CE addresses China devt forum

March 20, 2021

HK strengths:

Chief Executive Carrie Lam (fourth left) elaborates on the achievements of Hong Kong as an international financial centre and an innovation and technology hub, and the initiatives put in place by the Hong Kong SAR Government in the forum.

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Chief Executive Carrie Lam:

Under the theme of "The Development of Hong Kong in the Next Five Years", I speak with confidence that Hong Kong will thrive, and soar higher, in the next five years. My confidence in Hong Kong and her future development is grounded in two major decisions made by the National People's Congress (NPC) - the enactment of the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region last June and the decision to improve the Hong Kong SAR's electoral system to implement "patriots administering Hong Kong" approved at the fourth session of the 13th NPC last week. These two important decisions by the highest organ of state power, that is the NPC, have put Hong Kong back on its right track, that is, fully and faithfully upholding "one country, two systems", safeguarding national security and ensuring Hong Kong's stability and prosperity. As a matter of fact, in the nine months since implementation of the National Security Law last June, mob violence has disappeared and peace and stability have been restored in our city.

Before we look into the future, just allow me, for a moment, to look back at the year 2020. Mask wearing, social distancing and COVID-19 testing have become our daily routine and most of the business sectors have been hard hit. Hong Kong’s GDP in 2020 declined by 6.1%. The good news is that vaccinations have begun in Hong Kong since last month. If the vaccines are as successful as we expect, there will be real momentum for recovery in the second half of this year.

Chief Executive Carrie Lam today said she is confident that Hong Kong will thrive and soar higher with the full support of the central authorities.

Mrs Lam made the statement while addressing over 30 invited global business leaders at the Hong Kong Session of China Development Forum 2021 held online.

The China Development Forum is a high-level forum hosted by the Development Research Center of the State Council and organised by the China Development Research Foundation annually.

It serves as an important dialogue platform for senior officials of the Chinese government, global business leaders, international organisations and renowned scholars.

In addition to being held online, this year's forum was held onsite at the Diaoyutai State Guesthouse in Beijing from March 20 to 22.

The Hong Kong session, with the theme on the city’s development in the next five years, was held for the first time upon the suggestion of the Chief Executive.

Mrs Lam emphasised that her confidence in Hong Kong and its future development is grounded in two major decisions made by the National People's Congress (NPC), namely the enactment of the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region in June 2020 and the decision to improve the Hong Kong SAR’s electoral system to implement "patriots administering Hong Kong" approved last week.

She said: "These two important decisions by the highest organ of state power have put Hong Kong back on its right track, that is, fully and faithfully upholding 'one country, two systems', safeguarding national security and ensuring Hong Kong's stability and prosperity."

Mrs Lam noted that her confidence is further boosted by the support given by the central government to Hong Kong as embedded in the 14th Five-Year Plan for National Economic & Social Development approved by the NPC at its recent meeting.

Noting that the 14th Five-Year Plan reaffirms support for Hong Kong to enhance its status as an international financial centre and strengthen its role as a global offshore renminbi business hub, an international asset management centre and a risk management centre, Mrs Lam highlighted that Hong Kong's strengths in innovation and technology development was recognised in the national plan for the first time.

She elaborated on the achievements of Hong Kong as an international financial centre and an innovation and technology hub and stated that many initiatives put in place by the Hong Kong SAR Government, many with the support of the central government, will further boost their development down the road.

Pointing out that Hong Kong's future lies in integration with the Mainland economy, while maintaining her uniqueness under "one country, two systems", Mrs Lam said Hong Kong will proactively become a participant in domestic circulation and a facilitator in international circulation amidst the dual circulation development strategy of the country.

The Hong Kong session was attended by over 30 invited business leaders from around the world. It was moderated by China Development Research Foundation Vice Chairman and China Development Forum Secretary General Lu Mai.

Officials attending the session included Secretary for Constitutional & Mainland Affairs Erick Tsang, Secretary for Commerce & Economic Development Edward Yau, Secretary for Innovation & Technology Alfred Sit, Secretary for Financial Services & the Treasury Christopher Hui and Chief Executive's Office Director Chan Kwok-ki.