Delivering her annual Policy Address for 2021, themed “Building a Bright Future Together”, the Chief Executive of the Hong Kong Special Administrative Region Carrie Lam underlined Hong Kong’s role as a gateway between the rapidly digitising Mainland China and the world. Mrs Lam said Hong Kong’s economy, which had undergone numerous rounds of restructuring, had always been closely intertwined with the mainland’s development, which it should continue leveraging while connecting with the rest of the world. “All these restructuring processes have been attributed to the remarkable acumen, brilliant versatility and ‘can-do’ spirit of Hong Kong entrepreneurs,” she said.
“The current-term Government stresses that we should play the role of a ‘facilitator’ and a ‘promoter’ to keep connecting with the world to open up markets and explore business opportunities for our enterprises.
Renminbi flow
The financial industry is a key sector in Hong Kong and Mrs Lam said the Government would expand further the channels for the two-way flow of cross- boundary renminbi (RMB) funds and developing offshore RMB products and tools, including looking into specific measures to enhance demand for the issuance and trading of RMB securities and allow stocks traded via the southbound trading under the Stock Connect schemes to be denominated in RMB. The Stock Connect schemes permit offshore investors to buy selected equities on the Shanghai and Shenzhen stock exchanges through Hong Kong, and mainland investors to buy Hong Kong-listed shares through the domestic exchanges.
The Government would also support the cooperation between the Hong Kong Exchanges and Clearing and the Guangzhou Futures Exchange in financial product development related to the areas of carbon dioxide emission trading, and assess the feasibility of developing Hong Kong into a regional carbon trading centre, thereby strengthening the city’s role as a regional green and sustainable finance hub.
Conventions and exhibitions crucial
The chief executive said the C&E industry is crucial to Hong Kong as an international trade centre. To cope with the impact of the pandemic, the Government is implementing the Convention and Exhibition Industry Subsidy Scheme with a commitment of more than HK$1 billion to provide impetus for the industry. “The Government will further extend the validity of the scheme to the end of next year,” Mrs Lam said.
“In the long run, the Government will continue to expand facilities, including redeveloping the sites of the three government towers in Wan Chai North and the Kong Wan Fire Station into C&E facilities, hotel and Grade A offices, as well as expanding the AsiaWorld-Expo, in order to consolidate and enhance Hong Kong’s status as an international C&E hub.”
I&T hub
The Chinese Central Government supports Hong Kong's development as an international I&T hub and the local Government has invested more than HK$130 billion in I&T development over the past four years, which includes setting up two InnoHK research clusters by the Hong Kong Science and Technology Parks Corporation (HKSTPC), the city’s flagship innovation and technology institution which marks its 20th anniversary next year. The research clusters have attracted world-class universities and research institutes to collaborate with local universities. The chief executive also proposed further expanding the capacity of the HKSTPC’s Hong Kong Science Park, which is home to about 900 technology enterprises and start-ups.
The expansion, Mrs Lam said, would involve providing an additional 88 hectares (ha) of land, largely for I&T development. In the past three years, the Science Park’s tenant-incubatees have raised funds amounting to HK$33 billion. It is estimated that for every HK$1 invested by the HKSTPC, an external investment of HK$13 would be attracted, according to Mrs Lam.
Healthtech
Hong Kong should better leverage its strengths in life and health sciences to meet the country’s needs. Hong Kong have a solid foundation in research and a good number of world-renowned experts, whose achievements have been widely acclaimed. The clinical trial centres are recognised by the National Medical Products Administration, and their data which meet the relevant clinical trial standards are also widely recognised by relevant bodies in the United States and the European Union. The Government will revive the Ma Liu Shui reclamation project which, together with the land to be vacated by the relocation of the Sha Tin Sewage Treatment Works to caverns, will provide 88ha of new land. Mrs Lam proposed that the land should be used mainly for innovation and technology development rather than the originally suggested residential use.
The HSITP and areas around Lok Ma Chau-San Tin will become the San Tin Technopole. That, together with the Shenzhen I&T zone, will form the Shenzhen-Hong Kong I&T Co-operation Zone. Mrs Lam said the resulting 540-ha site will combine the strengths of Hong Kong and Shenzhen, powering the development of an international I&T hub in the Greater Bay Area.
She also provided an update on Cyberport, another landmark innovation and technology community in Hong Kong. It is estimated that every HK$1 it invests draws HK$13 of investment. Over the past three years, Cyberport start-ups attracted investment of more than HK$12.5 billion. The Cyberport 5 Project, which will increase the gross floor area of Cyberport by more than 40% within four years, has commenced.
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