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At 00:00 on July 1, 1997, the five-star red flag was raised in the Hong Kong Special Administrative Region. After a century of vicissitudes, Hong Kong finally returned to the motherland, which turned "one country, two systems" from a concept into reality. On the occasion of the 25th anniversary of Hong Kong's return, the Asia Pacific Daily (APD) made an exclusive interview with Dr. Peter Lam Kin-ngok, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and chairman of the Hong Kong Trade Development Council. He highly praised favorable policies for Hong Kong issued by the central government after the former’s return, and expressed his confidence that Hong Kong, the "Pearl of the Orient", will shine again under China's "dual circulation" strategy and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.
Lam said that Hong Kong has maintained prosperity over the past 25 years since its return thanks to the solid support of the motherland. Despite constant political turmoil in Hong Kong in recent years, the central government has defused risks and weathered challenges, and the "one country, two systems" has continued to evolve. The central government formulated the National Security Law, improved Hong Kong’s electoral system, and implemented the "patriots administering Hong Kong" principle. The measures have not only helped Hong Kong transform from chaos to order and return to the right track, but also have ushered in a new chapter of the transition from order to greater prosperity and good governance, as well as created a stable environment for its development in the long run.
Lam said that in terms of economy, Hong Kong has experienced many challenges since its return, including the Asian financial crisis, the burst of doc-com bubble, the global financial crisis, and etc. However, with the strong support of the motherland, Hong Kong has overcome these challenges and its economy has recovered rapidly and seen steady development. In 1997, Hong Kong's GDP was slightly more than HK$1.3 billion. So far, the GDP has exceeded HK$2.8 billion last year, which more than doubled than the year of its return.
The central government has continuously launched a series of policies to support Hong Kong over the past 25 years based on the latter’s unique advantage of "one country, two systems", guiding and encouraging it to actively integrate into the overall national development. Lam said that the supplementary agreement of the Closer Economic Cooperation Arrangement (CEPA) and cross-border policies in areas of finance, professional services, employment, and start-up support have spurred Hong Kong’s economic and trade development, and further consolidated its role as an international business and financial center.
Lam said that China’s "dual circulation" strategy has created new opportunities for economic development. As a participant of the domestic cycle and a promoter of international circulation, Hong Kong welcomes a golden opportunity to develop its economy. At the same time, the construction of the Greater Bay Area allows Hong Kong to fully leverage its unique advantages and to create unlimited opportunities.
The Greater Bay Area currently has a population of 86 million and a huge economic scale with the regional GDP of US$1.958 billion. The Greater Bay Area, as one of the regions with the highest degree of openness and the strongest economic vitality in China, has clear advantages in modern finance, modern logistics, intelligent manufacturing, technological innovation and international cultural exchanges.
The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area clearly states that efforts should be made to build four core cities of Hong Kong, Macao, Guangzhou and Shenzhen as core engines for regional development. It also points out unique advantages and clear division of labor of each city. For example, Hong Kong is an international financial center. Shenzhen has an advantage in technological innovation. Guangzhou is a global business and trade center, and Macao is a tourism and leisure center.
Lam said that in terms of promoting internal circulation, the Greater Bay Area should not only connect the 11 cities in the region, but also radiate and expand to other mainland regions; In terms of promoting external circulation, it needs give full play of the advantages of Hong Kong and Macao, make better use of Hong Kong's status as an international center of finance, economy, trade, innovation and technology, and international culture, as well as promote the flow of multilateral resources and the internationalization process of other mainland cities.
Lam believes that the construction of the Greater Bay Area needs give play of the advantage of "one country" and "two systems", meanwhile, turn differences of "two systems" into its unique advantage. The plan of the Greater Bay Area provides an innovative model and an opportunity for cooperation among cities. With the support of the policies, cities in the Greater Bay Area should not only give full play to their unique advantages, but also better integrate and complement each other, so as to develop the region into a world-class innovative-oriented economy with global influence.
By securing 99.16 percent supportive votes, John Lee Ka-chiu was elected as the sixth-term Chief Executive of the HKSAR on May 8. Lam expressed full confidence in the new chief executive and the new SAR government. He said that Lee, with a strong sense of responsibility, is able to cope with complex and difficult situations, unite personages from all walks of life, and has the determination and the plan to solve Hong Kong's problems. In Lee’s governing team, there are professionals who are familiar with government operations, finance and other different fields. It is a professional, down-to-earth governing team.
