Vice-Premier Ding Xuexiang has emphasized the importance of Hong Kong’s financial sector in advancing the nation’s technological development, according to national political advisers from Hong Kong.
During a joint meeting on Thursday of Hong Kong and Macao members of the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), Ding underscored the need for increased investment in Chinese mainland tech firms and greater efforts to globally promote China’s scientific achievements.
This call aligns with Premier Li Qiang’s appeal for the Hong Kong and Macao special administrative regions to enhance their global ties, as outlined in this year’s Government Work Report delivered on Wednesday.
After the meeting, Lo Wing-hung, a CPPCC National Committee member from Hong Kong, told reporters that Ding praised Hong Kong for reclaiming third place in the global financial center ranking last year, and for being recognized as the world’s freest economy.
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Ding was quoted as saying that the central government highly values Hong Kong’s role as an international financial center and hopes this “golden-lettered signboard” will continue to shine.
Lo said that Ding also expressed his vision for Hong Kong’s financial sector to play a greater role in the China’s bid to become a scientific powerhouse by encouraging more local and overseas capital to fuel innovation-driven businesses on the mainland.
Lo added that Ding emphasized the importance of early-stage investments in tech companies, noting that even small input of capital could yield handsome paybacks in the long term.
Ding cited the example of DJI, a Shenzhen-based drone manufacturer founded by a graduate of the Hong Kong University of Science and Technology, which started with only about 10,000 yuan ($1,380) and which has since grown into a global leader.
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Ding reportedly hopes that Hong Kong investors will fund more “hard technologies” —original technologies requiring long-term research and development investment, and which can generate a significant social and economic impact — to help them grow, Lo said.
Ko Wing-man, a Hong Kong member of the Standing Committee of the CPPCC National Committee, quoted Ding’s reaffirmation of the “one country, two systems” principle to ensure the city’s long-term prosperity and support for the nation’s modernization.
Ko added that Ding also emphasized the importance of Hong Kong striking a good balance between development and security, as external forces and internal threats, fueled by geopolitical tensions, will continue to present ongoing challenges.
Pansy Ho Chiu-king quoted Ding as saying that Hong Kong could leverage its international connectivity, a strength preserved under the “one country, two systems” principle, to promote the nation’s scientific achievements and help Chinese companies from emerging industries to go global.
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Peter Koon Ho-ming shared Ding’s analogy of Hong Kong as “a diamond” that can continue illuminating. Ding expressed confidence in the country’s prospects despite external pressures and encouraged Hong Kong’s political advisers to resolutely face challenges, Koon added.
Ding also urged Hong Kong and Macao attendees to take the lead in promoting and implementing the key messages of the ongoing two sessions — the annual meetings of the CPPCC National Committee and the National People’s Congress — within their regions. He called on them to support the special administrative region governments in exercising law-based governance, and to foster a strong synergy for the development of Hong Kong and Macao.
The agenda of Thursday’s meeting included deliberations on a report of the CPPCC National Committee, delivered by its chairman, Wang Huning, on Tuesday, and discussions on the Government Work Report.
Six national political advisers from Hong Kong or Macao gave speeches during the meeting, focusing on topics such as high-quality development in the special administrative regions.
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The meeting was also attended by Xia Baolong, director of the Hong Kong and Macao Work Office of the Community Party of China Central Committee, as well as Leung Chun-ying and Edmund Ho Hau-wah, two of the vice-chairmen of the CPPCC National Committee.
