Govt officials respond proactively to LegCo motion for visionary strategy

The Legislative Council on Thursday passed a motion requiring the Hong Kong Special Administrative Region government to formulate a development vision that aligns the city with the nation’s upcoming 15th Five-Year Plan (2026-30).

The motion, moved by business-sector lawmaker Erik Yim Kong, also urged the government to strive to incorporate Hong Kong’s development aspirations into the national plan. Key policy details of the national blueprint are expected to be formalized during March’s two sessions in Beijing.

In response, government officials highlighted Hong Kong’s role in utilizing its financial services industry to support national development objectives while attracting enterprises and investment.

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Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim said the administration is committed to creating new growth engines to support the high-quality development of the real economy.

“We will promote financial technology and assist mainland technology companies to secure financing in Hong Kong; expand new opportunities in commodity and gold trading; accelerate the development of green finance; deepen cooperation with the Guangdong-Hong Kong-Macao Greater Bay Area in the carbon market pilot program; and develop suitable products in pension finance, asset management and insurance,” Chan said.

Building on the successes of the Stock Connect, Bond Connect, and Cross-boundary Wealth Management Connect, the SAR will continue to expand financial market connectivity during the 15th Five-Year Plan period, he added.

“This includes promoting the inclusion of real estate investment trusts in the Connect programs, launching offshore government bond futures, advancing the inclusion of renminbi-counter transactions in the Stock Connect program, and optimizing the interconnection of the Faster Payment System,” Chan added.

He said Hong Kong will consolidate and enhance its market advantages by bolstering the competitiveness of the stock market, facilitating the return of Chinese concept stocks, and strengthening its position as an offshore renminbi business hub. Additionally, the city will safeguard financial security by optimizing market supervision and strengthening coordination with national financial regulatory authorities to improve cross-border risk monitoring.

Under Secretary for Commerce and Economic Development Bernard Chan Pak-li said the SAR will adopt a more proactive and comprehensive strategy to attract quality enterprises and investment.

“The SAR government will continue to lure enterprises and investment with a more proactive, systematic, and comprehensive strategy, fully leveraging its dual roles as a ‘superconnector’ and ‘super value-adder’,” he said.

Bernard Chan cited the new Task Force on Supporting Mainland Enterprises in Going Global, established in December, as a key initiative that brings together resources from all sectors to create a one-stop platform to support mainland enterprises in their overseas expansion.

In the meantime, “the government will continue to deepen international exchanges and cooperation and attract overseas enterprises coming into the SAR,” he said.

Key measures include extending the Economic and Trade Office network to new markets with growth potential, such as Central Asia, the Middle East, and other countries participating in the Belt and Road Initiative.

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The motion incorporated two amendments — one from Johnny Ng Kit-chong, emphasizing the national plan’s expected focus on innovation and technology industries and the modernization of the industrial system; the other from Dennis Leung Tsz-wing, highlighting the ongoing complex and volatile international environment, and urging the SAR government to review the city’s outcomes during the 14th Five-Year Plan (2021-25). Both amendments were approved.

During the two-day debate, officials from the Constitutional and Mainland Affairs Bureau, the Labour and Welfare Bureau, the Transport and Logistics Bureau, and the Innovation, Technology and Industry Bureau also outlined how their respective portfolios will contribute to Hong Kong’s integration into the 15th Five‑Year Plan framework.

Contact the writers at oswald@chinadailyhk.com