As the practice of “one country, two systems” enters a new stage, the Hong Kong Special Administrative Region is expected to carry out a dual mandate — to achieve its own higher-quality development while contributing significantly to national development. In this sense, the SAR government’s upcoming Policy Address is expected to serve as both a call to action and a concrete plan for contributing to national development. Not only are all sectors of Hong Kong society paying close attention to the upcoming Policy Address but the central government also has high expectations for it. Enterprises on the Chinese mainland, both State-owned and private, particularly those in the Guangdong-Hong Kong-Macao Greater Bay Area, are also keeping an eye on it. Based on my survey, expectations from the mainland for the new Policy Address are primarily focused on three key areas:

Strengthen HK’s role as a global financial center

In the first seven and a half months of this year, Hong Kong’s capital market performed robustly, with the benchmark Hang Seng Index rising by more than 26 percent as of Monday, making it one of the top-performing major markets globally. Funds raised through initial public offerings surpassed HK$100 billion ($12.8 billion), representing a year-on-year increase of more than sevenfold, ranking first in the world.

This momentum has been driven in large part by mainland enterprises. As is well known, since launching trade and tariff wars against China, Washington officials have threatened to expel Chinese companies from the US stock markets. This serves as a wake-up call for Chinese enterprises: They must be prepared for that scenario. Hong Kong ranks as the world’s third-largest financial center, following only New York and London, with Asia’s third-largest and the world’s sixth-largest stock market. The city’s trading infrastructure operates in close alignment with the round-the-clock global financial system, maintaining seamless and secure connectivity with other major financial hubs. This enables listed companies to access highly efficient and reliable services.

In preparation for anticipated potential risks, many mainland enterprises have their eyes set on Hong Kong as their preferred destination for financing and investment. A growing number of firms are queuing to list in the city, driven by several key considerations.

First, listing in Hong Kong enhances the company’s fundraising capabilities. The city offers greater regulatory efficiency and more flexible policies. Moreover, once listed, companies can pursue refinancing through placements and rights issues with greater ease and efficiency.

Second, it also strengthens brand image and reputation. Listed companies are required to comply with international standards in corporate governance, financial disclosure, and laws and regulations. Listing in Hong Kong underwrites credibility, helping to attract global clients, business partners, and top-tier talent.

Third, it promotes the modernization of corporate governance. The Hong Kong stock exchange imposes high standards on listed companies in terms of corporate governance, transparency, and operational discipline. As a result, listed enterprises are incentivized to modernize their corporate structures.

Fourth, it supports internationalization strategies. A Hong Kong listing provides direct exposure to international capital, helping companies build an investor base and operational network conducive to overseas mergers and acquisitions as well as business expansion. Moreover, the ability to raise funds in Hong Kong dollars or US dollars enables more flexible management of currency risks. Fifth, it facilitates capital mobility. The absence of foreign exchange controls allows for the free movement of international capital in Hong Kong. Furthermore, mechanisms such as the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Bond Connect have positioned Hong Kong as a vital bridge linking mainland and global markets. Mainland enterprises listed in Hong Kong can thus attract liquidity from both mainland and international investors.

Given these advantages, mainland enterprises are expecting the new Policy Address to introduce more pragmatic measures to reinforce Hong Kong’s role as a global financial center, paving the way for their entry into the Hong Kong market.

Stronger joint effort to venture into global markets

While the mainland possesses a vast real economy, Hong Kong is distinguished by its well-developed modern services sector. By jointly venturing into global markets, the two economies can complement each other, achieve shared success, and mitigate the negative impact of US tariff and tech wars.

The core of collaborative international expansion is deep coordination, complementary strengths, and mutually beneficial cooperation. How can the Hong Kong SAR government encourage such joint ventures? What new measures will be introduced in the 2025 Policy Address to support this strategy? Among the various international mega events hosted in Hong Kong, which ones provide support for mainland enterprises in their efforts to go global? These are questions of particular interest to mainland enterprises.

Enhance cultural tourism experience

In recent years, the central government has extended strong support for the transformation and upgrading of Hong Kong’s cultural and tourism sectors. On one hand, it has introduced a range of policies aimed at encouraging mainland residents to visit and shop in the city. On the other hand, it has expressed the expectation that Hong Kong will respond proactively to evolving tourism trends and explore diversified pathways for the development of cultural tourism.

The Policy Address must not only respond to the concerns of Hong Kong society and local residents but also align with the central government’s directives and meet the expectations of mainland residents and other stakeholders

In this respect, the Culture, Sports and Tourism Bureau recently unveiled an initial list of nine new tourist projects, with more in the pipeline. A closer examination of these initiatives reveals a consistent adherence to a market-oriented approach. In recent years, Hong Kong has had a mixed reaction from mainland visitors. On the one hand, many commend the city’s striking urban landscape and cosmopolitan appeal. On the other hand, quite a few complain about an excessive commercial flavor and a lack of cultural richness. Grumbles about the city’s still-developing service sector — be it staff failing to display due courtesy, or the inadequacy of online payment systems — are also frequently heard. Mainland visitors now have higher expectations for a memorable and enriching Hong Kong trip. Key questions include: What new tourism attractions will the city introduce in the future? What world-class cultural and sporting mega-events are on the horizon? Will transportation, boutique accommodation facilities, online payment systems, and cross-border delivery services become more accessible, seamless and user-friendly?

The public looks to the upcoming Policy Address for a comprehensive blueprint to guide the future development of the cultural and tourism sectors. The Policy Address must not only respond to the concerns of Hong Kong society and local residents but also align with the central government’s directives and meet the expectations of mainland residents and other stakeholders.

The author is vice-chairman of the Committee on Liaison with Hong Kong, Macao, Taiwan and Overseas Chinese of the National Committee of the Chinese People’s Political Consultative Conference, and chairman of the Hong Kong New Era Development Thinktank.

The views do not necessarily reflect those of China Daily.