BEIJING, July 3, 2022 /PRNewswire/ — The worth of trade involving the Hong Kong Distinctive Administrative Region (HKSAR) and the Chinese mainland has surged much more than sixfold from $50.77 billion to $360.33 billion, an regular annual raise of 8.5 p.c due to the fact the Hong Kong’s return to the motherland 25 decades back, according to the Chinese Ministry of Commerce.
Though integrating itself into the country’s general improvement, Hong Kong has develop into an significant participant in domestic circulation and a essential contributor connecting domestic and international circulation.
By the conclusion of 2021, financial investment from Hong Kong into the mainland experienced topped $1.4 trillion, accounting for 57.6 p.c of the mainland’s total attraction of overseas investments.
“Proactively integrating alone into the country’s in general enhancement and carving out its job in national approaches, Hong Kong has managed its strengths in its superior degree of openness and in aligning with worldwide regulations,” Chinese President Xi Jinping said on Friday at the assembly celebrating the 25th anniversary of Hong Kong’s return to the motherland.
“With consistently increasing locations and enabling mechanisms for Hong Kong’s cooperation and exchanges with the mainland, men and women in Hong Kong now have much better opportunities to begin their personal companies and make achievements,” he additional.
Tapping into Greater Bay Region
The Guangdong-Hong Kong-Macao Better Bay Spot (GBA), which aims to grow to be a entire world-class bay space and town cluster, is a considerable nationwide job conceived and promoted by President Xi.
On July 1, 2017, Xi witnessed the signing of a framework agreement concerning the Countrywide Advancement and Reform Fee, the country’s prime financial planner, and the governments of Guangdong, Hong Kong and Macao on deepening Guangdong–Hong Kong–Macao cooperation.
A year later, Xi introduced the opening of the Hong Kong-Zhuhai-Macao Bridge, a supergiant sea-crossing site visitors project that inbound links Guangdong, Hong Kong and Macao. It has come to be a bodily image of China’s vision for the GBA.
On February 18, 2019, the define development program for the GBA was unveiled, which envisaged generating a function design of high-quality progress, an intercontinental very first-class bay spot and a planet-course metropolis cluster.
Final September, a approach was released for even more creating the Qianhai cooperation zone for the southern metropolis of Shenzhen and the HKSAR, with the goal of encouraging the zone improved perform an exemplary and primary position in the enhancement of the GBA.
The range of Hong Kong-funded enterprises in the Qianhai zone surged 156 p.c yr on yr in 2021. Of the whole foreign expense in true use in Qianhai past yr, 93.8 percent was from Hong Kong.
Individuals from Hong Kong are benefiting from the GBA initiative far too. Hong Kong and Macao specialists from eight sectors, together with lecturers, physicians and tour guides, are now authorized to observe on the mainland with mutual recognition of skills. By now, around 3,000 specialists have obtained qualifications on the mainland.
Addressing at the celebration, Xi yet again said central governing administration totally supports Hong Kong in its energy to seize historic prospects available by China’s development and actively dovetail by itself with the Guangdong-Hong Kong-Macao Greater Bay Location.
“Since Hong Kong’s return to the motherland, it has been re-built-in into China’s governance system, and a constitutional order was proven with the ‘One Country, Two Systems’ principle as its essential guideline,” Xi mentioned.
Chinese citizens who are long lasting inhabitants of the HKSAR can participate in the governance of each the SAR and the country as empowered by regulation.
Soon after its return, at the Ninth National People’s Congress (NPC) in 1998, deputies from Hong Kong began to take part in the NPC, the highest entire body of state electric power, to discuss strategies for nationwide growth and issues impacting people’s life, and to place the people’s anticipations at the leading of the agenda on state issues.
Meanwhile, extra than 5,600 representatives from all walks of lifestyle in Hong Kong provide as customers of the Chinese People’s Political Consultative Conference (CPPCC) at all degrees, together with about 200 in the CPPCC Nationwide Committee. They are all valued advisors on key national programs and contributors to the growth of the region.
30-six deputies from Hong Kong were being elected to take part in the operate of the 13th NPC, accounting for 1.2 per cent of whole deputy quantities even though above 200 CPPCC members are from the HKSAR, 10 percent of the complete. Both equally ratios appreciably exceed Hong Kong’s share of the country’s population of about .5 per cent.
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