As China’s annual two sessions proceed, the potential for economic cohesion between the Chinese mainland and the special administrative regions of Hong Kong and Macao takes center stage in Hong Kong’s commentariat circle. Premier Li Qiang’s Government Work Report reaffirms Beijing’s commitment to bolstering international exchanges and cooperation, despite global economic challenges.

Emphasizing the governance of patriots, Li reaffirmed a high degree of autonomy for the two SARs in his Government Work Report. He stressed that China will continue to “fully, faithfully, and resolutely implement the policy of ‘one country, two systems’”and advocate for the SARs’ deeper integration with the mainland to sustain prosperity of the three jurisdictions.

The Guangdong-Hong Kong-Macao Greater Bay Area emerges as a focal point in regional growth strategies, with the elite from the SARs converging in Beijing to map out the Greater Bay Area’s trajectory toward a transformative 2025 — heralding a new era of socioeconomic integration.

For Hong Kong, the two sessions offer strategic alignment with the country’s national vision. As an SAR, Hong Kong has a trajectory inextricably linked to the national agenda, with this year’s discussions expected to reflect the city’s distinct dynamics within the national framework. Hong Kong’s delegates are set to advocate for tailored policies that resonate with the city’s unique stature while fostering its integration into the nation’s visionary strategies.

Recalling President Xi Jinping’s address on the 25th anniversary of the Macao SAR last year, he envisaged a new chapter for “one country, two systems”, aimed at socioeconomic upliftment in the SARs, contributing to national development and rejuvenation. The third plenum of the 20th Communist Party of China Central Committee’s resolution provides a blueprint for this vision, advocating for regulatory and institutional harmony within the Greater Bay Area to deepen economic integration.

Hong Kong’s economic integration is a priority, with the city positioned as a superconnector beneath the “one country, two systems” canopy. The 2025-26 Budget, as I analyzed in a recent article, targets prudent fiscal management and revenue enhancement to catalyze growth, particularly in finance, technology, and infrastructure. It is expected to solidify Hong Kong’s status as a global financial powerhouse.

At the World Economic Forum in Davos in January, Hong Kong’s financial secretary, Paul Chan Mo-po, spotlighted the SAR’s pivotal role as both a superconnector and a super value-adder. The city’s resurgence on the global stage is evidenced by a record-breaking tourist influx in 2024, with preliminary figures indicating a 31 percent year-on-year increase, marking the city’s adaptability and enduring appeal.

 The city’s financial acumen and its burgeoning role as a superconnector — amplified by integration with the mainland — cement Hong Kong’s status as a pivotal financial hub and bridge to mainland markets and opportunities

Despite some skepticism, Hong Kong’s financial and innovative clout is far from waning, as evidenced by its ascent in international rankings. The Global Financial Centres Index 36 Report ranks Hong Kong third globally and first in the Asia-Pacific, reflecting the city’s considerable advancements.

Hong Kong’s robust legal system continues to attract international investment, underscoring the city’s growth narrative. The SAR’s steadfast adherence to the rule of law rivals many Western jurisdictions, enhancing its investment appeal.

Hong Kong’s potential as a superconnector is bolstered not only by its financial significance but also by its strategic location, talent attraction capability, and industrious, educated populace. Hong Kong’s unique position as part of China yet also an international city positions it as an essential gateway for foreign businesses looking to tap into the mainland market.

Hong Kong’s asset-and-wealth management prowess offers an offshore haven for the mainland’s affluent people, while its stock and bond markets provide fundraising avenues for mainland enterprises requiring foreign exchange for expansion. However, the essence of Hong Kong’s success as a superconnector is inextricably linked to the mainland’s fortunes.

Embracing opportunities from the Greater Bay Area development and actively engaging in China’s 14th Five-Year Plan (2021-25), Hong Kong leverages unwavering support from the central government to augment its superconnector role, embracing advancements such as the digital yuan and environmental, social and governance initiatives.

Looking beyond the Greater Bay Area, Hong Kong’s future is bright with prospects like fintech growth, potential Regional Comprehensive Economic Partnership membership, and the various Connect Schemes. In conclusion, the two sessions are instrumental in fostering economic integration between the mainland and Hong Kong. The city’s financial acumen and its burgeoning role as a superconnector — amplified by integration with the mainland — cement Hong Kong’s status as a pivotal financial hub and bridge to mainland markets and opportunities.

The author is a fintech adviser, researcher, and former business analyst for a Hong Kong listed company.

The views do not necessarily reflect those of China Daily.