HONG KONG – Hong Kong’s business community on Friday expressed optimism that the city’s economy and inno-tech sectors now will see greater momentum, saying that the improved electoral system will create a powerful driver that will make up for the time lost from the 2019 social unrest.
Their comments came after the city’s legislature passed an electoral bill on Thursday that provides safeguards for the “patriots administering Hong Kong” principle.
Daniel Yip Chung-yin, chairman of the Federation of Hong Kong Industries, said the electoral reform will allow the industrial and business communities broader and more-balanced participation in politics.
For example, as the Election Committee expands from 1,200 members to 1,500, the small and medium-sized enterprises will now have 15 seats in the committee that elects Hong Kong’s chief executive.
Yip said he is confident that the patriots elected in future elections will put forward policies and initiatives that prioritize the overall economic prosperity of Hong Kong.
Manufacturers can avoid a repeat of a 2020 funding proposal that sought to subsidize facility upgrades and build new production lines, he said. The bill was held up for months due to stalling by opposition lawmakers.
Changing the “Information Technology” functional constituency into “Technology and Innovation” will inject a new driving force to the city’s efforts to boost innovation and technology and diversify the economic structure, he said.
Industrialist Andrew Yao Cho-fai said the revamped electoral system will help Hong Kong focus on the much-needed, value-oriented issues for economic and social development.
Hong Kong’s business sector will assist the implementation of a comprehensive electoral system with its pool of talented people who uphold the “one country, two systems” principle, Yao said. They will help Hong Kong further integrate into national development, through the Guangdong-Hong Kong-Macao Greater Bay Area, the Belt and Road Initiative, and the Chinese mainland market, or “domestic circulation” in the dual-circulation strategy, he added.
Just as the implementation of the National Security Law for Hong Kong restored peace to the city, the electoral system overhaul will bring long-term prosperity to the city, Yao said.
The Hong Kong Chinese Enterprises Association is one of the beneficiaries of the electoral reform. Its eligible members will be able to elect among themselves a legislator, in a newly created functional constituency.
Association Chairman Miao Jianmin said in a Thursday statement that it is both an honor and a responsibility for the sector.
The new electoral system will make sure that Hong Kong is governed by patriots, and it will improve the city’s business environment and stability, he said.
gangwen@chinadaily.com.cn