2019
10 24, Government of Hong Kong (China) https://www.news.gov.hk/eng/2019/10/20191024/20191024_153438_940.html
Chief
Executive Carrie Lam
I would first like to express my sincere gratitude to
the Office of the Commissioner of the Ministry of Foreign Affairs (OCMFA) for
co-organising with the Hong Kong Special Administrative Region Government this
meaningful forum in Hong Kong, particularly at a rather difficult time. This
once again manifests the Central Government's recognition of Hong Kong as a
well-established platform to promote the exchange of expert views and cultivate
international collaboration.
As
a co-host of this forum, I would like to extend a very warm welcome to all
political leaders, business elites, distinguished scholars and heads of think
tanks who have come to join this forum and share your valuable insights,
especially those friends who have flown across the globe to Hong Kong to show
their support. My special thanks also goes to Governor Ma and Secretary Leong,
who have respectively led their delegations of Guangdong and Macau to Hong Kong
to participate in this forum.
Last
time when I was here in this same venue, actually with many of the guests in
the audience, also on the topic of the Greater Bay Area, was the promulgation
of the Outline Development Plan in February this year. Since then, we have a
lot of advancement in the
Greater Bay Area development, the most significant
being the new policies announced after the second plenary meeting of the
Leading Group chaired by Vice Premier Han Zheng, attended by me and Chief Executive
Chui of the Macau SAR, Guangdong Party Secretary Li and Governor Ma, as well as
the representatives of over 20 central ministries and commissions. To name a
few, these policies include providing tax relief by Guangdong municipal
governments for non-Mainland, including Hong Kong, high-end talents and talents
in short supply who work in the Greater Bay Area, encouraging innovation and
entrepreneurship amongst the youth of Hong Kong and Macau in the nine
Mainland cities of the Greater Bay Area, facilitating vehicles from Hong Kong
and Macau entering and exiting Mainland ports, and expanding the implementation
scope of the connection with the Speedy Customs Clearance between Customs
administrations. The Guangdong Provincial Government and the Hong Kong and
Macau SAR Governments are working closely to ensure that new policy measures
are smoothly and successfully implemented to further enhance the flow of
people, goods and information within the Greater Bay Area. Since the
promulgation of the Outline Development Plan, promotional events conducted by
the three governments have taken place at the China Development Forum held in
Beijing and a major Greater Bay Area Conference in Tokyo.
Bay area role
Let
me now turn to Hong Kong's roles in the Greater Bay Area development. Various
external and domestic headwinds Hong Kong has been facing this year have
reinforced my belief that the Greater Bay Area provides new impetus to our
economy and creates development opportunities for our people. With the
promulgation of the Outline Development Plan, a perfect niche for Hong Kong has
been scoped. We remain committed to the plan we have and we would build for the
long-term future of Hong Kong. Our city is well positioned and has solid
institutional strengths which enable us to take a more proactive role in the
Greater Bay Area. Hong Kong is well recognised as the most international city
in Asia, as well as an international financial, transportation and trade
centre. By our last count, over 9,000 overseas and Mainland companies have set
up offices in Hong Kong, with over 1,500 using Hong Kong as their regional
headquarters. Hong Kong also enjoys considerable strengths in professional
services. Leveraging on these strengths, Hong Kong can help bring in foreign
investments and know-how to the Greater Bay Area, and join hands with Mainland
enterprises to develop markets and explore opportunities overseas, cementing
our indispensable role as the bi-directional gateway between the country and
the rest of the world.
Financial services
I
would like to elaborate a bit on how Hong Kong can make use of its competitive
advantage to contribute towards the development of the Greater Bay Area. First
of all, Hong Kong's status as the world's premier international financial
centre is well recognised. We are ranked third in the Global Financial Centres
Index and number one in Asia. Apart from our strategic geographic location and
efficient links to other major markets, Hong Kong has a financial regulatory
and supervisory framework that is in line with international standards. We have
the world's sixth largest stock market by market capitalisation as at end-June
2019, while funds raised here through IPO (initial public offering) topped
the world in six out of the past 10 years. Our securities, bond and
insurance markets are growing to serve the needs of local, Mainland and
overseas companies and their connectivity with the Mainland capital market is
continually being enhanced. Definitely, Hong Kong's financial sector can
leverage on these strengths to promote the efficient flow of factors of
production, particularly capital, to serve the real economy.
