By Lee Chun Ting
During the Second Session of the 14th National People's Congress on March 5th, Chinese Premier Li Qiang presented the government work report. The report highlighted China's economic growth of 5.2% last year and set a target of 5% GDP growth for 2024. This year marks a crucial period for achieving the objectives outlined in the 14th Five-Year Plan. The report lays out a comprehensive work plan to meet these targets and presents opportunities for Hong Kong to capitalize on its strengths and align with national development goals.
I. Advancing the Construction of a Modern Industrial System and Guiding Hong Kong's Industrial Development
The report emphasizes China's ongoing proactive implementation of strategic initiatives centered around innovation to drive industrial transformation through technological revolution. This overarching strategy encompasses the optimization and enhancement of industrial and supply chains, as well as the nurturing of emerging and future industries, including the robust development of the digital economy. Concurrently, Hong Kong is elevating its innovative development to a strategic level, with a focus on key sectors such as financial technology, biomedicine, artificial intelligence, and smart cities. Leveraging its wealth of top-tier scientific research platforms and talent, Hong Kong is well-positioned to take advantage of its unique strengths, concentrate on pivotal areas, and establish itself as a hub for research and development.
II. Broadening High-Level Opening Up to Facilitate Hong Kong's Traditional Advantages
The report underscores China's commitment to adapting to international high-standard economic and trade regulations, advancing institutional openness, and fostering greater connectivity between domestic and international markets and resources. This approach is manifested in improving the quality and stability of foreign trade, intensifying efforts to attract foreign investment, and promoting the high-quality development of the "Belt and Road Initiative." In line with the "2023 Policy Address," Hong Kong aims to expand its presence along the "Belt and Road," strengthen collaborations with markets such as ASEAN and the Middle East, and expedite its accession to the RCEP. Additionally, Hong Kong will cultivate a "headquarters economy" to entice global corporations to establish headquarters or branches in the city, capitalize on the opportunities presented by the dual-circulation economy, and explore measures to facilitate capital investment, supporting Mainland enterprises in establishing a presence in Hong Kong. With its robust legal framework, streamlined tax policies, free capital flow, and competitive tax rates, Hong Kong continues to serve as a pivotal two-way platform for global financial and trade centers, attracting increased foreign investment to both the Mainland and Hong Kong markets.
III. Promoting Coordinated Regional Development and Laying the Groundwork for Hong Kong's Sustainable Growth
The report highlights China's commitment to expediting the construction of a regionally integrated and high-caliber economic structure. It advocates for maximizing the potential of high-quality development drivers in key regions such as the Guangdong-Hong Kong-Macao Greater Bay Area. This area presents Hong Kong with an expanded arena for development and collaboration. By partnering with other cities in the Greater Bay Area, Hong Kong can exploit its advantages in finance, trade, logistics, and professional services while tapping into resources from neighboring cities, such as technology innovation and manufacturing capabilities. As outlined in the "2024/25 Budget," Hong Kong is set to allocate 2 billion Hong Kong dollars to bolster the "InnoHK Hong Kong R&D Platform" along the Hopewell Coast and establish the "Greater Bay Area International Clinical Trial Center" within the "Hong Kong-Shenzhen Innovation and Technology Cooperation Zone." Regional coordination not only enhances the overall competitiveness of the Greater Bay Area but also lays a robust foundation for Hong Kong's sustained and enduring development.
In conclusion, Premier Li Qiang's government work report encompasses a wealth of information, covering a range of policy initiatives and milestones for collaboration between China's economy and global economies. Hong Kong should accelerate its integration into national development, thoroughly examine and dissect Premier Li Qiang's government work report, fortify its growth foothold in the Mainland, strengthen its existing advantages, and chart its own path for growth.
Lee Chun Ting, born and raised in Hong Kong, is currently a PhD candidate at the School of Marxism of Tsinghua University and Vice-President of Hong Kong Commerce & Industry Association of Youth Entrepreneurs Federation Limited. His main research interests are Marxist theory, Chinese Communist Party and Guangdong-Hong Kong-Macao Greater Bay Area.
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