(East-West Question) Wang Fuqiang: How can Hong Kong "continuously enhance its development momentum" in the new era?
China News Agency, Beijing, July 3rd: How can Hong Kong "continuously enhance its development momentum" in the new era?
By Wang Fuqiang, Minister of Regional and Industrial Planning, China International Economic Exchange Center
Hong Kong, under the background of "two overall situations", is affected by factors such as the international situation, regional competition, and the epidemic of the century, and faces issues such as sustainable development.
To consolidate and enhance Hong Kong's competitive advantages, the main responsibility lies with Hong Kong itself.
At the same time, the central government will give strong support to enable Hong Kong to actively align with the national strategy and carry out wider and closer exchanges and cooperation with the world.
In an important speech delivered by Chinese President Xi Jinping on July 1, he specifically expressed the hope that Hong Kong would "continuously strengthen its development momentum", which pointed out the direction for Hong Kong to consolidate and enhance its competitive advantage in the new era.
On the morning of July 1, a helicopter formation flying the five-star red flag and the Hong Kong regional flag flew over the Victoria Harbour.
Photo by China News Agency reporter Zhang Wei
First, the pre-set functional sectors of the national strategy are the source of power for Hong Kong's sustainable development.
The heterogeneous institutional structures, different legal systems, diverse cultural backgrounds, and close international ties between Hong Kong and mainland China determine that Hong Kong still has a special status and unique advantages for the overall development of the country in the new era.
Several major national strategies have preset functional sectors for Hong Kong.
For example, the outline of the "14th Five-Year Plan" proposes to consolidate the traditional advantages of "three centers and one hub", and cultivate emerging advantages such as international innovation and technology centers and international arbitration centers; The International Science and Technology Innovation Center provides Hong Kong and Macau with opportunities for innovation and technology transformation.
In addition, the Regional Comprehensive Economic Partnership (RCEP), which came into effect this year, has accumulated system dividends such as rules of origin, which is good for high-end manufacturing, and Hong Kong can strive to join at an early date.
Secondly, Hong Kong needs to keep pace with the times and adjust its own development priorities, which can be divided into the following directions:
1. The traditional international financial center is the foundation of Hong Kong's development and the core competitiveness for participating in international competition.
However, at present, Hong Kong is not developed enough in bonds, currency, gold, bulk materials, virtual assets, etc., and the stock market is not active enough in re-funding and directional issuance.
The focus of the next step should be to enrich financial formats and innovate development models.
For example, it can enhance the support of the Hong Kong market for the development of the "new economy" in mainland China; set up the "One Belt, One Road" international board in Hong Kong to provide smooth channels for listing financing, risk management and capital exit of projects along the "One Belt and One Road" route.
2. The construction of an international innovation and technology center is a guarantee to support Hong Kong's future prosperity and stability, and it is also the main battlefield for Hong Kong to enhance its competitive advantage.
The focus of the next step is to build the northern metropolitan area as the entry point, and promote the deep integration of its own scientific research results with the industrial chain in mainland China.
For example, it can actively attract Chinese mainland enterprises to "cross the river" to set up R&D headquarters in Hong Kong, and assist Hong Kong to establish a "government-industry-university-research" transformation system; actively introduce world innovation leading enterprises to gather in Hong Kong, and set up locations in important foreign innovation node cities and regions. Offshore innovation: Deploy several flagship projects that combine innovation and technology development with high-end manufacturing, and introduce resources from mainland China for construction in areas that require accelerated progress (such as infrastructure construction, labor recruitment, etc.).
Data map: Hong Kong, overlooking the Victoria Harbour.
Photo by Xie Guanghui Image source: CTPphoto
3. Global high-quality international, compound and professional talents are precious resources of Hong Kong, and efficient and convenient professional services are an important manifestation of its international competitiveness.
The focus of the next step is to promote the deep connection between professional services and mainland industries, so that the real economy of the mainland and Hong Kong's professional services can achieve mutual success and grow together.