To name a few concrete examples, we will seek to
further expand the scale and scope of cross-boundary use of Renminbi and
enhance the connectivity among the financial markets in the Greater Bay Area,
including considering measures to facilitate cross-boundary wealth management. As an
international asset management centre, we already have an open-ended fund
company regime in operation since end-July 2018, and starting from April 1 this
year, different types of onshore and offshore privately offered funds can enjoy
profits tax exemption under our tax law. We also entered into mutual
recognition of funds arrangements with six economies including the Mainland,
Switzerland, France, the United Kingdom, Luxembourg and the Netherlands. These
are the new capacities we built to strengthen our role as the world's premier
off-shore renminbi and wealth management centre. We also strive to develop Hong
Kong as a green finance centre in the Greater Bay Area. In May 2019, the
inaugural green bond under the Government Green Bond Programme was issued,
while in June 2018, a Green Bond Grant Scheme was launched to subsidise
eligible green bond issuers in obtaining certification under the Green Finance
Certification Scheme. Total green bonds issued in Hong Kong amounted to US$11
billion last year.
Aviation hub
The
second role which we will strive to strengthen and play in the Greater Bay Area
is our international aviation hub. Last year, the Hong Kong International
Airport served 74 million passengers, which made us the world's number three.
In terms of air cargo, Hong Kong ranked number one last year, handling over 5
million tonnes of air cargo and airmail. The three-runway system of our
international airport, which is now under construction, will help strengthen
our role as the gateway between the Greater Bay Area and over 200 destinations
around the world. Following our agreement with the Civil Aviation
Administration of China in February 2019 which enables inter-modal
code-sharing, both parties have agreed to expand the scope of flight
destinations to be served by cross-boundary helicopter services to and from
Hong Kong to cover the whole Guangdong Province as envisaged in the Outline
Development Plan.
Professional services
The
third area which I would like to mention is our professional services. Hong
Kong is a professional services hub. Our pool of talent is deep and diverse,
covering various disciplines like legal, financial, accountancy, higher
education and construction-related services, and benchmarked against the
international standards and practices. The Greater Bay Area, comprising some 71
million people, a territory of 56,000 sq km and with a rising middle class, provides
Hong Kong professional sectors with a huge market. The city cluster also has
increasing demands for quality services such as higher education and medical
services, etc. Hong Kong professional service sectors can grasp the
opportunities to meet these demands.
Take
legal services as an example. The Department of Justice of Guangdong Province
implemented a series of trial measures in August which will last for three
years. The notable measures include the removal of the minimum capital
injection ratio of 30% by Hong Kong partner firms in the partnership
associations set up in Guangdong Province; legal practitioners from Hong Kong,
Macau and the Mainland can be employed in the name of the partnership
associations; partnership associations may handle and undertake administrative
procedure legal work and years of establishment; and work performance and other
qualifications of both the Hong Kong and Mainland partner law firms can be
counted towards the qualification of the Mainland business of the partnership
associations. These measures provide flexibility in the setting up of and
employment by partnership associations. This year, we plan to consult the
public on a mechanism with the Mainland for mutual recognition of and
assistance in corporate insolvency matters, so as to offer better legal
protection to stakeholders in Hong Kong and on the Mainland and further
optimise the business and investment environments of both places. On higher
education, in addition to institutions already operated by the Chinese University
of Hong Kong and the Baptist University in Shenzhen and Zhuhai respectively, I
took part together with Governor Ma in the ground breaking of Hong Kong
University of Science & Technology's new campus at Nansha last month.
Innovation & technology
The
fourth area I want to highlight, which is particularly exciting, is innovation
and technology (I&T). Developing an international I&T hub in the
Greater Bay Area is one main task under the Outline Development Plan. With
top-notch universities, a robust intellectual property regime, and extensive
international connection, Hong Kong can pool together the innovation resources
from around the world to support innovation-driven development.
Hong
Kong is well positioned for driving innovation and technology creation. Three
of our universities are among the world's top 50. To further build our
innovation capacity, we are going to establish two key research clusters at the
Hong Kong Science & Technology Park, namely the Health@InnoHK, which
focuses on healthcare technologies, and the AIR@InnoHK on artificial
intelligence and robotics technologies. These platforms enable top-tier
technology enterprises and R&D (research and development) institutions
from around the world to set up their units in Hong Kong to carry out R&D
projects.
