HK’s greater role in national development

With Hong Kong enduring unprecedented challenges over the past two years, some commentators have floated the idea that the special administrative region risks being marginalized in overall national development, and the region’s economy and prosperity will decline for good.

These gloomy prophecies, serving whatever purposes, have been rebutted in effect by the visiting central government delegation, whose briefings on the nation’s 14th Five-Year Plan for National Economic and Social Development (2021-25) and the Long-Range Objectives for 2035, have boosted confidence in a brighter future for Hong Kong.

With the SAR firmly upholding the “one country, two systems” framework and the new national security law preventing and curbing the interference of external forces in Hong Kong affairs, the latest national development plan provides a platform for the SAR to proactively and progressively embrace its role in the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area and to play to its strengths as a “super-connector” between the Chinese mainland and the rest of the world.

The outline of the latest national five-year plan emphasizes the need to accelerate the establishment of a new economic pattern in consideration of the latest global developments. The new development paradigm, called “dual circulation”, puts greater weight on domestic circulation. This means that China will seek to expand domestic demand.

The mainland’s huge market potential — unrivaled worldwide and to be exploited with greater vigor under the new development blueprint — offers Hong Kong companies and individuals fresh opportunities to seize.

The picture is clear enough for even a casual observer to see. The outline of the 14th Five-Year Plan calls for reinforcing Hong Kong’s status as an international financial, shipping, aviation and trade center, as well as strengthening its functions as a global offshore renminbi center, an international asset management hub and a risk management center.

It is safe to say that Hong Kong’s traditional role as a versatile intermediary and facilitator between the mainland and the rest of the world will be reinforced over the next five years, given that the city boasts a deep pool of professionals from across the world, including bankers, lawyers, accountants and risk-management experts, who are well versed in cross-border transactions.

Hong Kong has defied many prophecies of doom and gloom since the issue of its return to China came up in the 1980s. By proactively forging closer cooperation and collaboration with the mainland as outlined in the national development blueprint, it will do so again this time. The 14th Five-Year Plan sets the stage for Hong Kong to achieve greater success and enjoy an even brighter future.