International Sharp Comment丨Hong Kong will be better tomorrow integrated into the "dual cycle"

　　From August 23 to 25, a propaganda team composed of the Hong Kong and Macao Affairs Office of the State Council of China, the National Development and Reform Commission, the Ministry of Science and Technology, the People's Bank of China and other departments went to the Hong Kong Special Administrative Region to hold a series of propaganda activities around the "14th Five-Year Plan" outline.

This will help Hong Kong accurately grasp the development opportunities of the "14th Five-Year Plan" and better integrate into the overall development of the country.

　　The outline of China's 14th Five-Year Plan emphasizes speeding up the construction of a new development pattern with domestic and international cycles as the mainstay and mutual promotion of domestic and international cycles.

Participants in the series of preaching activities believe that in this new pattern, Hong Kong should and has the ability to actively become a "participant" in the domestic cycle and a "facilitator" in the international cycle, bringing vitality and opportunities to its own development.

　　Taking the domestic cycle as the main body means that China places more development footholds at home, continues to expand domestic demand, and manages its own affairs well.

For Hong Kong, the mainland's super-large-scale market advantages and a series of measures to promote domestic demand are major benefits.

For a period of time, the mainland of China accounted for about 60% of the exports of the Hong Kong Special Administrative Region.

Hong Kong companies will undoubtedly have to seize the opportunities of the "14th Five-Year Plan", especially with the Guangdong-Hong Kong-Macao Greater Bay Area as the entry point to better grasp the mainland market.

　　Among them, technological innovation is the fast lane for the Hong Kong Special Administrative Region to integrate into the "internal cycle" of the national economy.

At the 3rd China International Import Expo to be held in 2020, exhibits from Hong Kong companies such as 5G temperature detection smart robots and home quarantine electronic tracking bracelets are impressive.

In the future, Hong Kong should strengthen cooperation with the Mainland in basic research, platform base construction, personnel training, and achievement transformation to improve the quality of its own development.

　　What needs to be pointed out is that China emphasizes that the main body of the domestic cycle is not to close the door and operate in a closed manner, but to make the domestic market and the international market better connect and make better use of the two markets and the two resources by leveraging the potential of domestic demand. .

In this regard, Hong Kong has the ability to rely on its own advantages to become the "facilitator" of the international cycle.

　　The "14th Five-Year Plan" outline proposes to support Hong Kong in improving its status as an international financial, shipping, and trade center, and strengthen the functions of a global offshore RMB business hub, an international asset management center, and a risk management center.

This will help Hong Kong's advantageous industries play a greater role in the international cycle.

　　At the same time, the "14th Five-Year Plan" outline has also given Hong Kong a new position, including supporting Hong Kong to enhance its status as an international aviation hub, building an international innovation and technology center and a regional intellectual property trading center, and developing a cultural and artistic exchange center between China and foreign countries.

These measures are bound to inject new momentum into the development of Hong Kong.

As the relevant Chinese officials said at the seminar, Hong Kong should play its role as a "super contact" between the mainland and the world, and promote smooth domestic and international dual cycles.

　　Take the financial industry as an example. Hong Kong is a well-known international financial center. It should not only help mainland funds "go out", but also allow international investors to "walk in" more conveniently through it.

At present, about 60% of international investors' bond investments in the Mainland are conducted through the "Bond Connect"; about two-thirds of the stock investments in the Mainland are completed through the "Stock Connect".

Observers have noticed that the key tasks deployed by the China Securities Regulatory Commission in the second half of the year include "deepening the interconnection between the mainland and Hong Kong markets and firmly supporting the stable development of the Hong Kong capital market."

With the continuous advancement of interconnection, Hong Kong's financial industry will gain greater momentum for development.

　　People from all walks of life in Hong Kong have long seen that the development of Hong Kong must be closely linked to the country. Backing on the motherland and facing the world is the key to Hong Kong's success.

The "14th Five-Year Plan" has set up a stage for Hong Kong to make a big difference.

It is foreseeable that Hong Kong will give full play to its strengths, seize opportunities, and integrate into the new "dual cycle" pattern of China's economy, and it will surely usher in a better tomorrow.

(International sharp commentator)