Xinhua News Agency, Hong Kong, June 10th Question: Decoding the gold content of the four characters “Hong Kong Special Administrative Region”
Xinhua News Agency reporter Zheng Xin
The Hong Kong Special Administrative Region, which is regarding to celebrate its 25th birthday, has many advantages in addition to the unforgettable scenery and culture: the world’s freest economy, the world’s largest offshore RMB business center, and one of the world’s top four The Guangdong-Hong Kong-Macao Greater Bay Area, the fastest-growing bay area, and the “Land of Longevity” with the world’s first life expectancy…
Institutions with a keen sense of smell also love Hong Kong SAR: more than three-quarters of the world’s top 100 banks have established branches in Hong Kong, and 15 of the world’s 20 largest private equity funds have established branches in Hong Kong, of which no Less is the regional headquarters.
The data “topping the list” one by one reflects the gold content of the four words “Hong Kong Special Administrative Region”.
This is the freest economy in the world. Since 1997, Hong Kong has been awarded this honor for 25 consecutive years. Among the five assessment categories of the Fraser Institute’s “World Economic Freedom 2021 Annual Report”, Hong Kong continues to rank first in “Freedom of International Trade” and “Regulation”.
This is the first financial center in Asia. Hong Kong and New York and London are also known as “Port of Nuremberg”. In the latest “Global Financial Centers Index” report released by the UK’s Z/Yen Group and China (Shenzhen) Comprehensive Development Research Institute this year, Hong Kong’s overall ranking remains the third in the world.
There is also the first talent competitiveness in Asia. According to the IMD World Talent Competitiveness Report 2021 published by the International Institute for Management Development in Lausanne, Switzerland, Hong Kong ranks first in Asia, up three places from last year.
There are many more areas in which Hong Kong ranks among the best. In the past two years, the Hong Kong SAR has been honored by a number of authoritative international institutions and publications, including but not limited to: ranking first in the global financial system, ranking first in the world for IPO fundraising and corporate M&A environment, ranking first in the global corporate business environment for five consecutive years , the world’s first in infrastructure safety.
Since Hong Kong’s return to the motherland, despite various challenges such as the Asian financial turmoil, severe acute respiratory syndrome (SARS) attack, global financial crisis, “turbulence over amendments” and the new crown pneumonia epidemic, the practice of “one country, two systems” in Hong Kong has achieved universal recognition. success.
In 1997, the total GDP of Hong Kong was 1.37 trillion Hong Kong dollars, and the per capita GDP was 192,000 Hong Kong dollars. By 2021, the total GDP of Hong Kong was 2.86 trillion Hong Kong dollars, and the per capita GDP exceeded 380,000 Hong Kong dollars; the number of companies listed on the Hong Kong Stock Exchange increased from 1997. The number of 619 companies has increased to more than 2,500 now; Hong Kong’s foreign exchange reserves will be close to US$500 billion at the end of 2021, more than five times that at the end of 1997…
Under “One Country, Two Systems”, the HKSAR maintains the original capitalist system and enjoys unique business advantages. The Basic Law of Hong Kong protects private property and foreign investment, stipulates that Hong Kong does not implement foreign exchange controls, maintains Hong Kong’s status as a free port, protects the free flow of goods, property and capital, and stipulates that Hong Kong is a separate customs territory. The Basic Law also expressly guarantees the SAR’s judicial independence, the continued application of the common law, and the fundamental rights of Hong Kong people.
The handover brings new opportunities for Hong Kong. Through the “Mainland and Hong Kong Closer Economic Partnership Arrangement” (CEPA) series of agreements and multi-level regional cooperation platforms, Hong Kong will expand the mainland market, continue to attract international capital to invest in the mainland through Hong Kong, and assist the mainland’s products and services to go global , and serve as a test field for the country’s financial opening, from which more development space can be obtained.
Since the handover, the economic and trade cooperation between Hong Kong and the Mainland has been continuously expanded, the level has been improved, and the convergence of interests has continued to expand: the Mainland is Hong Kong’s largest export market and import source, while Hong Kong has long been the Mainland’s largest source of foreign direct investment and overseas financing. platform, and has also become the largest overseas investment destination in the mainland.
Here is the world’s largest offshore RMB business center. The balance of RMB deposits in Hong Kong has increased by nearly 133 times from RMB 6.298 billion at the end of May 2004 to RMB 841.9 billion at the end of April 2022, and more than 70% of the global offshore RMB payments are processed in Hong Kong.
It is also a two-way service platform for the country to “bring in” and “go out”, and it is an important offshore fund-raising center for Chinese enterprises. As of April 2022, there were 1,370 mainland companies listed in Hong Kong, accounting for 53.3% of the total number of companies listed on the Hong Kong Stock Exchange and 77.7% of the total market value of Hong Kong stocks.
For Hong Kong, “one country, two systems” is the biggest advantage, and the implementation of national strategies such as the “Belt and Road” initiative and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area are new major opportunities. If the reform and opening up of the mainland has added a wing to the development of Hong Kong, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area has added another wing to Hong Kong.
The Greater Bay Area urban agglomeration consisting of Hong Kong, Macau and nine Pearl River Delta cities is one of the largest and most competitive bay areas in the world. Compared with the San Francisco Bay Area, the New York Bay Area and the Tokyo Bay Area, the Guangdong-Hong Kong-Macao Greater Bay Area ranks first among the four major bay areas in the world in terms of GDP growth rate, land bank area and population size.
Hong Kong has achieved a major transition from chaos to governance, and is now in a critical period from governance to prosperity. People expect Hong Kong to give full play to its unique advantages, better integrate into the overall development of the country, maintain long-term prosperity and stability, and continuously increase the gold content of the “Hong Kong SAR” brand.
It is foreseeable that the Hong Kong SAR’s “uniqueness in the world” advantage will continue unabated in the future. The “14th Five-Year Plan” has clearly stated that it will continue to support Hong Kong in enhancing its status as an international financial, shipping and trade center, strengthen Hong Kong’s role as a global offshore RMB business hub, international asset management center and risk management center, and support Hong Kong in enhancing its international aviation hub. status, support Hong Kong in building an international innovation and technology center and a regional intellectual property trading center, as well as support Hong Kong in developing a Sino-foreign cultural and artistic exchange center…
Li Jiachao, the sixth chief executive of the Hong Kong SAR, stressed following his election that the new SAR government should make full use of the advantages of the “one country, two systems” system, fully integrate into the overall development of the country, deeply participate in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and ride the express train of economic development.
As the theme song “Before” launched by the Hong Kong SAR government to celebrate the 25th anniversary of Hong Kong’s return to the motherland sings: “In the face of this opportunity, in the face of hope, exercise well…Dream seekers set off at the starting line and cross the line under this Lion Rock… “
Along the way, the Hong Kong Special Administrative Region has been telling the world with its long-term prosperity and stability: Forging ahead for 25 years, Hua Yan is a Bauhinia, looking forward to the future, Hong Kong will definitely win!
