Hong Kong lawmakers and business leaders have joined a chorus calling for measures to meet the country’s new round of reform and opening-up goals, by boosting the city’s ties with the Chinese mainland, strengthening its financial and trading allure and expanding the talent pool.

The Third Plenary Session of the 20th Central Committee of the Communist Party of China concluded last Thursday in Beijing.

The resolution of the CPC Central Committee on further deepening reform comprehensively to advance Chinese modernization, which was adopted at the plenary session, highlighted the role the Hong Kong and Macao special administrative regions can play in driving the country’s high-quality development as well as reform and opening-up.

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According to the resolution, Hong Kong’s status as an international financial, shipping and trade center will be consolidated and enhanced, taking advantage of the institutional strengths of the “one country, two systems” principle.

The country will support Hong Kong and Macao in building into international hubs for high-caliber talent, and improve relevant mechanisms to see the two regions playing a greater role in China’s opening to the outside world.

Cooperation between the two special administrative regions and Guangdong province in the Guangdong-Hong Kong-Macao Greater Bay Area will also be encouraged by promoting closer alignment of rules and mechanisms, said the decision document, released on Sunday.

Jonathan Choi Koon-shum, chairman of the Chinese General Chamber of Commerce, said the plenum’s resolution demonstrates the central government’s confidence and high expectations the nation holds for Hong Kong.

“All sectors of Hong Kong must diligently study the spirit of the third plenary session, comprehend the strategic direction of national development, and effectively utilize their international platforms to promote the essence of the session to the world,” Choi said.

Hong Kong recorded HK$390 billion ($50 billion) in capital inflow last year, a jump of over 3.4 times year-on-year, according to official statistics. The number of local and non-local firms registered in Hong Kong both hit a record high as at the end of June, reaching 1,440,935 and 14,959 respectively.

This demonstrates that Hong Kong’s economic climate continues to improve with the nation’s backing and its favorable business environment remains intact, making it the ideal place for both international and local enterprises to flourish, Choi said.

Legislative Council member Robert Lee Wai-wang from the financial services constituency, said that a key message released by the third plenum is how Hong Kong can leverage its unique advantage of “one country, two systems” to facilitate connections between the mainland and the rest of the world.

Lee pointed out that Hong Kong has gradually integrated into the development of the GBA in recent years, seeking cooperation opportunities in fields such as healthcare, law, culture, education, and people’s livelihood. Meanwhile, global investors also expect to enter the 11-city cluster’s massive market via Hong Kong.

Apart from the GBA, Hong Kong should also further cooperate and exchange with other regional powerhouses in the country including the Yangtze River Delta and Beijing-Tianjin-Hebei to play a better role as a “super-connector”, he said.

Lawmaker Tan Yueheng outlined a vision to bolster Hong Kong’s status as a premier international financial hub. Tan, who is also chairman of BOCOM International Holdings, underscored the need to enhance the liquidity and appeal of the Hong Kong stock market, strengthen interconnectivity, promote green finance, and further develop the offshore renminbi business.

Additionally, Tan suggested utilizing technology to foster new financial formats, including attracting financial technology firms to participate in the stablecoin sandbox mechanism and broadening the testing and implementation of digital renminbi as a cross-border payment solution.

With the rapid progression of technology, innovative applications should also be harnessed to improve risk management and enhance the sophistication of financial supervision, said Michael Ngai, chairman of the Hong Kong Finance Association.

To serve as a magnet for the brightest minds, Hong Kong must not only extensively attract talents from the Chinese mainland and abroad, but also diligently cultivate local elite talents, particularly in the innovation and technology sector, said William Wong Kam-fai, lawmaker and vice-chairman of the Hong Kong Professionals and Senior Executives Association.

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He proposed setting up a committee to oversee the development of talent in science and technology, which would assist the city’s Education Bureau in formulating a framework for science and technology curricula. The committee should also offer advice and guidance on overall science and technology education policies while being responsible for monitoring, evaluating, and reviewing the implementation process, he suggested.

“This would help establish a more systematic science and technology curriculum, nurturing the next generation of talents required for evolvement in this field, and also equipping them to navigate the societal and professional shifts brought about by advancements in science and technology,” Wong said.

A spokesman for the Transport and Logistics Bureau said the bureau is committed to perfecting the local maritime ecosystem and upgrading the traditional shipping industry, thereby contributing to the nation’s high-quality development. Efforts are underway to strengthen Hong Kong’s shipping and logistics sector, including growing high-value-added maritime services and promoting the adoption of clean energy and technology.

Brandon Lam contributed to this story.

Contact the writer at evanliu@chinadailyhk.com