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Hong Kong to capitalize on "one country, two systems" advantage to contribute to China's "dual circulation" development
  ·  2020-10-19  ·   Source: Xinhua News Agency

In face of the severe international environment, Hong Kong should capitalize on its advantages under the "one country, two systems" to contribute to the "dual circulation" development pattern of the country, Matthew Cheung, Chief Secretary for Administration of China's Hong Kong Special Administrative Region (HKSAR) said on October 18.

Facing the challenges ahead and the changes in the global economic structure, Hong Kong will continue to play its unique role under the "one country, two systems" and leverage on its own advantages so as to continue contributing to the country's economic development, Cheung said.

Hong Kong will strengthen its role as an international finance, trade and commerce center to support the country's international economic cycle, while on the other hand, it needs to speed up integration with the mainland and actively participate in the domestic economic cycle based on the platform of the Guangdong-Hong Kong-Macao Greater Bay Area, the chief secretary said in his blog.

Hong Kong has an open and convenient business environment and quality professional services, and can combine these advantages with those of the other cities in the Greater Bay Area to advance the area's development, Cheung said.

Hong Kong can also make use of its advantages in technological research and development to help the Greater Bay Area emerge as an international innovation center. The HKSAR Government supports Hong Kong universities in establishing multilateral and cross-disciplinary partnerships with mainland cities in the Bay Area to promote high-level academic research activities, he said.

Paul Chan, Financial Secretary of the HKSAR Government, said in his blog on October 18 that the huge market of the mainland provides enormous opportunities for the economic recovery and development of Hong Kong. Hong Kong and other cities in the Bay Area should focus on the correct path to promote the vigorous and all-round development of the area.

Although the international climate has been changing continuously, the country's adherence to reform and opening up has been very stable. Now as the country is pushing for the establishment of a "dual circulation" development pattern, Hong Kong's various advantages under the "one country, two systems" will be further explored with its unique role as the gateway to the country and a global hub, Chan said. 

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