Gao Shang
Plan for the National Economic & Social Development have been released after the opening of the Fourth Session of the Eleventh National People’s Congress in Beijing.
In the past, few people in Hong Kong paid meticulous attention to China’s five-year development plans. Under the “one country, two systems”, these documents were not intended to have much impact on the SAR government, its businesses and the lives of ordinary residents.
But now we have a different story. A dedicated section (Chapter 57) for the first time is incorporated in the latest 12th Five-Year Plan to spell out the prospects of Hong Kong and Macau, elaborating the significant functions and positioning of Hong Kong in the development strategy of the country.
According to the Plan, this chapter covers three major aspects.
First, it stresses the Central Government’s support for Hong Kong in consolidating and enhancing its competitive advantages, including consolidating Hong Kong’s position as a global financial, trade and shipping centre, and support for Hong Kong’s development into an offshore renminbi (RMB) business centre and an international asset management centre.
Second, the Central Government will help Hong Kong to nurture emerging industries and develop six major industries from which Hong Kong enjoys clear advantages, including innovative technology, cultural and creative Industry, medical services, testing and certification services and so on.
Third, the Central Government will give support to further enhance and deepen the economic cooperation between Hong Kong and the mainland, especially the Pearl River Delta region and continue the implementation of the Closer Economic Partnership Arrangement (CEPA).
In the era of globalization, with an eye on the impressive achievements of the mainland’s economic reforms, almost all nations on earth will have to take this powerful economic engine into account. As a part of the global economy and the Asian economy, Hong Kong is intertwined with the Chinese economy in many ways.
Hong Kong should be clear about its position as a global financial, shipping and trading centre and as the leader in finance when it comes to regional cooperation. The key to benefiting from the Five-Year Plan lies in whether the city acts in accordance with the plan. Only in this way can Hong Kong break through the economic bottleneck and optimize its advantages to develop a sustainable development.
During the period of Five-Year Plan, it is believed that more and more mainland companies will choose financing in Hong Kong as the mainland transforms its development model and steps up its “going out” strategy. This will offer many opportunities to Hong Kong’s key industries, including banking and logistics services.
In brief, the 12th Five-Year Plan formulates a bright prospect for Hong Kong to grow with China. If Hong Kong is able to grasp the opportunities, strengthen regional collaboration, prioritise its six major industries and coordinate complementarily with the execution of the Five-Year Plan, its economic development will no doubt experience a solid gain.
