Former leader CY Leung calls for Hong Kong to take cue from Shenzhen’s transformation Former Hong Kong leader Leung Chun-ying has urged the city to draw from the experience of its Shenzhen neighbour and take bolder, faster steps to push for increased competitiveness through reforms such as high-end industrial development. Leung made the call on Saturday after the recently concluded third plenum of the 20th Central Committee of the Communist Party of China highlighted Beijing’s policy support and goal to enhance Hong Kong’s status as an international financial, shipping, and trading centre. “Hong Kong should develop a stronger sense of reform … The regional competition from the neighbouring cities is intense,” he said. “And just like the 45 years of reform and opening up on the mainland, Hong Kong should be bolder and faster in pushing for reforms.” Leung, now a vice-chairman of the country’s top political advisory body, the Chinese People’s Political Consultative Conference, said that as Hong Kong faced numerous challenges in its economic development, Shenzhen’s experience was worth referencing as the mainland Chinese city had also grappled with similar transformation issues. “The problems we are encountering now need to be addressed through reforms. One of the things Shenzhen has done is a practice known as ‘emptying the cage and changing the bird’,” he said, adding that such a switch could free up land, human resources and capital for higher value-added activities. “Shenzhen’s achievements over the past 40 years owe much to its bold and innovative reforms. I believe it serves as a good reference for Hong Kong, like giving up such low-end industries in exchange for novel industries.” Leung was adamant that the city should not only focus on the throughput of container terminals but transition towards high-value-added services, enhancing competitiveness by providing expert services in maritime law, maritime insurance and financing. “We cannot cling to outdated successes, merely saying that we are still an international maritime centre and that the throughput of container terminals will continue to increase,” he said. “Today’s high-output international maritime centres are not judged by how many containers they handle in its port. London is the world’s most profitable and highest-grossing international maritime centre, yet it has no port.” He emphasised that there was a strong demand for professional services on the mainland, and both upgrading and transforming Hong Kong’s industries could not only boost the economy but also provide development opportunities for professionals. “The whole thing calls for a determination to reform with a set of policies to develop and support certain industries … It requires a deeper understanding of our strengths and what our nation needs,” he said. Lawmaker Doreen Kong Yuk-foon said the government desperately needed to come up with reforms with innovative policies to rescue the city’s flagging economy. “A lot of middle-income families are feeling desperate. Hong Kong is lacking a visionary government to push for revolutionary policies for the city’s long-term development. It is lacking in-depth thinking,” she said. “All the initiatives now are really ad hoc for addressing short-term problems without a far-reaching impact.” The government should identify policies that bolstered the city’s status as an international financial, shipping and trading centre, as well as lured the talent needed for these high-end industries, she said. Lawmaker Andrew Lam Siu-lo urged the government to find ways to attract long-term capital investment to Hong Kong, and the relevant talent for high-quality development, saying the city had been slow in pushing reform proposals forward. “In the past, Hong Kong was only focused on short-term returns without a plan for its long-term development. Some directions are right, but the pace is really slow,” he said. “It also needs to find ways to attract the required talent to Hong Kong and make use of the city’s big data to turn it into valuable assets.” https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3279433/former-leader-cy-leung-calls-hong-kong-take-cue-shenzhens-transformation?utm_source=copy-link&utm_campaign=3279433&utm_medium=share_widget (ICE HONG KONG)

Fonte notizia: South China Morning Post