Opinion | Collaborative construction of Northern Metropolis: 'Forcing investments' becomes groundless
The Hong Kong Special Administrative Region (SAR) government recently held a grand signing ceremony, where 85 companies signed a Memorandum of Understanding (MOU) about supporting and participating in the Northern Metropolis development with the government. Among them, 35 companies signed agreements to participate in development projects in the Northern Metropolis, amounting to over HK$100 billion, injecting strong momentum into the area's development. However, some voices argue that Hong Kong is a highly free economy that practices market principles, and the SAR government should not force companies to invest.
This perspective, to me, is one-sided. The development opportunities in the Northern Metropolis are immense, supported by local, mainland, and foreign investments. Many well-known innovation and technology companies have already recognized this opportunity and are eager to establish a presence in the area.
The business community in Hong Kong plays a crucial role in driving the economic development of the region. As stakeholders, contributors, and beneficiaries of Hong Kong's growth, they are committed to collaboratively building a better Hong Kong and promoting high-quality economic development. The notion of "forcing investment" is utterly unfounded.
The development of the Northern Metropolis presents unprecedented opportunities. This area, which occupies nearly one-third of Hong Kong's land, will not only become a hub for innovation and technology (I&T) but will also attract a large workforce and residential population. From road construction and housing to dining, retail, and various service industries, the development of the Northern Metropolis will stimulate comprehensive economic activity and provide vast business opportunities for different types of enterprises. The companies that signed the MOU to build the Northern Metropolis include large local firms, state-owned enterprises, and foreign companies, demonstrating that the area's appeal transcends industries and regions. Businesses are eager to sign on, responding to government policies while considering their commercial interests, truly reflecting the principle that "the topics of businessmen are always business."
In a meeting held in Shenzhen in 2024, Xia Baolong, Director of the Hong Kong and Macao Affairs Office, said, "The Hong Kong business community and entrepreneurs are the main driving force behind economic development." This holds for the development of the Northern Metropolis as well. The collaboration between the SAR government and the business community in building the Northern Metropolis is based on a shared vision and mutual interests. While the government provides policy support and infrastructure development, the business community leverages its capital, technology, and management expertise to promote the prosperity of the Northern Metropolis. This collaborative model is the cornerstone of Hong Kong's economic success and a key guarantee for the future development of the North District. Therefore, the notion of 'government coercion of businesses' is completely unfounded.
The attractiveness of the Northern Metropolis lies not only in its enormous commercial potential but also in its close connection and complementary advantages with Shenzhen. Chief Executive John Lee emphasized at the signing ceremony that the Northern Metropolis is just a river away from Shenzhen, and the coordinated development of the two areas will bring about mutually beneficial results.
This not only demonstrates the deep cooperation foundation between Hong Kong and Shenzhen but also indicates that the two regions will achieve deep integration in broader fields in the future. Zheng Yanxiong, Director of the Liaison Office of the Central People's Government in the HKSAR, also pointed out that the business community should seize significant opportunities in the development of the Northern Metropolis, jointly opening up new horizons for Hong Kong's development. This fully illustrates the trust and expectations of the Central and SAR governments towards the business community.
As the development of the North District progresses, more and more enterprises and organizations are sharing in the benefits brought by the development of the area.
This kind of baseless argument will naturally collapse.
(Source: Wen Wei Po)
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Businesses should join Northern Metropolis projects: John Lee
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