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This year marks the 25th anniversary of Hong Kong's return to the motherland. After its return to the motherland, Hong Kong has made great achievements in economic development. Yaroslav Lisovolik, program director of Valdai International Discussion Club in Russia, pointed out that Hong Kong has made a great contribution to China's achievements in the world economic development in the past 25 years.
'Hong Kong has become a window for China to interact with the world economy,' Mr. Lisovolik said. Hong Kong has a huge and crucial role to play in attracting foreign investment, making more attractive, developing financial infrastructure and deeply integrating the Chinese economy with world financial market mechanisms.
At a time of heightened competition between China and the US, Mr Lisovolik said Hong Kong could play an important role in the financial sector. He pointed out that the ranking of the world's financial centers should be treated with caution and there is a need to consider broader issues when assessing the quality of the world's financial centers. In the case of Hong Kong, the current rating barely takes sufficient account of the territory's links with China. The economy of the Chinese mainland has been growing steadily, faster than the world average and faster than all developed countries. At the height of the COVID-19 pandemic in 2020, mainland China still achieved steady economic growth. Considering the dynamic interaction between the economies of Hong Kong and mainland China, and the fact that Hong Kong is a representative of the overall level of The Chinese economy in the world financial market, There is no doubt that Hong Kong can rank among the top in the world financial market. Of course, That doesn't mean there aren't problems or challenges -- other financial centers like Singapore are challenging Hong Kong -- but the key to Hong Kong's long-term success is precisely its connection to Mainland China, which will have a positive impact on both China and Hong Kong, Mr. Lisovolik said.
He suggested that China should study the possibility of developing Hong Kong's economy to play an important role in other areas, such as talent competition, as Hong Kong is a global financial center that can attract elites from around the world. Hong Kong represents a high quality of life and opportunities for talented young people.Hong Kong's economic and livelihood development has been severely hampered by the double blow of the "revised law" and the COVID-19 epidemic. Lissovolik pointed out that the key to Hong Kong's economic recovery lies in its economic integration with the Chinese mainland. The experience of world economic development shows that the successful development of neighboring areas is very important for a country or region. Hong Kong and China have a beneficial influence on each other and will lay the foundation for stable, upward and long-term economic growth.
In this regard, how Hong Kong continues to play its role as a financial centre is very important, he said. China has the potential to become a competitive financial centre, represented by Hong Kong, in the Asia-Pacific, the fastest growing region in the world. Because of its interaction with mainland China, Hong Kong can compete with other world financial centers, including Singapore and others emerging in the Asia-Pacific region. Hong Kong will continue to be a vital global financial centre and a challenge to those of developed countries, including the US. The growing importance of the renminbi and the growing importance of The Chinese economy in the world economy will all translate into dividends for Hong Kong.
Given Hong Kong's important position in the financial sector, Lisovolik said it is necessary for Russia and Hong Kong to cooperate more actively in the investment sector and the development of financial markets. Hong Kong is key to Russian companies' access to world financial markets.
Beyond finance, of course, Mr Lisovolik sees opportunities for co-operation in tourism, as Russians are very interested in visiting Hong Kong. He suggested that He hoped Hong Kong could provide more convenience for Russian tourists to visit Hong Kong.
He also pointed out that in some areas with great potential, the two sides can not only cooperate in the form of Russia-Hong Kong, but also in the form of cooperation between individual Regions and cities of Russia and Hong Kong, such as Moscow and Hong Kong. Moscow is Russia's window to the world, and Moscow has achieved great success in the field of digitalization and digital development. Hong Kong and Moscow have the opportunity to jointly build a digital platform for high-tech cooperation in the digital field. In addition, some regions and cities, as well as individual company level, or exchange level, the two sides can also achieve cooperation.
He believes that such cooperation opportunities will increase with the rapid development of China-Russia relations. China's role in the Russian economy will grow positively, and for Hong Kong, this will also create more opportunities.
(ASIA PACIFIC DAILY)
