The Global Financial Leaders’ Investment Summit, held from Nov 18 to 20 in Hong Kong, emerged as a pivotal moment in the city’s financial landscape. Thanks to the presence of Vice-Premier He Lifeng, the summit underscored the central government’s unwavering commitment to Hong Kong’s development. This event not only highlighted the current state of Hong Kong’s economy but also provided insights into future trajectories that can be forged through collaboration and reform.

His speech at the summit served as a reminder of the central government’s strategic focus on Hong Kong. He emphasized that President Xi Jinping and the central authorities have consistently prioritized the city’s development, a notion echoed throughout the discussions among financial leaders. This clear backing from the national government is crucial to reinforcing Hong Kong’s status as an international financial hub.

The vice-premier articulated a vision whereby Hong Kong’s financial system, buoyed by the support of the central government and the efforts of the Hong Kong Special Administrative Region government, can achieve new heights. Collaboration between the central government, local authorities, and the business community is imperative to navigate the complexities of global finance while fostering a stable and prosperous environment.

Despite global economic uncertainties, He noted that Hong Kong’s financial system remains robust and dynamic. The city has demonstrated remarkable resilience, adapting to various challenges over the years, from global financial crises to recent geopolitical tensions. The foundations laid by the “one country, two systems” principle has allowed Hong Kong to maintain its unique economic framework while benefiting from the vast resources and market of the Chinese mainland.

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Hong Kong’s ability to attract international investment is pivotal. By leveraging its strategic location, sophisticated financial services, and regulatory framework, the city can continue to serve as a gateway for global investors looking to tap into the mainland’s burgeoning markets. This dual role enhances not only Hong Kong’s economic prospects but also contributes to the overall stability of the region.

He’s reference to the third plenary session of the 20th Central Committee of the Communist Party of China highlighted the broader goals of deepening reform and advancing modernization in China. These reforms are essential for HKSAR, as they present an opportunity to align its financial practices with national strategies. The call for continuous financial innovation and reform resonates strongly with the city’s stakeholders.

To cement its position as a leading financial center, Hong Kong must embrace innovation. This includes adopting new technologies such as blockchain, artificial intelligence and fintech applications, which can enhance the efficiency and transparency of financial transactions. By fostering a culture of innovation, Hong Kong can attract tech-savvy entrepreneurs and investors who are eager to explore new frontiers in finance.

Alongside innovation, maintaining financial security is paramount. He’s remarks underline the need for a robust policy framework that safeguards against potential risks. The central government’s commitment to providing support ensures that Hong Kong can bolster its regulatory environment, fostering confidence among investors. By prioritizing financial stability, Hong Kong can enhance its appeal as a safe haven for investment.

The summit stressed the importance of cooperation among various stakeholders. Financial leaders from diverse sectors gathered to share insights and strategies for collaboration. This spirit of partnership is essential for driving progress in Hong Kong’s financial landscape.

As Hong Kong navigates its future, it will be crucial to engage with global markets. The city must position itself as a hub for international finance, attracting foreign direct investment and facilitating cross-border transactions. By enhancing its connectivity with global financial centers, Hong Kong’s role in the international financial system can be further solidified.

Moreover, strengthening ties with neighboring regions, particularly within the Guangdong-Hong Kong-Macao Greater Bay Area, can unlock abundant new opportunities. The integration of Hong Kong with Guangdong, Macao, and other cities in the region can create a synergistic economic ecosystem that benefits all parties involved. Collaborative initiatives in finance, technology and trade can drive growth and innovation, further enhancing Hong Kong’s competitiveness.

In conclusion, the Hong Kong Global Financial Leaders’ Investment Summit serves as a testament to the city’s resilience and potential. With strong support from the central government, a commitment to innovation, and a focus on collaboration, Hong Kong is poised to navigate the complexities of the global financial landscape.

As He stated, the relationship between the nation and Hong Kong is symbiotic. A thriving HKSAR contributes to a stronger China, just as a prosperous nation provides the necessary support for Hong Kong’s continued success. The path forward will require collective action, a shared vision, and an unwavering commitment to excellence in financial practice.

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The historical opportunities presented by China’s reform and opening-up are immense. The HKSAR must seize these moments, embracing its role as a bridge between East and West, and continuing to evolve as a leading international financial center. The future is bright, and with a concerted effort, Hong Kong can indeed write a remarkable chapter in the practice of “one country, two systems”, ensuring long-term prosperity and stability for its people.

The author is a member of the Fujian Provincial Committee of the Chinese People’s Political Consultative Conference, and vice-president of the Internet Professional Association.

The views do not necessarily reflect those of China Daily.