CS Backs Qianhai, Hengqin Plans

Chief Secretary John Lee attended a press conference online organised by the State Council Information Office today on the development of Hengqin and Qianhai.

Mr Lee, together with officials from the central government, Guangdong and Macau, introduced the latest developments of Hengqin and Qianhai areas and the opportunities brought about by the plans with a view to taking forward together the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

During the conference, Mr Lee said that with the support of the central government, the governments of the Hong Kong Special Administrative Region and Shenzhen have all along been striving to elevate the development of Qianhai and assist professional businesses in Hong Kong to settle in the area.

He said Hong Kong will make good use of the advantages of “one country, two systems” and participate in steering the development of modern service industries in Qianhai, and leverage Hong Kong's competitive edge as an international financial, maritime and trade centre as well as an international aviation hub, thereby expanding the room for development for Hong Kong's professional services.

“Hong Kong-Shenzhen co-operation is set to scale new heights with the central government's promulgation of the Plan for Comprehensive Deepening Reform & Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone. Hong Kong and Shenzhen will leverage their advantages as core cities of the bay area and strengthen the knock-on effect in the development of the region.”

Mr Lee noted that Hong Kong's business and professional sectors are well prepared for the new opportunities for Hong Kong people and enterprises arising from the Qianhai plan.

The Hong Kong SAR Government will continue to strengthen collaboration with the Guangdong Provincial Government and the Shenzhen Municipal Government, taking forward the development of Qianhai and creating broader room for development, he said.

In his response to questions from the media regarding Hong Kong-Shenzhen co-operation, Mr Lee pointed out that more than 40 years of co-operation under the national policy of reform and opening up has created a unique tale of the two cities, which fully demonstrates the complementary and win-win relationship that leverages Hong Kong's advantages in serving the country's needs.

The promulgation of the Qianhai plan will foster Hong Kong-Shenzhen co-operation at a higher level under which the two cities can serve as dual engines to drive development in the bay area, he added.

As for financial co-operation, Mr Lee indicated that the Qianhai plan mentions in particular the further opening up of the financial industry, including the adoption of early and pilot implementation in various areas such as mutual access between the financial markets of Hong Kong and the Mainland, cross-boundary use of renminbi and facilitation of foreign exchange management.

“It also mentions the promotion of green finance co-operation between Guangdong, Hong Kong and Macau, exploration of constructing a set of green finance standards, and provision of services to Mainland businesses when they leverage on markets in Hong Kong and Macau to finance their green projects.

“The Hong Kong SAR Government will continue to strengthen collaboration with the Shenzhen Municipal Government in terms of financial services and contribute positively to the bay area and our country.”

Regarding youth development, Mr Lee explained that the Hong Kong SAR Government welcomes the Qianhai plan's specific mention of the facilitation provided for the young people in Hong Kong and Macau to study, work, reside, live and start businesses in the Qianhai co-operation zone.

“The Qianhai area will be able to provide premium development opportunities for Hong Kong's youth, while the Hong Kong SAR Government will continue to enhance various youth programmes to facilitate their integration into the overall development of our country.”

The central government's promulgation of the Qianhai plan and the Plan for the Development of the Guangdong-Macao Intensive Co-operation Zone in Hengqin demonstrates the country's key strategic planning, under which the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area would enrich the implementation of “one country, two systems” with a view to enhancing Hong Kong's integration into the overall national development.