Xi Jinping’s pledge to help address Hong Kong’s deep-rooted social and economic issues during the 20th National Congress of the Communist Party of China has provided a boost to the overseas business community’s confidence in the city’s development, international business leaders from various sectors said.
Xi noted, during the opening session of the congress on Sunday, that Hong Kong has undergone a major transition from chaos to order, and is now at the crucial stage of advancing to prosperity.
“We will support Hong Kong and Macao in growing their economies, improving their people’s lives, and resolving deep-seated issues and problems in economic and social development,” Xi said. “We will support Hong Kong and Macao in better integrating themselves into China’s overall development.”
Hailing the central government’s efforts to ensure the prosperity and stability of Hong Kong, Tony Ho, director of the Indonesian Chamber of Commerce in Hong Kong, said: “As long as Hong Kong people have confidence, with a clear goal and direction, along with the motherland’s support, the future of Hong Kong’s economy is bright.”
“With the concerted effort of people from all walks of life with patriotism and love for Hong Kong, the city will surely overcome all kinds of difficulties and resolve the deep-seated problems eventually,” he said.
Honson To, chairman of KPMG China and Asia Pacific, said the messaging from the 20th CPC National Congress clearly demonstrates the central government’s support for Hong Kong’s economic and social development, as well as for the wellbeing of its residents.
“The Hong Kong economy is on a path to recovery with unemployment gradually falling and visitor numbers increasing again,” To said. Hong Kong has “always positioned itself as a gateway between the Chinese mainland and the rest of the world, and we expect there is vast room for its development in the future,” he added.
In recent years, the Chinese mainland has put “strong emphasis” on building the Greater Bay Area into a major scientific center and innovation hub, in which Hong Kong can play an active role. “Cooperation with innovative and advanced manufacturing enterprises (from the mainland) should help to enhance Hong Kong’s own advantages in innovation,” To said.
Carrie Tong, Manulife Hong Kong and Macao’s chief strategy officer, is confident that with the nation’s support the demand from Chinese mainland residents for health and wealth management insurance solutions in Hong Kong will grow massively in the future, especially with the increased awareness of the need for health protection since the pandemic.
“With the vast opportunities brought about by the Greater Bay Area and (the planned) Insurance Connect in the long term, mainland visitors will rapidly grow to become a larger customer segment of our Hong Kong and Macao business,” she noted.
“We expect Hong Kong to enhance its position, strength, and legitimacy as a sustainable insurance hub for the Greater Bay Area residents in the future,” Tong said.