He believes that the new SAR government should focus on the following three aspects:
The first is to accelerate the post-epidemic economic recovery. The SAR government should create a roadmap for customs clearance in order to restore the movement of people as soon as possible and to reinvigorate Hong Kong’s economy.
The second is to vigorously promote the development of the cultural and creative industry. Hong Kong, as a melting point of Chinese and Western cultures,
has a solid foundation for developing the sector. Driven by the construction of the Greater Bay Area and the 14th Five-Year Plan (2021-2025), its cultural and creative sector will be promising. Hong Kong should integrate cultural and creative resources of the Greater Bay Area, work together with other cities to develop the industry in the Greater Bay Area, and build a center for cultural and art exchange with other countries.
The third is to step up efforts to solve the housing issue. The housing is the biggest livelihood problem in Hong Kong, and a solution must be found in the short term. I think the government should make more efforts to cut red tape, streamline procedures, improve the compensation mechanism, speed up land development, encourage developers to build houses on farmlands, and accelerate the construction of public housing.
Lim said that improving people's livelihood is as important as developing economy for Hong Kong, which is a golden key to solving its problems, and the common aspiration of all sectors of the society. He expects that John Lee will implement his political slogan of "starting a new chapter for Hong Kong together" as soon as possible, pay much attention to vulnerable groups and people at the grassroots level, carry out reform and innovation, focus on the city’s development and enhance its competitiveness, and boost confidence of all sectors of the society in its future development. He believes that with the support of the central government and all sectors of Hong Kong, Lee will be able to accelerate Hong Kong’s integration into the overall national development, seize new opportunities, and lead Hong Kong in creating a better future. As the chairman of the Hong Kong Trade Development Council, Lee vowed to fully cooperate with the SAR government in implementing new policies, promote economic development, and maintain Hong Kong's competitive advantage.
Lam also talked about the impacts brought by the ongoing Russia-Ukraine conflict, the China-US trade friction, and the complicated international environment China faces. He said in the context of globalization, the Russia-Ukraine conflict has not only affected Europe, but also China and other Asian countries. The ongoing trade friction between China and the U.S. has had a major impact on bilateral trade and investment. Geopolitical instability has a direct impact on both commodity and capital markets, hitting economy and business. At the same time, continuous development of China, one of the largest economies in the world, exerts far-reaching influence on promoting world economic and social development. Therefore, maintaining steady development is a country’s top priority. He said that China's "dual circulation" strategy, the development of the Greater Bay Area, and the Belt and Road Initiative can create various development opportunities for both the mainland and Hong Kong.
Lam said that Hong Kong, as an international city that has extensive and close connections with foreign countries, should not only better integrate into the overall national development, but also connect with the rest of the world. In the current complex international situation, Hong Kong should give better play to its unique advantages and roles. In this regard, he also put forward three suggestions:
First, Hong Kong, as an international financial center, can provide support for China Concept Stocks, which turned to Hong Kong for second listings or re-listings because of political risks. Hong Kong has recently further simplified the requirements for Greater China companies to pursue secondary listings. Since 2019, a total of 21 Chinese Concept Stocks issuers have turned to Hong Kong for secondary listings or dual listings, accounting for more than 70 percent of the total market value of all US-listed Chinese Concept Stocks. After a series of arrangements, Hong Kong’s role as a safe channel connecting the mainland with overseas capital and markets will be further consolidated.
Second, Hong Kong can leverage its advantages to promote trade ties within the Regional Comprehensive Economic Partnership (RCEP) region. The RCEP came into effect at the beginning of this year. The 15 member countries currently account for about 30 percent of the global economy, and nearly 28 percent of the total global trade. Hong Kong, as a key business platform in the region, plays a pivotal role in promoting intra-regional trade between the Chinese mainland and other RCEP members. Hong Kong, with an extensive commercial and trade connections, excellent transport infrastructure and efficient logistics services, can contribute to promoting trade ties within the RCEP region.
Third, Hong Kong can also continue to serve as a platform to help mainland companies go global. With the help of Hong Kong professional, the mainland companies will make investment to foreign countries and develop overseas markets.
Regarding the three suggestions, Lam concluded that "one country, two systems" is the biggest advantage of Hong Kong. While integrating into the overall national development, Hong Kong should continue to develop its ties with foreign countries, and consolidate its relations with traditional markets, ASEAN countries and other emerging markets, make better use of the Belt and Road Initiative, strengthen exchanges and cooperation with the outside world, and further enhance its role as a bridge connecting China and foreign countries.
(ASIA PACIFIC DAILY)
