Source: China Daily    Published: 2015-11-5

SAR urged to embrace full support pledged under nation`s blueprint

Hong Kong should embrace the golden business opportunities offered under the ambitious nation-led "Belt and Road" initiative, with the central government having pledged full support for the SAR in its latest five-year economic blueprint, officials and economists have urged.

The SAR, they say, should take an active part in the "Belt and Road" strategy and play a bigger role in the country`s opening up goals.

According to the 13th Five-Year Plan (2016-2020) adopted at the just-concluded Fifth Plenum of the 18th Central Committee of the Communist Party of China, the mainland vowed to give full play to Hong Kong`s unique advantages and cement the city`s global status as a financial, shipping and trading center.

Xu Shaoshi, chairman of the National Development and Reform Commission, said in Beijing on Tuesday Hong Kong enjoys an edge as an international talent pool and financing hub.

The SAR, he pointed out, is well-positioned to step up cooperation with the three landmark China (Guangdong) Pilot Free Trade Zones - Qianhai in Shenzhen, Hengqin in Zhuhai and Nansha in Guangzhou.

Golden `Belt and Road` not to be missed

"The SAR should make the best of these competitive edges and collaborate with mainland enterprises to better expand its footprint in overseas markets," the top State planner said.

Wang Tao, chief China economist at UBS Securities Asia in Hong Kong, said the city, as a world-class financial hub and the gateway to the mainland, could be a vital part of the plan by the world`s second-largest economy for global expansion.

"With the country seeking to deepen cooperation between the Chinese mainland and Hong Kong and Macao, as well as the rest of the world, and move for further capital account liberalization, the coming five years will spell ample opportunities for Hong Kong," Wang said.

Financial Secretary John Tsang Chun-wah said this is the second time the central government has touched on Hong Kong and Macao`s economic and social development separately under the country`s Five-Year Plan.

As the world`s largest offshore renminbi center, Hong Kong has long acted as a firewall and test field, which can be indicated as a vivid example of what a significant part the city is playing in the nation`s development story with its world-renowned market mechanism, Tsang said.

Under "One Country, Two Systems", Tsang said he hoped the mainland and Hong Kong could complement each other`s advantages and create a win-win situation in the following five years.

"Hong Kong could benefit a lot from the road map the central government has crafted for the country`s economic and social development over the next five years. At the same time, the city will also make its unique contribution to such a bold program," said Guo Weimin, deputy head of China`s State Council Information Office.