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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
On October 23, the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee was released. The plenary session noted the need to optimize the territorial structure of the economy and promote the coordinated development of regions. On October 24, the Central Committee of the Communist Party of China (CPC Central Committee) held a press conference to introduce and explain the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, noting that the CPC Central Committee's Proposals for the 15th Five-Year Plan for National Economic and Social Development clearly define the promotion of new breakthroughs in four major regions—the eastern, central, western, and northeastern regions; the three driving forces—the Beijing-Tianjin-Hebei region, the Yangtze Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area; and the two green development belts along the Yangtze and Yellow Rivers.
Xie Lifeng, Deputy Director-General of the Hong Kong, Macao and Regional Development Department of the China Development Institute (CDI) in Shenzhen, gave an interview to the Hong Kong China News Agency and HKCNA to explain the regional strategy of the 15th Five-Year Plan and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and answered other questions.
More emphasis on policies to expand domestic demand, changes in language on Hong Kong and Macao
Reading the plenary session communiqué, Xie Lifeng noted the introduction of new language regarding domestic demand. "Pursuing a policy aimed at expanding domestic demand is our strategic foundation. This communiqué includes new, specific language, such as the need to closely link investment and material assets, investment and human capital; that new demand must be matched by new supply, and that new supply must create new demand; promoting positive interactions between consumption and investment, between supply and demand, and strengthening domestic drivers and enhancing the reliability of the domestic circulation loop. All of these new language elements represent several important aspects of expanding domestic demand and indicate a greater emphasis on consumption-related policies."
Furthermore, the full text of the communiqué mentions science and technology 10 times, innovation 8 times, and openness 4 times. Xie Lifeng believes this sends important signals. “First, in the next five years, scientific and technological innovation will undoubtedly become a key pillar for cultivating new productive forces. At the same time, scientific and technological innovation is closely linked to the modern industrial system; scientific and technological innovation and industrial innovation should mutually stimulate and reinforce each other. Second, no matter how complex the changing global situation, we must continue to comprehensively deepen reform and opening-up, especially promoting and advancing high-level and institutional openness, and using openness to drive reform—this is the key method for our country’s development, past, present, and future.”
Another signal is that the central government intends to more decisively support the promotion of prosperity, development, and stability in Hong Kong and Macao. "Regarding Hong Kong and Macao, the Communique of the Fifth Plenary Session of the 19th CPC Central Committee used the wording 'maintain long-term prosperity and stability in Hong Kong and Macao,' but now it reads 'promote long-term prosperity and stability in Hong Kong and Macao.' The one-word difference—from 'support' to 'promote'—indicates that, amid the turmoil and challenges of the international situation over the next five years, the central government will more intensively pursue relevant policies, and its role in promoting prosperity and stability in Hong Kong and Macao will increase."
How exactly will the Guangdong-Hong Kong-Macao Greater Bay Area play its role as an economic growth pole in the next five years?
The communiqué stated that key regions should be fully realized as growth poles. At the press conference explaining the spirit of the Fourth Plenary Session, it was also mentioned that the Proposals clearly outlined the promotion of new breakthroughs in four major regions—East, Central, West, and Northeast; three driving forces—the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area; and the two "green belts" along the Yangtze and Yellow Rivers. How, then, can the Guangdong-Hong Kong-Macao Greater Bay Area fully realize its role as a growth driver and growth pole in the next five years?
According to the expert, compared with other regions, the Guangdong-Hong Kong-Macao Greater Bay Area has three levers in this area: first, high-level openness and institutional openness; second, high-level scientific and technological innovation; and third, advanced world-class industrial clusters.
“The Guangdong-Hong Kong-Macao Greater Bay Area has special experience in the principle of ‘one country, two systems’. In the future, during the 15th Five-Year Plan period, its institutional openness will deepen even more thoroughly. In this context, places like Hong Kong, as an international free port and an international financial, shipping and trade center, will be able to play an important strategic role in expanding China’s international circulation – something that other regions find difficult to replace. In terms of scientific and technological innovation, the Greater Bay Area should form an international center for scientific and technological innovation. Hong Kong has strengths in basic research, while Shenzhen and Guangzhou have potential in industrial innovation. In the next 5 and even 10 years, the synergy between Hong Kong, Macao and China’s inland cities, as well as the integration of their scientific and technological elements, will be an important driver for the Guangdong-Sniagang-Macao Greater Bay Area to reveal its role as a pole of economic growth,” said Xie Laifeng. “In addition, in areas such as intelligent terminals, high-tech medical equipment, new energy vehicles, etc., the Guangdong-Sniagang-Macao Greater Bay Area has world-class industrial clusters. At the same time, new and promising industries such as the maritime economy, new types of energy storage and artificial intelligence have the potential to form a global leading position in the next 5-10 years, which will also greatly contribute to China’s overall economic and people’s social development.”
How can Hong Kong integrate into the overall 15th Five-Year Plan?
Li Jiachao, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), stated that the 15th Five-Year Plan period is crucial for the country in terms of comprehensively advancing China's modernization, building a strong nation, and the great cause of national rejuvenation. It also coincides with a crucial stage when the "one country, two systems" approach is entering a new phase, and Hong Kong is accelerating its transition from "governance" to "prosperity." Faced with profound and complex changes in the development environment, the coexistence of strategic opportunities with risks and challenges, and growing uncertainties and difficult-to-predict factors, Hong Kong will determine its preferred positioning in the country's overall development plan, actively align with the Hong Kong and Macao section of the 15th Five-Year Plan, seize the key opportunities presented by the country's development, and fully utilize its unique advantages in the overall development landscape.
Regarding how to integrate into the overall development plan of the 15th Five-Year Plan, Xie Lifeng believes that Hong Kong, first and foremost, needs to fully utilize its unique advantage as a strategic channel for concentrating and distributing international resources. While relying on its homeland and maintaining close ties with the international community, it should promote high-level opening-up and seize the opportunities this openness offers. Hong Kong is also home to world-class universities and research institutions, as well as 16 key national laboratories and six national engineering and technology research centers established by the state, demonstrating its abundant scientific research resources. Thanks to the advantages of its free port, Hong Kong can attract international talent and collaborate with international research institutions, playing a key and unique role in promoting technological self-reliance and self-reliance.
Furthermore, according to Xie Lifeng, Hong Kong has missed some opportunities in the past in terms of technology and industrial development. Therefore, over the next five to ten years, Hong Kong needs to actively develop its strategy in emerging areas such as artificial intelligence and fintech and seize the window of opportunity for industrial development. "For example, we recently witnessed Hong Kong publish new regulations on stablecoins and launch a new financial policy. This is because Hong Kong, as an international financial center, has a strong foundation for financial innovation. However, in the future, changes in the development of the financial industry will undoubtedly occur quite rapidly, and in this regard, Hong Kong still needs to actively plan to seize and realize opportunities for its own development."
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.