For example, it can support mainland Chinese enterprises to give priority to Hong Kong's accounting, design and other professional services, encourage mainland Chinese enterprises and Hong Kong professional service institutions to jointly "go out"; promote cooperation between mainland China and Hong Kong in digital governance, and promote the formation of digital trade rules. Chinese program.
4. Hong Kong is a world-renowned metropolis and a place for cultural exchanges between the East and the West, and has close ties with the developed countries represented by the Protestant culture in the Western Christian tradition.
The focus of the next step is to expand exchanges and cooperation, not only with developed countries, but also with developing countries, especially countries along the "Belt and Road"; not only economic and trade cooperation, but also social and cultural cooperation. .
5. Considering the improvement of shipping functions in mainland China and the construction of trade channels, Hong Kong's international shipping and trade centers will undergo changes in business formats.
The international shipping center will extend from traditional business to high value-added links such as shipping services, and the international trade center will transform from trade in goods to trade in services represented by digital trade.
Finally, Hong Kong needs to adjust its industrial structure in a timely manner and moderately develop high-value-added manufacturing industries with a foundation of technological innovation.
Data map: Hong Kong-Zhuhai-Macao Bridge.
Photo by China News Agency reporter Zhang Wei
The serious imbalance in Hong Kong's industrial structure has led to an imbalance in the employment structure.
The four major industries, which have long accounted for more than 60% of the regional GDP, have limited ability to absorb Hong Kong's labor force.
The manufacturing industry, especially the small and medium-sized manufacturing enterprises, can provide a large number of employment opportunities for the public.
High value-added manufacturing can provide more decent jobs and upward mobility opportunities for young people.
On the market side, high value-added manufacturing will provide impetus for the transformation of scientific research results, help maintain the activity of upstream basic research, attract and retain international scientific research talents, and can also be highly internationalized in the face of changes in the international situation and external situations. In the event of an impact on the service industry of Hong Kong, Hong Kong can maintain a stable development momentum.
In this regard, Hong Kong should apply to join RCEP as soon as possible, and use RCEP's "40% value-added" rule to develop high-value-added manufacturing industries; accelerate the initiation of negotiations on the upgraded version of the "Mainland and Hong Kong Closer Economic Partnership Arrangement" (CEPA), Provide more terms that are conducive to the development of high-tech manufacturing in the northern metro area.
The adjustment of Hong Kong's industrial structure in the new era should be understood as the development of a metropolitan manufacturing industry with a small footprint, high added value, high flexibility and high efficiency, focusing on high-tech industries with basic scientific research advantages such as biological science and artificial intelligence. It focuses on R&D, concept testing, pilot testing, and prototype manufacturing at the front end of the industrial chain, which is dislocated from the large-scale production in mainland cities in the Greater Bay Area.
At the same time, Hong Kong can actively develop "Industry 5.0" to help the central government pilot how intelligent manufacturing technology is people-oriented and how to better integrate with the society, which will provide a new path for Hong Kong's "sustainable development".
(Finish)
About the Author:
Wang Fuqiang, Director of the Regional and Industrial Planning Department of China International Economic Exchange Center, Ph.D.
He has presided over major research tasks such as the development strategy of the Guangdong-Hong Kong-Macao Greater Bay Area, the Beijing-Tianjin-Hebei coordinated development assessment, the PPP reform assessment, and the development strategy of the Huaihe Ecological Economic Belt.
When presiding over the "Guangdong-Hong Kong-Macao Greater Bay Area Development Strategy Research", he was responsible for the organization of the entire project, and made a direct contribution to the development of the Greater Bay Area from concept formation to national strategy.
He has successively undertaken more than 20 national key projects such as the National Social Science Fund, and presided over more than 10 major horizontal projects.
The main publications include "Research on Business Protection Mechanism in Bankruptcy Restructuring", "Research on the Development Strategy of Huaihe Ecological Economic Belt", "PPP Global Reform and Practice in China", etc.