People relax at a promenade next to Victoria Harbour in Hong Kong on April 25, 2022. (DALE DE LA REY / AFP)
HONG KONG – The Hong Kong General Chamber of Commerce recommended that the new government led by John Lee Ka-chiu resume quarantine-free travel with the Chinese mainland and overseas countries, maintain the city’s status as an international finance center and business hub, as well as retain and attract overseas expatriate professionals as its three main priorities.
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In his election manifesto, chief executive-elect Lee pledged to strengthen governance capability and tackle pressing livelihood issues; streamline procedures and provide more housing and better living; enhance overall competitiveness and pursue sustainable development; and build a caring and inclusive society and enhance upward mobility for young people.
We will cooperate with the country and the special administrative region government to bolster the city as the largest offshore renminbi financing center.
Betty Yuen So Siu-mai, HKGCC’s newly elected chairperson
Regarding enhancing Hong Kong’s overall competitiveness and pursuing sustainable development, HKGCC’s newly elected chairperson Betty Yuen So Siu-mai said it is important to fortify the city as an international finance center and business hub.
“We will cooperate with the country and the special administrative region government to bolster the city as the largest offshore renminbi financing center. We should enrich our product and service offerings in stocks, bonds, foreign exchange, treasury and asset management by leveraging the vast mainland market,” Yuen said at the Tuesday news conference.
“We also support Hong Kong’s accession into the Regional Comprehensive Economic Partnership and enlarge the preferential treatment enjoyed by Hong Kong enterprises under the Mainland and Hong Kong Closer Economic Partnership Arrangement,” Yuen added.
The HKGCC also welcomed other initiatives, such as building a green economy to achieve the objective of becoming carbon neutral by 2050 by promoting green transport and green construction, cementing Hong Kong as a leading technology and innovation hub, fostering a public-private partnership in building more residential units, and supporting infrastructural development.
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Yuen stressed the importance of resuming quarantine-free travel with the Chinese mainland and the rest of the world. “The free flow of capital, talent and supplies is crucial to Hong Kong’s economic development as the city is an external-oriented economy. Even a partial quarantine-free travel can help in boosting the city’s economy at a faster pace,” she said.
HKGCC – the city’s oldest and largest business chamber representing multinational companies – will complement the government in overseas business promotion through high-level exhibitions, conferences as well as sport and cultural events to boost the city’s economy, Yuen said.
Jeffrey Lam Kin-fung, the Legislative Council member representing the Commercial (First) functional constituency, welcomed the government restructuring plan as he said this can refine the policy-making process, enhance policy effectiveness, strengthen policy monitoring and facilitate better communication that can help solving livelihood issues, grasp new opportunities and better integrate with national development.
The Executive Council on Tuesday endorsed a package of proposals to reorganise the structure of the Hong Kong SAR government to take effect from July 1, upon the request of the sixth-term chief executive-elect.