Apart
from the InnoHK initiative, we are working together with Shenzhen to develop
the Hong Kong-Shenzhen Innovation & Technology Park at the Hong
Kong-Shenzhen border. Together with the Shenzhen Innovation & Technology
Zone being developed across the border by Shenzhen, this park will become an
ideal place for I&T companies around the world to establish their presence
to leverage on the strengths of both Hong Kong and Shenzhen. The Chinese
Academy of Sciences will also establish a Greater Bay Area academician alliance
in Hong Kong to promote exchange and co-operation amongst the scientists of
both the Chinese Academy of Sciences and the Chinese Academy of Engineering,
bringing prominent scientists in the region to advise on technological
development in the Greater Bay Area.
Young entrepreneurs
Ladies
and gentlemen, young people are our future and I firmly believe that in the
Greater Bay Area development process, enormous opportunities will be brought
about to Hong Kong young people. The Hong Kong SAR Government will do our
utmost to help them tap these opportunities. For example, through a Youth
Development Fund, we are engaging and providing subsidies for non-governmental
organisations (NGOs) to assist young people in starting up their businesses in
various Greater Bay Area cities with grants, support, counselling, guidance and
incubation services. In May this year, Governor Ma and I launched a batch
of 10 entrepreneurial bases to further promote youth innovation and
entrepreneurship in the Greater Bay Area. More are expected to come and to
ensure that they are providing holistic support, we are going to establish an
Alliance of Hong Kong Youth Innovative & Entrepreneurial Bases in the
Greater Bay Area. Organisations from Guangdong and Hong Kong with strength and
proven track records, such as innovative and entrepreneurial bases,
universities, NGOs, scientific research institutes, professional bodies and
venture funds, will be invited to join the alliance and jointly set up a
one-stop information, publicity and exchange platform.
As
the Chief Executive of the Hong Kong SAR, I must emphasise that the above
visions could only be realised under the premise of "one country, two
systems". Under "one country, two systems", Hong Kong has and will
continue to maintain an economic and legal system different from that on the
Mainland. We have a very facilitating and highly internationalised business
environment, free flow of capital, a trusted common law system and an
independent judiciary. We also enjoy a high degree of autonomy in conducting
our affairs and have established extensive and strong overseas connections.
With the unique advantage of "one country, two systems" integrally
preserved, Hong Kong can continue to perform its gateway function for the
internationalisation of the Greater Bay Area and further opening up of our
country.
In
the discussions on the possible ways to take forward the Greater Bay Area
development, there are views that Hong Kong is part of the Greater Bay Area
and, therefore, our people can contribute to its development no matter whether
they choose to move to other Greater Bay Area cities to explore the
opportunities or just to stay in Hong Kong to continue their trade and
profession. I fully agree with these views. For example, the realisation of
cross-boundary remittance of science and technology funding of the Central
Government and the Guangdong Government to Hong Kong can strengthen the
resources and capacities for R&D in our local universities right here in
Hong Kong. And exciting research projects have already been funded under this
framework.
Riding out the storm
In
recent months, what started as peaceful protests to oppose a piece of local
legislation has turned into violence devastating our city. People's daily
living has been seriously affected and the economy has taken a dip. While our
foremost priority is to end violence and restore law and order, we have not
lost sight of the opportunities that Hong Kong should seize in order to bring
our city to new heights. Therefore, in riding out this unprecedented political
storm, we are holding steadfast to the principles that have given Hong Kong her
unique strengths, and they are the "one country, two systems"
principle, the rule of law and our institutional strengths.
Ladies
and gentlemen, ever since the promulgation of the Outline Development Plan for
the Guangdong, Hong Kong and Macao Greater Bay Area, the world has turned its
eyes on this part of the world, eager to explore and reap the opportunities
arising from this important initiative. At today's forum, our distinguished
guests will share very valuable insights on how the Greater Bay Area
development will act as a further step in enriching the practice of "one
country, two systems", and provide a new international platform for
win-win co-operation.
Chief
Executive Carrie Lam gave these remarks at the International Forum on the
Guangdong-Hong Kong-Macao Greater Bay Area on October 24.
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