The 2023 Policy Address, with its green image of reviving the city’s economic vitality, reiterates the emphasis on making Hong Kong a competitive and innovative battleground for the best players. 

Chief Executive John Lee Ka-chiu’s second Policy Address has drawn widespread public acclaim as the city grapples with a sluggish economy, dwindling reserves and a falling birthrate. 

Enhancing competitiveness and pursuing innovative development are seen as key solutions, along with a much-anticipated move to revive the property and stock markets.

Lee said in his Policy Address that he will slash the stamp duty for homebuyers, the first change to the housing curbs in the decade since they were introduced, and reverse the increase in the stamp duty on stock transactions. 

What the delegates saw were an active stock market, Asia’s leading fund management hub, and an efficient government. As a result, the baseless smears and rumors spread by certain media outlets have collapsed

These measures won applause from across the financial and property sectors. Hong Kong Stock Exchange Chairman Laura Cha Shi May-lung said she believes that the reduction in trading costs, together with other initiatives, “will strategically position Hong Kong’s markets to capture significant opportunities ahead, build on the existing strong foundations and enhance their competitiveness and attractiveness”. Bloomberg also said in its reports that the move will “revive (Hong Kong’s) status as a financial center”.

It’s widely known that Hong Kong’s competitiveness is based on its simple tax system, low tax rates, a solid foundation of the rule of law, and well-developed infrastructure. 

Hong Kong residents take pride in their city being an international financial, shipping and trading center with numerous “world’s first” achievements. Not only is Hong Kong the world’s freest economy, ranking first in the global business environment, but it is also a leader in terms of international air cargo volume and offshore renminbi business. It is the only city in Asia with five universities ranked among the world’s top 100.

Wading into the headwinds of the current complex and hostile international political environment, Hong Kong is falling into the battlefield of media narratives, or a cognition war, pushing the economic revival and reclaiming its financial center status to the top of the agenda.  

Many international events, including but not limited to last month’s fifth China Investment Corporation (CIC) Forum 2023 and Cross-Border Investment and International Industrial Cooperation Conference, provide an opportunity to tell the truth about Hong Kong and reveal the facts about the city’s vitality and competitiveness.

After riding out the COVID-19 pandemic, this was the first time in nearly three years that CIC had held a forum offline, and the significance behind the choice of location was even greater because it was the first time the CIC Forum was held in a city outside the Chinese mainland, following Beijing and Shanghai. This shows that selecting Hong Kong as the venue is a powerful recognition of its status as an international financial center and a resounding slap to those media outlets which have been deliberately spreading false information.

With the presence of heavyweight figures including former German chancellor Gerhard Schroder, former president of the World Bank Jim Yong Kim, and Vice-Chairman of BlackRock Mark McCombe, Hong Kong has stood tall and reclaimed its past glory, if not more. What the delegates saw were an active stock market, Asia’s leading fund management hub, and an efficient government. As a result, the baseless smears and rumors spread by certain media outlets have collapsed.

The 2023 Policy Address also stressed the following: Hong Kong is the gateway connecting the mainland to the rest of the world, to international financial markets, and to investors. 

Aside from being the only city that combines global advantages with Chinese strengths, Hong Kong possesses an independent judicial system with the power of final adjudication, and is the only jurisdiction in China that practices common law, facilitating international integration.

On the other hand, the Belt and Road Initiative is an unwavering platform to do good internationally. Under this initiative, companies from around the world that invest and develop in the mainland inevitably pass through Hong Kong, the “window” that opens both ways to and from the mainland. 

It’s clear that Hong Kong’s future development requires us to ensure that the world sees us accurately. The world should recognize that Hong Kong is the link between the mainland and the international community, a gateway to international financial markets and investment

It’s clear that Hong Kong’s future development requires us to ensure that the world sees us accurately. The world should recognize that Hong Kong is the link between the mainland and the international community, a gateway to international financial markets and investment. It’s a city that combines global strengths with Chinese advantages, with an independent judiciary that exercises final adjudication and the only jurisdiction in China that practices common law, facilitating international connectivity.

The central government strongly supports Hong Kong’s economic development, urging it to leverage the unique advantages of “one country, two systems” and its role as an important hub in domestic and external circulation. Hong Kong proactively integrates into the national development agenda, participating in and promoting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative, while making effective use of measures like the Closer Economic Partnership Arrangement (CEPA) to consolidate its positioning in the 14th Five-Year Plan (2021-25). 

The State’s commitment to high-quality development brings a continuous stream of opportunities to Hong Kong. It’s crucial for Hong Kong to engage with global forums, conferences, and events to promote its narrative accurately, showcase its strengths, and foster a favorable environment for investment and collaboration. The Policy Address, by seeking a fresh economic edge, will ensure Hong Kong’s sustainable contributions to the global community, which should be recognized and valued.

The author is a specialist in radiology, has a Master of Public Health from the University of Hong Kong, and is an adviser to Our Hong Kong Foundation.

The views do not necessarily reflect those of China Daily.