HK business community voices enthusiasm for third plenum resolution

Hong Kong officials and the business community have voiced their support and enthusiasm for a resolution recently adopted at the third plenary session of the 20th Communist Party of China (CPC) Central Committee, vowing to make greater efforts to give full play to the advantages of the Hong Kong Special Administrative Region (HKSAR) for promoting Chinese modernization and high-quality development.

The reform-themed meeting, also referred to as the third plenum, adopted the resolution on further deepening reform comprehensively to advance Chinese modernization.

Harnessing the institutional strengths of the One Country, Two Systems policy, we will work to consolidate and enhance Hong Kong's status as an international financial, shipping and trade center, support Hong Kong and Macao in building themselves into international hubs for high-caliber talent, and improve relevant mechanisms to see the two regions playing a greater role in China's opening to the outside world, according to the resolution adopted at the third plenum.

"People from all walks of life in the HKSAR are uplifted and have full confidence in the future of our country and the city. We should join hands to help Hong Kong nurture new quality productive forces in a bid to contribute to the country's new round of reform and seize important opportunities," Hon Sunny Tan, chairman of the Hong Kong Productivity Council, told the Global Times.

Tan said that the council will fully support the development strategies of the country and the HKSAR, contribute to the transformation and upgrade of traditional industries and the nurture of new technologies, and bring in more international resources and talent, while helping more companies in the Chinese mainland to go global.

Following the conclusion of the third plenum, Hong Kong Financial Secretary Paul Chan Mo-po began his visit to Beijing starting from Tuesday, according to a statement on the HKSAR government website.

During his meeting with Xia Baolong, head of the Hong Kong and Macao Work Office of the CPC Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Xia said that the central government is firmly committed to the implementation of the One Country, Two Systems principle, supporting Hong Kong in leveraging its own strength to implement the spirit of the third plenum, to pool together international top talent, deepen cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and play a better role in the country's opening up to the world.

The resolution pledged to support Hong Kong's development with specific measures proposed, which underlines the central government's great support for the development of the city, Yu Lingqu, director of Financial Development and SOE Research Department at the China Development Institute in Shenzhen, South China's Guangdong Province, told the Global Times on Wednesday.

"A new round of reform and opening-up will create golden opportunities for Hong Kong," Yu said.

"We should fully recognize and precisely understand the HKSAR's strategic position in China's further comprehensive reforms and seize new opportunities for new development in multiple aspects," Peter Lam, chairman of the Hong Kong Trade Development Council, told the Global Times.

Lam said that the city should give full play to the institutional advantage of the One Country, Two Systems principle to actively contribute to China's comprehensive opening-up, and build the city into an important bridgehead for the country's two-way opening-up by combing its unique advantages with the Chinese mainland's vast market, complete industrial system and strong sci-tech capacity.

Meanwhile, Hong Kong should deepen cooperation within the Guangdong-Hong Kong-Macao GBA and strengthen the docking of rules so as to tap the great mainland market, according to Lam.

The HKSAR plays a unique role in China's comprehensive reform to advance Chinese modernization, Liang Haiming, chairman of the China Silk Road iValley Research Institute, told the Global Times.

"As an international financial center, Hong Kong has a mature financial system and sweeping international network, which can provide comprehensive financial services for mainland companies' cross-border financing, merger and acquisition deals and risk management, and help them go global."

"With its rich experience and resources in international trade and shipping, Hong Kong can also provide more convenient and highly efficient international channels," Liang said.

This year, Hong Kong celebrates the 27th anniversary of its return to the motherland. Since its return to the motherland, with the firm support of the central government, the efforts of the HKSAR government, the concerted efforts of all sectors of society and the hard work of residents, Hong Kong has been riding the waves and constantly breaking new ground, creating success for the practice of the One Country, Two Systems principle.

Since Hong Kong's return to the motherland, while there have been ups and downs in our economy, the average growth rate has been about 2.6 percent per annum, higher than the average growth rate of 2.0 percent for advanced economies. In 2023, Hong Kong's per capita GDP was about $50,500, among the highest globally, according to data released by the HKSAR government.

Amid globalization, Hong Kong will continue to play its unique role and actively participate in global governance and cooperation to contribute its wisdom and strength for the building of a human community with a shared future. At the same time, by unswervingly safeguarding national sovereignty, security and development interests, the city will contribute its own strength for the great rejuvenation of the Chinese nation, Liang said.