Strengthening and Expanding the Advantage of Hong Kong as Largest Offshore RMB Business Center
As profound changes unseen in a century are evolving rapidly in the world, Hong Kong should secure the historic opportunity arising from RMB internationalization to strengthen its advantages and assist the country in navigating the path of internationalizing the RMB.
For the successful implementation of the Paris Agreement, I hope that the Chief Secretary could boldly, without hesitation, lead other relevant departments to more appropriately address climate change.
The positive approach adopted by the Policy Address that values the “13th Five-Year Plan” and the “One Belt and One Road”Initiative is going the right way. Yet, to achieve mutual benefits and shared success, it must be aligned with development of the local financial sector. There is much room for the Hong Kong Government to improve in the bond market and on the laws and regulations for the financial technology sector.
This year’s comprehensive, detailed, progressive and forward-looking Policy Address delivered by the Chief Executive for Hong Kong’s long-term development is worthy of our support.
Given the trend of globalization, significant changes have emerged in the nature and training of vocations to cater to the new model of social development. Hong Kong needs to further strengthen vocational education in order to develop a diversified, multi-channel and highly acceptable education and training system.
The traditional Key Industries in Hong Kong, including the Finance Services, Trading and Marine Services Industry, as I have mentioned in my previous article in this series, surely can benefit a lot from the economic activities arising from the vision of “One Belt and One Road”. For the emerging economic sectors, they can find new directions for development from it as well.
This year is the year when China starts to build the “One Belt and One Road”, and the steady progress of this strategic initiative is an important part of the “13th Five-Year Plan” that the country is currently focusing on formulating. The HKSAR Government should provide leadership and support to various industries to promptly capture the opportunities arising from the “One Belt and One Road” and seek a new direction for Hong Kong economy’s as a whole.
The HKSAR Government must learn from mistakes and improve Hong Kong’s infrastructure to increase our capacity for tourists, and enhance education and publicity to stop radicals from advocating parochial nativism under the pretext of protest against nuisance caused by parallel traders.
Given the global pursuit of green economy, the HKSAR Government should reaffirm that environmental protection, while offering enormous social benefits, is itself an industry that can boost Hong Kong’s economic diversification, thereby more resources should be allocated in this area.
With regard to the issue of some Hong Kong employees having to work long hours, I believe the society as a whole will agree that it needs to be alleviated, but this does not mean that legislation on standard working hours (SWH) is the only course of action.
Hong Kong’s economy has spread the wings and soared up into the sky by tapping on the favorable mainland policies since the national policy of opening reform in late 1970’s. “One Belt and One Road” is another grandiose historic opportunity. Never in history have we seen such an opportune timing for development in terms of depth and breadth.