Chief Executive John Lee announced today that, as part of Hong Kong’s First Five-Year Plan, the city will consolidate and enhance its status as an international financial, maritime and trade centre and as an international aviation hub.
He said the policy of “four centres and one hub” will be advanced at full steam to sharpen Hong Kong’s competitive edge and drive its economic development.
International finance
Under the Five-Year Plan, Hong Kong’s open financial markets will be leveraged to attract global capital, talent, and financial enterprises, thereby strengthening the city’s position as an international financial centre.
Hong Kong’s role as a global offshore renminbi (RMB) business hub will be bolstered by refining the RMB Business Facility, expanding product supply in the offshore RMB market, promoting the use of RMB for pricing, settlement, and investment purposes, and supporting the wider use of RMB in cross-boundary business.
Meanwhile, the city’s function as a world-leading cross-boundary wealth management centre will be reinforced through the provision of quality services for global sovereign wealth funds and family offices. Simultaneously, its role as an international risk management centre will be advanced by deepening regulatory co-operation with the Mainland and overseas markets while advancing synergy between traditional insurance and non-traditional risk management tools.
The plan also pledges to enhance the competitiveness of Hong Kong’s listing regime and the operating efficiency of its securities market infrastructure, broaden the mutual access mechanism, and expedite the commercialisation, internationalisation and modernisation of the Central Moneymarkets Unit.
A commodity trading ecosystem with gold as an entry point will be built by developing a clearing system, storage capacity, supply and infrastructure related to gold trading, as well as fostering innovation in commodity trading in the offshore RMB market.
In addition, the Government will take forward its “Finance+” strategy to serve the real economy in areas such as innovation and technology, trade, green development, intellectual property, the maritime sector, and livelihoods.
Trade centre
The city’s status as international trade centre will also be strengthened, with Hong Kong continuing to uphold free trade, maintain its zero tariff approach, and support the rules-based multilateral trading system.
Mr Lee said a high value-added supply chain services system will be developed, leveraging the Task Force on Supporting Mainland Enterprises in Going Global, so as to support Mainland enterprises in their international expansion.
Hong Kong will also continue to pursue the comprehensive upgrading of the Closer Economic Partnership Arrangement (CEPA) between the Mainland and Hong Kong in order to achieve the expansion of access to Mainland markets.
Maritime development
In the maritime sector, Hong Kong will seek to stabilise its container throughput, add value, and strengthen synergy. It will drive a “volume to value” transformation of the Hong Kong Port, advance the industry’s digitalisation, smart transition, and green transformation, and deepen co-operation with Mainland and international shipping ports.
Moreover, the city will develop a high value-added maritime services ecosystem through leveraging and upgrading its existing strength in such services and reforming the ship registration regime.
Aviation hub
Under the Five-Year Plan, Hong Kong will also engage deeply in the development of the national aviation network, enhance the Guangdong-Hong Kong-Macao Greater Bay Area’s intermodal network, and actively integrate into the country’s “one circle, six corridors, and five channels” framework. The city will continue to launch new routes, and to expand its aviation partnership network with the Belt & Road Initiative countries.
At the same time, an aircraft parts processing and trading industry ecosystem will be developed, and Hong Kong will aim to achieve a Sustainable Aviation Fuel consumption ratio of 1% to 3% for flights departing from Hong Kong International Airport in 2030. The city will also be developed as the Asia-Pacific region’s hub for innovative low-altitude applications.
Visit Part 2 of Hong Kong’s First Five-Year Plan for more details.