said Hong Kong will further enhance its offshore renminbi market to support the real economy, particularly in trade, investment and cross-border services. Authorities will focus on deepening and broadening stock and bond markets to help mainland enterprises go global and attract international capital. The city will also adopt a "finance-plus" strategy to empower the real economy, building ecosystems for commodities, gold trading, technology innovation and green development to support the nation's goal of becoming a financial powerhouse.
He stressed Hong Kong will more actively align with national science and technology strategies. In upstream research, the city will target key national strategic technology areas to achieve breakthroughs in critical core technologies. Downstream, it will accelerate development of strategic emerging industries and connect with the Greater Bay Area's industrial base, creating a deep synergy model of "high-end R&D, advanced manufacturing and modern services" to contribute to the country's modern industrial system.
Lee also said the Northern Territory has entered a phase of full-speed construction, with all nine new development zones now launched. The government will accelerate innovative and diversified development, introduce industries and develop the area into a strategic hub for higher education, innovation and technology, and international talent, serving as a new engine for Hong Kong's new quality productive forces.