Members’ Motion ”Further consolidating HK’s advantages as an international city“
President, enjoying strong support of the motherland and engaging itself globally, Hong Kong possesses the institutional advantages of “one country, two systems”, a sound rule of law system, a market-oriented and international business environment, comprehensive infrastructural facilities, a regulatory system which aligns with international standard, as well as free flow of information and capital, making it one of the world’s leading international financial centres which has attracted people from places around the world to come for development and investment. I am grateful to Mr Rock CHEN for proposing the motion on “Further consolidating Hong Kong’s advantages as an international city”, which has facilitated our discussion on how to consolidate Hong Kong’s characteristics as an international city in various aspects.
Hong Kong’s status as an international financial centre is a shining business card. To further consolidate its advantages as an international city, one of the priority tasks is to reinforce Hong Kong’s status as an international financial centre and expand its influence. In this connection, the Government can make continuous efforts to promote international financial development in three aspects. First, to further enhance the strategic positioning of Hong Kong as a financial centre, and in particular, develop it into an international bond trading centre in Asia, so as to seize the commanding height in financial centre development; second, to vigorously develop the offshore Renminbi market, and at the same time launch trials of digital Renminbi, so as to enhance the ability to open up services; and third, to vigorously expand financial areas such as financing in the Growth Enterprise Market, financing for innovation and technology, and private equity, so as to enhance the ability to serve Hong Kong’s innovative development. If we can seize the development opportunities in these areas forcefully, and respond proactively and prudently to all the risks and challenges currently arising around the world, our status as an international financial centre will gain new impetus.
In the face of obvious changes in the international environment and the reshaping of the global supply chain, as Members have mentioned repeatedly, it is all the more necessary for Hong Kong to proactively expand its “circle of friends”. Having regard to the geopolitical factor, it may not be desirable to tap the markets in the United States and the West. I very much agree with the Chief Executive’s remark yesterday that in the future, we should pay more visits to the Middle East and the Association of South East Asian Nations, as well as countries along the Belt and Road, such as those in Central Asia, and provide necessary support for the launch of large-scale infrastructure and specific projects there. We should make use of our resources, financing channels and experience in financial infrastructure as an international financial centre to offer diversified financing solutions, so as to resolve and smooth out the financing needs of various Belt and Road projects. Apart from contributing to the Belt and Road Initiative, this can also achieve the objective of promoting Hong Kong’s financial system and market advantages to attract more foreign investors to conduct investment and financing activities in Hong Kong.
Talent is the driving force and cornerstone of economic and social development. To consolidate our advantages as an international city, we need the joint participation of a large number of international talents. To cope with the competition for talents in the international community, we must seize every minute to trawl for talents from all over the world by every possible means. Apart from the existing talent schemes, as mentioned by the Chief Executive, the Government should expeditiously and proactively join hands with various industrial, commercial and professional sectors to “go global” by conducting publicity and recruitment campaigns in target talent markets. For example, the financial sector, which I represent, is particularly in need of professionals in digital technology, sustainable financing and compliance risk management. If relevant professionals from regions such as India and the European Union can be attracted to work and live in Hong Kong, this can also drive the re-adaptation of various trades and industries to provide quality services to new visitors from different parts of the world.
The United States and Western countries still make exaggerations from time to time that Hong Kong is “becoming isolated”, being “Mainlandized”, losing its advantages as an international city, or regressing in the level of internationalization. Many cities in the international community regard Hong Kong as their competitor. They certainly hope that Hong Kong will become “defunctionalized” and “decentralized”, turning into an unattractive city which discourages foreign investors and talents from visiting. After the completion of the Basic Law Article 23 legislation, it is now most imperative for Hong Kong to do its utmost to tell the stories of Hong Kong well in the international arena.
To this end, apart from the efforts of the SAR Government and this Council in undertaking this responsibility, the Government should subsidize and encourage more different community organizations (such as trade associations, societies or even associations of Chinese fellow townsmen) to actively conduct visits outside the territory to publicize the actual situation of Hong Kong, and invite relevant local community organizations to visit us to learn about the true picture. Efforts should also be made, through cooperation with different countries and regions, to restore and increase the desire and interest of investors from places around the world to invest in Hong Kong, so as to maintain our international competitiveness.
President, I support the original motion and Dr Hoey Simon LEE’s amendment. I so submit. Thank you, President.