Head of China’s state assets watchdog calls for enhanced mechanism for closer cooperation with Hong Kong to help with city’s development
- Zhang Yuzhuo, chairman of State-owned Assets Supervision and Administration Commission, says body is willing to enhance cooperation mechanism with city
- Chief Executive John Lee expresses wish to deepen cooperation with commission in various national development plans
A key mainland Chinese official supervising the central government’s state-owned assets has called for a mechanism for closer cooperation with Hong Kong in guiding enterprises to contribute to the city’s development.
He said state-owned enterprises in Hong Kong in recent years had upheld the “one country, two systems” guiding principle “fully, faithfully and resolutely”, adding the ministerial-level body he led hoped for further cooperation with the city.
Zhang said the commission was “willing to enhance its exchange and cooperation mechanism with Hong Kong, guide and promote state-owned enterprises in combining their strengths with the needs of the country and the advantages of Hong Kong, and deepening and consolidating their cooperation with Hong Kong”, according to a statement issued by Lee’s office on Thursday.
The belt and road is an economic framework designed to connect China with economies in East Asia and Europe, while the bay area is a national development plan aimed to transform nine Guangdong cities, Hong Kong and Macau into the country’s new economic engine.
In response, Lee expressed his shared wish to deepen cooperation with the commission in various national development plans.
China will stay open ‘no matter what’: Premier Li Qiang in vow to global CEOs
Before the meeting, Lee attended the opening plenary of the Boao Forum, an annual gathering often billed as China’s answer to the World Economic Forum in Davos, in the morning. He raised further hopes for early talks with member states of the world’s largest free-trade agreement to gain their support for joining the pact, while quoting Chinese Premier Li Qiang’s keynote speech.
Li had emphasised the importance of the trade pact, the Regional Comprehensive Economic Partnership (RCEP), in promoting economic integration and coordination.
The city leader said Hong Kong was “trying its best to join the RCEP”.
“I am very grateful to the country for continuing its support for Hong Kong in joining,” Lee wrote in a Facebook post on Thursday. “The government will continue to seek early consultations and discussions with RCEP members, and strive to build a consensus in supporting Hong Kong’s accession to RCEP.”
Lee shook hands with the newly promoted premier before the plenary session on Thursday and was placed next to him for a group photo afterwards.
Since taking office as chief executive last July, Lee has said the city is set to gain early admission to the RCEP with the support of all 10 Asean members. Substantive discussions with member states were set to begin this year, after the city asked to join the agreement in early 2022.
The RCEP connects 15 Asia-Pacific countries including the 10 Association of Southeast Asian Nations members. All are major trading partners of Hong Kong and accounted for more than 70 per cent of its total merchandise trade last year, and about half of the city’s trade in services and investments in 2020.
The pact, which covers nearly a third of the world’s population and about 30 per cent of global gross domestic product, aims to eliminate as much as 90 per cent of tariffs on imports among signatories within 20 years.
US-China ties ‘most worrying’: Singapore leader Lee Hsien Loong tells Boao Forum
Lee also said Hong Kong backed a “global free-trade zone partnership” initiated by the Hainan government and announced at the Boao Forum on Wednesday.
“As Hong Kong is the world’s freest economy, the government supports and participates in the initiative, and jointly promotes the ‘linkage effect’ of resources in both domestic and international markets, while highlighting Hong Kong’s role as a staunch supporter of trade and investment liberalisation,” he wrote.
Lee spent Thursday evening meeting some Hong Kong volunteers including undergraduates, young entrepreneurs and professionals who came to help at the Boao Forum in receiving and contacting Chinese and foreign dignitaries.
A day earlier, the city leader also met Hainan’s governor Feng Fei as he began a three-day visit to the south China island province.
Hainan, known for its tropical climate and sandy beaches, was designated a free trade port in 2021.
Feng said the two locations should give full play to their complementary advantages by developing Hainan-Hong Kong economic cooperation development pilot zones.
The governor also said he hoped to speed up collaboration in investment and talent attraction and promote the entrepreneurial endeavours of Hong Kong’s youth in Hainan.
Responding to the governor, Lee said he noticed Hainan had done a great job in attracting talent for high-end technology developments.
Hong Kong leader says work on 2 mega land projects to proceed at same time
“Hong Kong also hopes to contribute in this regard. Our talent in entrepreneurship and the professional services sector are hoping to make contributions,” he said.
The city leader explained that the experience and international connectivity of Hong Kong’s professionals could help drive Hainan’s free trade aspirations, adding authorities could work together to encourage the city’s professional services sector and youth to work in the province, which would deliver a win-win situation for both places.
Lee added that talent from Hong Kong could also sharpen their competitiveness and explore new opportunities by taking part in the island’s progress.
