A panoramic view of the financial area in Hong Kong. (Photo/Xinhua)
City can prosper from development goals in 14th Five-Year Plan, report says
The Hong Kong Special Administrative Region government has pledged to seize the opportunities in the 14th Five-Year Plan (2021-25) and take advantage of the national development goals to propel the long-term development of the city's economy.
Paul Chan Mo-po, Hong Kong's financial secretary, released at a news conference on Monday the "Report on Hong Kong's Business Environment: A Place with Unique Advantages and Unlimited Opportunities", the city's first business environment report since its return to the motherland in 1997.
As social stability resumes in Hong Kong, the business environment will be safe and vibrant. This will help the city leverage its advantages to foster the long-term, stable development of its economy, the report said.
Hong Kong enjoys a sound business environment and a bright future, with vibrant growth impetus and huge opportunities, Chan said. "The Hong Kong economy has weathered the difficult moments. The economic development prospects will be good. Therefore, I urge Hong Kong people to stay to take advantage of the city's opportunities," Chan said.
Hong Kong has always maintained its institutional strengths, which are favorable for doing business under "one country, two systems", the report said.
"One country, two systems" has been the cornerstone of Hong Kong's economic development since its return to the motherland, the report said.
It emphasized Hong Kong's position as an international center for finance, commerce and trade, corporate headquarters, and as a major hub for investment, transportation and logistics.
Hong Kong's economy rebounded 7.8 percent in the first half of this year and the unemployment rate stood at 4.7 percent. The property market resumed its buoyancy, the report said.
From July 2020 to June this year, funds raised through initial public offerings rose more than 50 percent, while the trading turnover of the Hong Kong stock market jumped nearly 70 percent year-on-year.
Assets under the city's asset and wealth management industry soared 20 percent while the volume of international bond issuances in Hong Kong ranked first in Asia.
On economic development, the 14th Five-Year Plan continues to support Hong Kong and has enhanced its status as an international financial, transportation and trade center and strengthened its status as a global offshore renminbi business hub, an international asset management center and a risk management center.
"Looking ahead, with the continued acceleration of the national economy, and the continued trend of the shift of (the) global economic center from the West to the East, Hong Kong is endowed with opportunities, and international investors will reap plentiful and diversified development opportunities in Hong Kong," the report said.
The report presents information in a systematic way so the overseas business community, think tanks and the media can accurately understand Hong Kong's situation, Chan said.