The Central Committee resolved last month to promote high-quality development and build China into a modern socialist country at its third plenum, a gathering to lay out the country’s economic road map for the medium term.

Chan said the resolution mentioned leveraging the institutional advantages of Hong Kong’s “one country, two systems” governing principle to consolidate and enhance the city’s status as an international financial, shipping and trade centre.

The three centres would have their own focuses yet mutually supported one another, he added, with growth in the innovation and technology, trade and shipping industries stimulating demand for services and financial products.

The government would also develop the “headquarters economy” to attract enterprises to set up regional or international headquarters in Hong Kong for its strategic location in the Greater Bay Area, he added.

The bay area links Hong Kong and Macau with nine cities in Guangdong province and is a region Beijing wants to develop into an economic powerhouse.

Chief Executive John Lee Ka-chiu held a study session last Friday with top government officials to study the issues listed in the resolution of the third plenum, including their implications for Hong Kong’s future development.

Lee had earlier also called on officials to develop a thorough understanding of the “spirit” of the third plenum, and uphold it in their daily work.

Financial Secretary Paul Chan at a company listing ceremony at HKEX earlier this month. Photo: Jonathan Wong

In his blog post, Chan said Hong Kong needed greater market depth as a financial centre, offer a wider range of products and functions, and conduct more exchanges with different regions to expand its sources of funds.

“The financial market is connected to the mainland as well as the world, and can continue to play the role of a ‘test bed’ and ‘firewall’ in the process of China’s deepening financial reform, helping the country to promote high-level opening up of the financial sector,” he said.

The city should also fully leverage the role of an offshore renminbi business hub to promote the internationalisation of the yuan, he added.

Hong Kong had the biggest offshore pool of yuan as of the end of June, at 1.06 trillion (HK$1.15 trillion), according to the latest statistics of the Hong Kong Monetary Authority.

As a trade centre, Hong Kong should help mainland businesses go global in their production and supply chain, providing one-stop support from supply chain management to professional consultation services, Chan said.

“Especially as more mainland enterprises seek international development and set up production lines overseas to better serve the global market, this will generate more new trade service needs, bringing greater opportunities to Hong Kong,” he explained.

Chan also said the city should focus on growing sectors such as smart shipping, green shipping and professional services in the maritime industry, reiterating an action plan on maritime and port development laid out by the government last December which called for boosting Hong Kong’s status as a global shipping centre through tax incentives and innovation.

The third plenum resolution document also highlighted Hong Kong’s strength as a talent hub with many top universities and a society that blended Chinese and Western cultures.

Chan said the government’s various talent schemes have drawn over 340,000 applicants to the city so far since late 2022. Of these, 210,000 were approved and 140,000 successful applicants have arrived at Hong Kong.

“More high value-added positions brought by active investment promotion will also help us retain and utilise these talents well,” he said.

Chan said he was confident Hong Kong would attract more international talent to its shores, as long as the government had a “firm goal and clear thinking” and continued to improve policies and living support for such talent development.

Although the international political and economic environment was complex and volatile, Hong Kong would strive under its “greatest advantage” as a city governed under the “one country, two systems” principle, Chan concluded.

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