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2019 Policy Address Supplement (Extract)

Chapter IV

Diversified Economy

Hong Kong has been acclaimed as the world’s most open, freest and most competitive city by many international organisations. Leveraging our unique strengths under “One Country, Two Systems”, we will continue to provide a business-friendly environment, uphold operation of the market and promote free trade. We will also strive to develop new areas of economic growth.

The National 13th Five-Year Plan pledges support for Hong Kong to reinforce and enhance its status as an international financial, transport and trade centre; develop its innovation and technology (I&T) industry; and establish itself as a centre for international legal and dispute resolution services in the Asia-Pacific region. The Belt and Road (B&R) Initiative of our country, as well as the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development have brought enormous opportunities for the economic development of Hong Kong. The HKSAR Government will do its best as a “facilitator” and “promoter”, seizing opportunities to actively connect with the world to explore more business opportunities.

Progress Made

Belt and Road Initiative

  • The “Arrangement between the National Development and Reform Commission and the Government of the Hong Kong Special Administrative Region for Advancing Hong Kong’s Full Participation in and Contribution to the Belt and Road Initiative” (the Arrangement) was signed in December 2017 and a Joint Conference mechanism was set up for regular and direct communication between Hong Kong and the relevant Mainland authorities on the implementation of the Arrangement. Two Joint Conference meetings were held in June 2018 and July 2019 respectively.
  • The Commerce and Economic Development Bureau leads and co-ordinates the HKSAR Government’s participation in and contribution to the B&R Initiative. We have formulated a five-pronged B&R key strategy (viz. enhancing policy co-ordination; fully leveraging Hong Kong’s unique advantages; making the best use of Hong Kong’s position as a professional services hub; promoting project participation; and establishing partnership and collaboration) and adopted a whole-government approach in taking forward the work.
  • Co-organised with the Hong Kong Trade Development Council (HKTDC) the annual B&R Summit, which is now renowned as the largest and most important B&R business and investment platform for the Mainland, overseas and Hong Kong enterprises.
  • The enhanced HKTDC B&R Portal, which is a more comprehensive and up-to-date one-stop B&R platform, came into operation in July 2019.
  • The composition and terms of reference of the Trade and Industry Advisory Board were expanded in September 2017 with a view to gauging a wider spectrum of views from different sectors on Hong Kong’s economic development and related policies, including the B&R Initiative.

Challenges Ahead

Enhanced Co-operation with the Mainland

  • Hong Kong has been participating in and contributing to the country’s steady implementation of the B&R Initiative, while facing fierce competition from various countries and regions in seizing opportunities arising from the Initiative.

New Initiative

Belt and Road Initiative

  • Strengthen co-operation and professional exchanges in areas including capacity building with relevant Mainland authorities through the Joint Conference established under the “Arrangement between the National Development and Reform Commission and the Government of the Hong Kong Special Administrative Region for Advancing Hong Kong’s Full Participation in and Contribution to the Belt and Road Initiative” and the “Mainland and Hong Kong Belt and Road Task Group”, a new platform formed with the Ministry of Commerce, with a view to realising the goal of open, clean, green and sustainable B&R development.
  • Encourage the MTR Academy and the China International Development Cooperation Agency to explore collaboration opportunities in human resources development under the B&R Initiative.
  • Support the HKTDC to explore business opportunities arising from B&R overseas Economic and Trade Co-operation Zones (ETCZs) for Hong Kong enterprises, with a view to facilitating interested Hong Kong enterprises to identify suitable ETCZs in light of the changing dynamics of the international trade landscape, and at the same time exploring new markets abroad.