Beijing will roll out more measures to boost Hong Kong and Macau’s economic development, central authorities have revealed, about a week before Chief Executive John Lee Ka-chiu is set to deliver his third annual policy address.
The pledge was disclosed in a commentary published by the Hong Kong and Macau Affairs Office on Sunday, ahead of Tuesday’s much-awaited press conference by China’s top economic planner, the National Development and Reform Commission.
The press conference is set to focus on measures to improve the national economy.
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Beijing’s top office overseeing Hong Kong wrote in the commentary that central authorities had been rolling out measures according to the needs of the two cities.
It cited as examples the five-year travel permits for permanent residents with foreign passports in Hong Kong and Macau, the raising of duty-free shopping allowances for mainland Chinese tourists visiting the two cities, and the gifting of two pandas to Hong Kong.
“National development is the biggest support for the development of Hong Kong and Macau after all, the motherland has been providing the two cities precious opportunities, continuous momentum and huge space [for development],” the office said.
“In the future, more policies and measures benefiting Hong Kong and Macau will continue to be introduced.”
The office stopped short of sharing further details about the measures, saying the two cities would achieve greater development if they continued to solidify their strengths, such as their high degrees of internationalisation and marketisation, as well as their rule of law.
The commentary described the cities as important bridges that connected mainland China with the rest of the world, making irreplaceable contributions to the country’s sustained and rapid economic development.
The office urged Hong Kong to continue leveraging their advantages, playing their roles as fields for reform experiments and as bridgeheads for opening up.
The commentary also highlighted the results yielded from the efforts of both governments in advancing reforms, such as Hong Kong rising to third place in an international financial hub ranking and reclaiming fourth spot among global initial public offering markets.
The office said the economies of both cities had become increasingly vibrant and dynamic.
The commentary also touched on the third plenary session of the Communist Party’s 20th Central Committee in July, when top officials laid out a blueprint to guide the country’s development, including how Hong Kong and Macau could help to strengthen reform efforts and advance the nation’s modernisation.
Wang Wentao, the country’s commerce minister, in August pledged measures to elevate Hong Kong’s status as a global finance hub amid fierce regional competition, briefing hundreds of local officials, lawmakers and business leaders on the spirit of the meeting.
Lau Siu-kai, a consultant with the Chinese Association of Hong Kong and Macau Studies, Beijing’s semi-official think tank, said he believed the promised measures would seek to echo the spirit of the plenary session, particularly the consolidation of the city’s status as an international finance, shipping and trading centre.
“I believe the central government may prioritise enhancing and strengthening Hong Kong’s position as a leading offshore renminbi [RMB] financial centre, providing Hong Kong with more RMB supply and related business opportunities,” he said. “This would help accelerate the internationalisation of RMB.”
Lau said Beijing would focus on economic measures as they were the key to resolving livelihood issues.
Jeffrey Lam Kin-fung, a lawmaker representing the commercial sector and an Executive Council member, said the government and local business community should continue efforts to promote existing and future measures rolled out by Beijing to help bring in foreign investment and talent.
It was also important to highlight Hong Kong’s strengths under the “one country, two systems” governing principle, which maintained the city’s capitalist society and allowed for low tax rates, he said.
Among the measures rolled out by Beijing over the past year, the travel permit scheme for Hong Kong permanent residents with foreign passports has attracted more than 61,000 applications as of September 30.
The permits allow for five years of multi-entry travel to the mainland.
Huang Jingrui, spokesman for the Commissioner’s Office of China’s Ministry of Foreign Affairs in Hong Kong, also mentioned last month in a talk hosted by the Foreign Correspondents’ Club that Beijing was considering further easing mainland travel requirements for Hong Kong’s non-permanent residents.
“I think Beijing is considering it. You just keep your fingers crossed,” he said when asked if the central government would consider the move.
City leader Lee will deliver this year’s policy address next Wednesday, with expectations piling up on him to announce new measures to boost the local economy.
More from South China Morning Post:
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