Hong Kong and Macao special administrative regions could play a bigger role in China’s “dual circulation” development pattern with their unique strengths to contribute to the country’s high-quality economic growth, officials said on Tuesday.
Hong Kong and Macao enjoy clear advantages in the new economic development model as they are at the intersection of domestic economic circulation and outside economic activities, Zhang Xiaoming, deputy director of the Hong Kong and Macao Affairs Office of the State Council, said
They made the remarks at the opening of The First Conference of the International Science, Technology and Innovation Forum of Boao Forum for Asia, held in Macao. Nearly 1,000 representatives from 18 countries and regions attended the three-day event.
Hong Kong and Macao enjoy clear advantages in the new economic development model as they are at the intersection of domestic economic circulation and outside economic activities, Zhang Xiaoming, deputy director of the Hong Kong and Macao Affairs Office of the State Council, said.
The two SARs could give full play to their strengths to promote the country’s “dual circulation” development pattern, he said.
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The “dual circulation” model takes the domestic market as the mainstay while allowing domestic and foreign markets to boost each other. It was unveiled by China’s top leadership earlier this year to strengthen its economic resilience and that of the world.
Officials attending the forum say the advancement of technology and innovation, which can create a new momentum for growth, is vital for promoting the “dual circulation” development model and the Guangdong-Hong Kong-Macao Greater Bay Area is one of the regions best-placed to carry out the strategy.
The 11-city cluster, containing Hong Kong and Macao, aims to develop into an international technology and innovation hub.
Zhang noted that Macao’s strong connection with Portuguese-speaking countries will enable the city to become a platform for bilateral cooperation on technology and innovation.
The city should take advantage of its edge to better perform its role as a service platform and an intermediary for technology and innovation cooperation between China and those countries, he said.
Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said Hong Kong’s government will grasp the opportunity brought by the Bay Area development and actively promote the city’s work on technology and innovation.
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Hong Kong will also deepen collaboration with other parts of the world, especially the Chinese mainland, to reinforce its innovation drive and enable residents the Bay Area to enjoy a better life, she said.
The Hong Kong government has attached great importance to the development of technology and innovation, pouring billions of Hong Kong dollars into the sector this year in research and development, talent, construction of technological infrastructure, provision of venture capital, education, etc., Lam said.
It is also working hard to promote smart city development. She said the government will unveil an updated blueprint for Hong Kong smart city development later this year with about 130 measures. Hong Kong unveiled its first smart city blueprint in 2017 with 76 measures.
Ho lat-seng, chief executive of Macao SAR, said Macao will actively participate in the country’s “dual circulation” development strategy as well as the Belt and Road Initiative and Bay Area construction, deepen economic, trade and technology cooperation with the Chinese mainland and other parts of the world to diversify its economy and contribute to the county’s further opening-up and high-quality growth.
