[Explanation] A few days ago, the "Overall Plan for the Construction of the Hengqin Guangdong-Macao Intensive Cooperation Zone" and the "Plan for Comprehensively Deepening the Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" issued by the Central Committee of the Communist Party of China and the State Council have been issued successively.

On September 16, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, pointed out in an interview with a reporter from China News Agency that Hong Kong should actively participate and play a role.

  [Concurrent] Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government

  The two programs of "Hengqin" and "Qianhai" have different focuses. The program of "Hengqin" mainly provides a platform for co-management of Guangdong and Macau, providing a platform for Macau to appropriately diversify its industries. It is the positioning of "Hengqin".

The positioning of "Qianhai" is mainly to face Hong Kong's deepening of the (financial) service industry's coordinated development and cooperation. Therefore, for Hong Kong, we need to participate more actively in the development plan of "Qianhai" and to cooperate with Shenzhen more actively. Through the "Qianhai" platform, there is a coordinated development and mutual benefit.

  [Explanation] Chen Maobo frankly said that as an institutional innovation, "One Country, Two Systems" created the development of Hong Kong.

At present, under the guiding concept of deepening the supply-side structural reform in the national "14th Five-Year" plan and promoting the "dual cycle" of internal and external economic development, the term "innovation" will still play an important role.

  [Concurrent] Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government

  For example, the internationalization of the renminbi, (Hong Kong) is a firewall and an experimental field, where you can do some innovative experiments on policies.

So I think we can actually play a more active role in the development of the country’s internal and external cycles.

The country's economic volume continues to increase, and its international influence continues to increase. Therefore, the function of the renminbi as a reserve currency will be greatly enhanced.

In the past period of time, we have also seen that the purchase of oil can also be settled in renminbi, not necessarily in US dollars. In the "Belt and Road" projects, some infrastructure investment projects are also invested in renminbi.

In other words, more and more people are using RMB overseas, and holding more and more RMB. In this case, after holding so much offshore RMB, how to invest in return and how to manage exchange rate risk is different. The demand will produce many different tools and some (financial) products.

  [Explanation] The "14th Five-Year Plan" outline has clarified the new positioning of Hong Kong's "eight centers". Chen Maobo is quite confident in building Hong Kong into an international innovation and technology center.

  [Concurrent] Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government

  In terms of innovation and technology, our university has relatively strong scientific research capabilities. In fact, the country has 16 national-level laboratories in Hong Kong, and there are other 6 national-level engineering technology research centers here.

There are so many national-level laboratories and engineering technology centers in a small city. In fact, it shows that Hong Kong has certain advantages in scientific research (in terms of artificial intelligence, big data, and medical technology). We can all contribute to this aspect.

  [Explanation] Chen Maobo emphasized that the advantages of Hong Kong's construction of an innovation and technology center are also reflected in the attraction of international talents and the legal protection of intellectual property rights. He hopes to develop in coordination with sister cities such as Shenzhen and Dongguan to jointly enhance international competitiveness.

  [Concurrent] Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government

  The sister cities, Shenzhen and Dongguan, have advanced manufacturing bases, and they are capable of transforming research into commodities.

In this regard, we wholeheartedly have a coordinated and mutually beneficial development with Shenzhen. We hope that through mutually beneficial development, the entire innovation and technology industry chain can be relatively complete, so that our competitiveness in the world will be stronger.

  Reporter Li Yue Liang Yuan from Hong Kong

Editor in charge: [Yue Chuan]