Hong Kong Financial Secretary Paul Chan Mo-po (front row, fourth left) poses for photos with delegates at the “Embracing the 14th Five-Year Plan and Dual Circulation Strategy Summit” in Hong Kong on Aug 24, 2021. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR GOVT)

Political heavyweights said Hong Kong could make a significant impact in advancing the central government’s 14th Five-Year Plan (2021-25) as the city plays a unique and irreplaceable role in the nation’s reforms and opening-up.

Their views were echoed in the “Embracing the 14th Five-Year Plan and Dual Circulation Strategy Summit” organized on Tuesday by the Hong Kong Chinese Enterprises Association and Hong Kong Trade Development Council.

… The city would deepen linkages with the (Chinese) mainland capital market through leveraging its own niches in the financial sector to exert significant impact in many dimensions.

Paul Chan Mo-po, Hong Kong's financial secretary

“Hong Kong has the advantage of ‘one country, two systems’ (principle),” Financial Secretary Paul Chan Mo-po said at the summit. “The 14th Five-Year Plan further clarifies the role and positions of Hong Kong. The city would deepen linkages with the (Chinese) mainland capital market through leveraging its own niches in the financial sector to exert significant impact in many dimensions.” 

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“For example, Hong Kong’s financial market can provide all types of renminbi-denominated investment and risk management financial products for offshore renminbi holders who are growing rapidly. The city can continue to be a reliable international financing platform for mainland enterprises. Hong Kong can also provide a slew of diversified investment and financial planning options for mainland affluent residents,” Chan said.

Hong Kong Financial Secretary Paul Chan Mo-po delivers a speech at the “Embracing the 14th Five-Year Plan and Dual Circulation Strategy Summit” in Hong Kong on Aug 24, 2021. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR GOVT)

In March, the National People’s Congress approved the outline of the 14th Five-Year Plan, pledging to support Hong Kong to enhance its status as a global offshore renminbi business hub, an international asset management center and a risk management center.

As the crown jewel of global investors, the latest five-year plan would provide Hong Kong more space for development, said Huang Liuquan, deputy director of Hong Kong and Macao Affairs Office of the State Council.

As one of the four core cities of the Greater Bay Area, Hong Kong will complement other cities in the city-cluster in the aspects of finance, technology innovation and services industry.

Huang Liuquan, Deputy director, Hong Kong and Macao Affairs Office of the State Council

The “one country, two systems” policy will not change and the central government supports Hong Kong in maintaining its status as a free port and a separate customs territory, reinforcing and improving its competitive advantages, and protecting the legitimate interests of investors here, Huang said.

China's reform and opening-up will not change and Hong Kong has an irreplaceable role to play in the process, he said.

Huang also emphasized the support for the high-quality development of the Greater Bay Area.

“Reforms and opening-up, ‘one country, two systems’ and building a high-quality Guangdong-Hong Kong-Macao Greater Bay Area are the three fundamental unchanged policies of the central government. Hong Kong plays a unique and a differentiated role in the nation’s reforms and opening-up. Its contribution is significant and irreplaceable,” Huang said at the summit.

“As one of the four core cities of the Greater Bay Area, Hong Kong will complement other cities in the city-cluster in the aspects of finance, technology innovation and services industry,” Huang noted.

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The 14th Five-Year Plan also pledged to develop Hong Kong into an international innovation and technology hub and a regional intellectual property trading center; establish itself as a center for international legal and dispute resolution services in the Asia-Pacific region; and promote service industries for high-end and high value-added development.

With Xinhua inputs