Beijing tasks Hong Kong with enhancing role as an international finance centre Hong Kong should enhance its role as an international financial hub by strengthening its offshore renminbi business and supply chain services, and speed up the Northern Metropolis megaproject, according to the nation’s next five-year plan. Beijing set out its expectations for the city in a draft of its 15th five-year plan, submitted on Thursday to the National People’s Congress, the country’s legislature. The plan outlines China’s economic and social development targets for 2026 to 2030. The draft’s 59th chapter, which covers Hong Kong and Macau, echoed the 14th five-year plan’s support for the city’s “eight centres” strategy to boost its competitiveness, including consolidating its role as an international centre for finance, shipping, trade and aviation. It added new tasks for Hong Kong in the fields of commodity trading and supply chain services. “[Hong Kong will be supported] to strengthen its functions as a global offshore renminbi business hub, and an international asset, wealth management and risk management centre, as well as to construct a commodity trading ecosystem and high-quality supply chain service centre,” the draft said. Another new mission for Hong Kong is to accelerate the development of the Northern Metropolis, a megaproject transforming 30,000 hectares of land near the city’s border with mainland China into an economic powerhouse and housing hub. The megaproject – a key focus of the city’s budget last month – was not mentioned in a briefer outline of the 15th five-year plan released last October. Beijing remains committed to supporting the city as an international hub for innovation and technology, legal and dispute resolution services, a regional intellectual property trading centre, and as a hub for arts and cultural exchanges between China and the rest of the world. The draft also backed the city’s development as a global hub for high-end talent. To support the city’s integration into national development, the draft prioritised strengthening cooperation between Hong Kong and the mainland in economic, trade, technological and social areas, as well as improving measures to help Hongkongers develop and live there. It said Beijing would enhance connectivity between Hong Kong and mainland financial markets and deepen cross-border innovation synergy among industry, academia and research sectors. Hong Kong is also tasked with playing a bigger role in national strategies, such as the country’s opening up, the Belt and Road Initiative and supporting mainland enterprises in “going out”. Key infrastructure developments were also mentioned, including advancing preliminary work for the Hong Kong-Shenzhen Western Rail Link and developing the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone. In a social media post, Chief Executive John Lee Ka-chiu pledged to proactively align Hong Kong with the 15th five-year plan through a systemic policy framework. Lee said he would accelerate the formulation of Hong Kong’s own first five-year plan, which would offer a clear road map and timeline for the city’s development. Lau Siu-kai, a consultant to the semi-official Chinese Association of Hong Kong and Macau Studies think tank, noted that Beijing had repeatedly pledged support for Hong Kong as an international financial centre, and that the city’s pivotal mission was to help with the internationalisation of the renminbi. Lau added that the city was also tasked with becoming a high-quality supply chain service centre to help the country rebuild its networks amid geopolitical tensions. He added that the megaproject’s implementation would also serve as an indicator of the city’s governance efficiency. Chinese People’s Political Consultative Conference member Wingco Lo Kam-wing, president of the Chinese Manufacturers’ Association of Hong Kong, said Beijing’s policy support would be essential in allowing greater renminbi investment flows into the city’s financial markets. It also positioned Hong Kong as a regional hub for international legal and dispute resolution services, as well as a centre for intellectual property trading and cultural exchange. https://www.scmp.com/news/hong-kong/politics/article/3345521/beijing-tasks-hong-kong-fast-tracking-northern-metropolis-boosting-integration (ICE HONG KONG)

Fonte notizia: South China Morning Post