HK can do a lot for opening-up
The first China International Import Expo officially began in Shanghai on Monday, with President Xi Jinping announcing its opening in a keynote speech, in which he emphasized that the CIIE is a new milestone in China’s further opening-up to the outside world. Although he did not mention Hong Kong in the speech, President Xi made it clear the country will step up efforts to further open up its markets to foreign products and services according to national development plans. That means Hong Kong, as a special administrative region and major gateway of the country, has an important role to play in the years to come.
One of the priorities in further openingup that Xi mentioned in his speech is continued exploration and development of free trade zones. Hong Kong has been the freest economy in the world for many years; it is therefore in a pole position to facilitate the FTZs on the mainland with its rich experience and know-how in many ways, especially professional services in finance, trade, business arbitration, shipping and logistics. This also means business opportunities for Hong Kong-based companies.
Hong Kong is no longer a manufacturing economy but that does not mean it has nothing to offer the mainland in terms of imports. Hong Kong’s undeniable advantage is its access to overseas markets and experience in international trade. For example, Hong Kong’s financial sector is among the most efficient in the world. It can facilitate the country’s demand for financial services up to international standards as well as channeling foreign investment to the mainland, with particular emphasis on full compliance with current international standards and rules. Hong Kong’s advantage afforded by “two systems” will continue to underpin its irreplaceable role as the testing ground for the nation’s financial reforms and opening-up.
Another area Hong Kong can lend a hand, so to speak, is innovation and technology. In fact, Chief Executive Carrie Lam Cheng Yuet-ngor mentioned it in her reply to questions from the press at the CIIE in Shanghai on Monday. It covers many areas of scientific research and development and Hong Kong boasts some of the world’s best researchers in their fields. The SAR government is committed to developing the inno-tech industry with infrastructure investment and policy assistance in addition to facilitating Hong Kong-mainland cooperation in undertaking State-funded research projects.
As a highly open society, Hong Kong also boasts a lot of bilingual professional talents experienced in providing quality service for international customers. There is no doubt some of them will find career opportunities on the mainland, considering the growing demand for such talents to take advantage of the further opening-up of the national economy. Hong Kong also needs more of such talents to facilitate the further integration of its own development into the overall development strategy of the nation. The national economy is infinitely rewarding but everyone must work to help it.