General

"Looking ahead, Hong Kong is ushering in a golden opportunity." This is what Chen Maobo, the Financial Secretary of the Hong Kong SAR Government, said on social media before the release of the budget. Having experienced the impact of the epidemic, Hong Kong can better understand the importance of integrating into national development. Now, under the blueprint that the state provides Hong Kong with the positioning of "eight centers", "looking forward" is just the right time.

How to build the "eight centers"? Li Jiachao, the Chief Executive of the Hong Kong Special Administrative Region, gave the answer in his policy address: First of all, consolidate the status of the international financial center, promote the development of the two emerging industries of innovative technology and culture and art, continue to play the role of the international trade center, make full use of the development of shipping and aviation, and improve the function of Hong Kong in the regional supply chain.

Financial advantages are still promising in Hong Kong

Taking the status of the international financial center as an example, as the largest pillar industry accounting for more than one fifth of the gross domestic product, Hong Kong's financial services industry is the main industry that attracts employment, the key to enhance the momentum of development, and the top priority of building the "eight centers".

In January this year, the Legislative Council of the Hong Kong Special Administrative Region passed amendments to provide legal support for the implementation of the introduction of the RMB counter and the supporting dealer mechanism. The registration procedures for various new measures are expected to start in the first half of this year.

The introduction of relevant measures not only lays the foundation for the introduction of RMB counters in the subsequent Hong Kong Stock Connect, but also helps to expand the two-way cross-border capital circulation channel of RMB and improve the liquidity of the offshore RMB market in Hong Kong. While other international trade and financial centers are scrambling to develop RMB business, relevant measures can better put Hong Kong in a favorable position in the competition.

National support is indispensable for consolidating the advantageous position. On the 23rd of this month, various departments of the central government and Guangdong Province jointly issued the Opinions on Financial Support for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone to Comprehensively Deepen the Reform and Opening up ("Qianhai Finance 30 Articles"), which added strong impetus to the financial cooperation between Hong Kong and Shenzhen, and also provided more opportunities for Hong Kong enterprises and talents to integrate into the Guangdong-Hong Kong-Macao Greater Bay Area and the national development.

Judging from the evaluation of the international trade community, Hong Kong is still in a dominant position in the financial sector. According to the latest rating of the international credit rating agency Standard&Poor's, the credit rating of Hong Kong's long-term issuer is maintained at "AA+", and the rating outlook remains "stable"; In the new "Global Financial Center Index" report, Hong Kong ranks fourth in the world. Hong Kong's financial future is still promising.

Innovative technology boosts Hong Kong to accelerate forward

Take the emerging momentum of innovative technology to be explored as an example. Innovative technology can promote the diversified development of the economy. While the country is steadily developing towards high quality, innovative technology also provides an opportunity for Hong Kong to accelerate forward.

In December last year, the SAR government released the "Hong Kong Innovation and Technology Development Blueprint", which formulated a clear development path and systematic strategic plan for the development of Hong Kong's innovation and technology in the next five to ten years, and led Hong Kong to realize the vision of the International Innovation and Technology Center.

There are also many measures to assist local scientific research and development in the latest financial budget, including plans to establish microelectronics research and development institute, artificial intelligence (AI) supercomputing center, and feasibility study on the second advanced manufacturing center. All these reflect the focus of the SAR government on investing in the future, attracting talents and firmly promoting Hong Kong to become an international innovation center.

The foundation of the development of Chuangke is talents. Hong Kong itself has a rich reserve of scientific research talents. On this basis, the SAR government has also launched a series of "talent grabbing" measures, hoping to attract 35000 talents every year in the next three years. Hong Kong has a multi-cultural environment with a mixture of China and the West, a wide range of international trade context, and a mechanism to connect with international trade, all of which provide convenience for Hong Kong to attract overseas talents.

Intellectual property protection provides guarantee for the development of Chuangke. Recently, Hong Kong and Shenzhen jointly issued 16 measures aimed at promoting cross-border intellectual property innovation, exchange and cooperation, and promoting Hong Kong's construction as a regional intellectual property trade center.

Hong Kong has a sound intellectual property protection system and a sound legal and judicial system, as well as high-end scientific research and high-quality professional service talents and networks. The introduction of these measures will undoubtedly help to further exert Hong Kong's advantages, promote the development of intellectual property trade in the Greater Bay Area of Guangdong, Hong Kong and Macao, and better integrate Hong Kong into the overall development of the country.

As Li Jiachao said during his recent visit to Guangdong, Hong Kong has entered a new stage of governance and prosperity. The next five years are a key period for opening up new situations and achieving new leaps. Actively integrating into the overall situation of national development is the only way for further development. All sectors of the Hong Kong community should seize the new opportunity of normalization and make good use of Hong Kong's advantages to serve the needs of the country.