Council meeting-IV. Embrace spirit of 20th National Congress to further develop HK

Motion on “Embracing the spirit of the 20th National Congress to further develop Hong Kong”

Deputy President, I would like to thank Dr Dennis LAM for moving this motion, which gives us an opportunity to share our learning in the Chamber and offer our advice on promoting the development of Hong Kong.

The prosperity of the country and the well-being of the people are the common pursuit of human society.  China is unique in that it has opened up a new path which suits its own national conditions.  In particular, the great changes in the first decade of the new era have achieved brilliant, world-renowned achievements.

The 20th National Congress has mapped out a grand blueprint for promoting the great rejuvenation of the Chinese nation with Chinese modernization, and issued a call for striving in unity to build China into a modern socialist country in all respects and advancing the great rejuvenation of the Chinese nation on all fronts.  On the new journey of the country to achieve the Second Centenary Goal, Hong Kong should work with the people of the whole country to forge ahead with enterprise and fortitude to create a brighter future together.

In view of the turbulent changes in the situation in Hong Kong over the past few years, the Central Authorities have established a sound legal system and enforcement mechanism at the national level to safeguard national security in Hong Kong, improve the electoral system in Hong Kong, and effectively exercise overall jurisdiction over the Special Administrative Region and implement the principle of “patriots administering Hong Kong”.  Thanks to these moves, order has been restored in Hong Kong, marking a major turn for the better in the region.

The report to the 20th National Congress has provided insightful exposition of “one country, two systems”, as well as a series of new ideas, new thoughts and new strategies.  The report serves as action guidelines and fundamental guidance for Hong Kong to move “from stability to greater prosperity”.  Standing at a new starting point in history, Hong Kong has reached a critical period for a new chapter.  The spirit of the 20th National Congress should be carefully studied, implemented and put into action so that we can make every effort to promote the steadfast and successful implementation of the “one country, two systems” cause on the new journey, thereby continuing Hong Kong’s success story.

As the General Secretary has pointed out, our country has entered a period of development in which strategic opportunities, risks, and challenges are concurrent and uncertainties and unforeseen factors are rising.  Various “black swan” and “grey rhino” events may occur at any time.  At the Global Financial Leaders’ Investment Summit held last week, many senior executives of international financial institutions said that global markets are rife with uncertainties and will move from low interest rates, low inflation and low volatility to high interest rates, high inflation and high volatility.  In the face of this complex and volatile international situation and financial markets, the SAR Government and the financial sector must be more mindful of potential dangers, be prepared to deal with worst-case scenarios, strengthen the regulatory capacity of the financial system, and be ready to withstand high winds, choppy waters and even dangerous storms.

According to the report to the 20th National Congress, the next five years will be crucial for getting our efforts to build a modern socialist country in all respects off to a good start.  With strong support of the Motherland, global connectivity and unique advantages in finance, international trade and commerce, Hong Kong should actively complement the national development strategy, continuously build and integrate Hong Kong’s role as a comprehensive, open and integrated financial services hub, actively transform into a digital economy, develop a virtual asset market, accelerate the promotion of green and sustainable finance, and focus on grooming high-level financial talents, so as to nurture talented people and put them to good use.

At the same time, Hong Kong should continue to enhance interconnection with the Mainland market; expand the scope of offshore Renminbi (“RMB”) business; develop itself into a centre for offshore capital raising for Mainland enterprises, bond trading and RMB trading; give full play to the role as a bridge between the national development and the global market; and serve the cause of reform and opening up and the new pattern of development featuring domestic and international economic flows, with a view to further developing international financial services and cross-boundary financial services closely related to the Mainland in more areas and at a higher level.

The 20th National Congress has put forward proposals to support Hong Kong’s and Macao’s better integration into the overall development of the country, which is not only the country’s earnest expectation for Hong Kong and Macao, but also the future development direction the country has charted for Hong Kong and Macao.  The Guangdong-Hong Kong-Macao Greater Bay Area (“the Greater Bay Area”) is a major national strategic deployment which has provided the best entry point for Hong Kong to integrate into the overall development of the country.  Hong Kong has an unshirkable duty to give play to its unique strengths, endowment and roles to continuously deepen and expand exchanges and cooperation with the Greater Bay Area in various fields, open up new room for development, inject new momentum, and facilitate the realization of faster and better Chinese modernization.

Deputy President, I so submit.