John Lee Ka-chiu, chief executive of the Hong Kong Special Administrative Region, speaks at the International Forum on China's Economy and Policy 2023 at the Central Government Offices in Hong Kong on Nov 15, 2023. (CALVIN NG / CHINA DAILY)Hong Kong stands to benefit from the nation’s high-quality development by leveraging its strengths, with the city’s long-term prosperity and stability being indispensable for building a strong country and for national rejuvenation, central government and officials of the special administrative region said on Wednesday.

Speaking at the opening ceremony of the International Forum on China’s Economy and Policy 2023, Zheng Yanxiong, director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, said the prerequisites for the city to promote high-quality development are social stability and security.

High-quality development cannot be achieved without a high level of security, and the SAR government needs to co-ordinate development with security, he said.

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Zheng said he’s looking forward to the successful completion of the upcoming district council elections, as well as early enactment of  legislation on Article 23 of the Basic Law.

The forum, themed “China’s Stride Towards High-Quality Development -- The Opportunities and Roles of Hong Kong”, was jointly organized by the Chief Executive’s Policy Unit, the Chinese Institute of Hong Kong, and the National Academy of Economic Strategy of the Chinese Academy of Social Sciences.

Zheng Yanxiong, director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region, speaks at the International Forum on China's Economy and Policy 2023 at the Central Government Offices on Nov 15, 2023. (CALVIN NG / CHINA DAILY)

Zheng urged Hong Kong to adhere to innovative development and commit itself to building an international innovation and technology center. The city should also optimize its industrial structure and upgrade the local economy, such as by consolidating the advantages of traditional strong industries, and actively promoting the development of new businesses. And, green development should  be a part of the government’s policies.

Noting that the SAR is facing challenges from a growing anti-globalization trend, Zheng said the city should maintain a high level of openness, as well as a business environment with a high degree of freedom and in line with international economic and trade rules.

Chief Executive Lee Ka-chiu told the forum Hong Kong will leverage its strengths to explore more opportunities for development together with the country.

In the past 45 years of reform and opening-up, the nation has maintained a high level of opening-up, and pursued high-quality development, he said, and Hong Kong has gained from that as a participant, facilitator and beneficiary.  

At the just concluded central financial work conference in Beijing, central government officials had also urged Hong Kong to consolidate and lift its status as an international financial center. Lee said this demonstrates the country’s high recognition of the SAR’s development, as well as its hopes for the city’s financial sector to achieve top-quality development.

Lee pledged that Hong Kong will continue to promote development in the eight sectors outlined in the 14th Five-Year Plan (2021-2025) by actively attracting investment and talents, and expanding the economic and trade network. Hong Kong will more proactively take part in national development strategies, such as the Belt and Road Initiative and the building up of the Guangdong-Hong Kong-Macao Greater Bay Area, while maintaining a great level of internationalization.

Gao Xiang, president of the Chinese Academy of Social Sciences, speaks at the International Forum on China’s Economy and Policy 2023 at the Central Government Offices on Nov 15, 2023. (CALVIN NG / CHINA DAILY)

Gao Xiang, president of the Chinese Academy of Social Sciences, said the nation’s overall high quality of development offers the biggest opportunity for Hong Kong to do likewise. It’s also the SAR’s responsibility to assist in the country’s high-quality development with its own strengths.

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As one of the world’s most dynamic economies, Hong Kong has great advantages in finance, shipping, trade and other fields, and should actively explore the mode of co-operation with the Chinese mainland to complement each other’s advantages and achieve mutual benefits, he said.

The CASS attaches importance to academic and humanistic exchanges with Hong Kong, and the forum is one of the results of such co-operation, Gao said.

The International Forum on China’s Economy and Policy was last held in Hong Kong in 2018, featuring discussions about the nation’s achievements after four decades of reform and opening-up.