Mr YUEN Mo (Chairman of the 52nd terms of office) July 2022
CGCC will actively encourage members and the business community to earnestly study and understand the spirit of President Xi’s speech, and fully support the effective governance in accordance with the law of the new-term HKSAR Government, working together to write a new chapter of Hong Kong.
This year marks the 25th anniversary of Hong Kong’s return to the motherland. At the celebration meeting and the inaugural ceremony of the sixth-term government of the HKSAR, President Xi Jinping highly commended Hong Kong’s significant achievements since its return and made insightful remarks on the major principle of “One Country, Two Systems”. We are greatly encouraged by the Central Leadership's care about the interests of Hong Kong.
“One Country, Two Systems” key to stable development
President Xi pointed out that “One Country, Two Systems” is the best system for Hong Kong to maintain long-term prosperity and stability, and Hong Kong must thoroughly and precisely implement the “One Country, Two Systems” principle and uphold the Central Government’s overall jurisdiction. He also stressed the importance of implementing the principle of “patriots administering Hong Kong” and maintaining Hong Kong’s distinctive status and strengths.
The implementation of “One Country, Two Systems” has given Hong Kong a stable foundation for development and unique strengths. The Central Government’s implementation of the National Security Law and adoption of the improved electoral system for Hong Kong have broken new ground. In addition, a patriotic team with an affection for Hong Kong is now in place to govern Hong Kong following the conclusion of three important elections. The Hong Kong business community will certainly give full support to the implementation of the “One Country, Two Systems” principle and adhere to the realization of the principle “patriots administering Hong Kong” to ensure Hong Kong's prosperity and stability.
Serving as a bridge for “dual circulation”
President Xi also listed “four hopes” for Hong Kong’s future and clearly stated that the Central Government fully supports Hong Kong in its effort to maintain its distinctive status and strengths, to keep its business environment free, open and regulated, and to maintain the common law, so as to expand and facilitate its connection with the world. Given the full support of the state, Hong Kong’s role as a “super connector” linking the Mainland with the international community will be further consolidated and deepened.
Faced with the COVID-19 pandemic and the complex international situation, Hong Kong needs to think out of the box to develop promising innovative industries, explore new growth drivers for its economy, fully serve as a participant in the “domestic circulation” and a facilitator in the “domestic-international dual circulation”, accelerate its integration into national development, and tap into the development opportunities from regional economic cooperation and the “Belt and Road” Initiative.
Hong Kong should actively develop a “dual-core” metropolitan area, one in which the south is strong in finance and the north in innovation and technology (I&T). It should also speed up the development of a “mini-Silicon Valley” in New Territories North, strengthen all-round cooperation with the cities in the Greater Bay Area in the field of I&T, bring in the R&D centers of large-scale international companies to establish a pool of top international talents, and attract global I&T resources and top domestic and overseas tech talents. In addition, as the “14th Five-Year” Plan clearly states to advance the internationalization of the RMB, Hong Kong should actively promote the development of an offshore RMB hub to enhance virtuous interaction between the offshore and onshore markets.
The “One Country, Two Systems” principle has been successfully realized over the past 25 years since Hong Kong’s return. Looking ahead, Hong Kong must effectively use the state’s policy support to develop and prosper together with the country, focusing on developing the economy and improving people’s livelihood. CGCC will actively encourage members and the business community to earnestly study and understand the spirit of President Xi’s speech, and fully support the effective governance in accordance with the law of the new-term HKSAR Government, working together to write a new chapter of Hong Kong.