Hong Kong’s new LegCo will focus on economic development: the candidates

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Hong Kong Legislative Council (LegCo) Photo: VCG

The closely watched Hong Kong Legislative Council (LegCo) election on Sunday raises high hopes for social and economic development in the Hong Kong Special Administrative Region (HKSAR) as the new LegCo is expected to avoid chaos and disruption and focus on industrial policies and further integration with mainland China, LegCo candidates told the Global Times.

Sunday’s election is the first after electoral reforms implemented earlier this year to ensure that patriots, not secessionists, rule Hong Kong SAR, which would help end political disruption at LegCo over the years and to improve the efficiency of the organization in dealing with various issues related to the livelihood of residents, analysts noted.

The new LegCo is expected to be characterized by broad representation, political inclusion, balanced participation, fairness and competitiveness, said Andrew Leung Kwan-yue, president of the Sixth LegCo and candidate for the new one. LegCo, to the Global Times in an email. .

Among his proposals, Leung said, the first is to support the “patriots ruling Hong Kong” and promote good governance to create an enabling environment for industries.

“Hong Kong must formulate a sound industrial policy. In addition to supporting small businesses, we must promote the development of advanced local industries, help Hong Kong enterprises expand their presence in the Great Bay region and explore opportunities. as part of the Belt and Road initiative, “says Leung.

This year’s election marks the first LegCo election since the entry into force of the Hong Kong National Security Law and electoral reform.

In May, Hong Kong lawmakers finalized the Election Recasting Amendments, which increased the number of seats in LegCo from 70 to 90 – 40 for the Election Commission, 30 for functional constituencies and 20 for direct elected officials.

Many applicants from mainland Chinese companies are coming forward this year.

Mainland-funded businesses are an important part of the local economy, Leung said, noting that there are now mainland-backed businesses in almost every industry in Hong Kong, which is increasingly important to the economy of Hong Kong.

According to Leung, there are over 4,200 mainland companies operating in Hong Kong with cumulative assets of over HK $ 11 trillion ($ 1.41 billion). Of this group, 40 have assets of more than hundreds of billions of Hong Kong dollars, with more than 80,000 employees in Hong Kong. Over 1,100 mainland companies are listed in Hong Kong, representing half of blue chip stocks and two-thirds of total market value.

For the city’s future development, Leung noted, Hong Kong should be fully integrated with the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and utilize Hong Kong’s positioning as a hub of innovation. international GBA to promote in Hong Kong, with emphasis on the development of value-added manufacturing.

The Hong Kong SAR government should formulate a broad vision and strategy to define the city’s reindustrialization strategy – Industry 4.0 – and include microelectronics manufacturing, research and development for the manufacture of traditional Chinese medicines, food processing and recycling in the plan, Leung said, suggesting that Hong Kong should take the opportunity of the Belt and Road Initiative (BRI) to develop overseas markets.

A vital warehouse for trade between mainland China and the world, the city has long played an import role in intermediary trade.

In the first 11 months, trade between Hong Kong SAR and mainland China exceeded 2,000 billion yuan, according to customs data. Trade between Shenzhen and Hong Kong reached 634 billion yuan, or 30% of total trade. This amount has already exceeded that of last year.

Li Chi Fung Michael, Honorary Deputy Secretary of the Hong Kong Chinese Importers and Exporters Association, candidate for LegCo, stressed that the Hong Kong SAR government should further strengthen communication between mainland businesses. China and Hong Kong to strengthen cooperation.

“For example, Hong Kong enterprises can initiate and sign agreements with foreign enterprises, while allowing production for enterprises in mainland China, which can enjoy the scientific advantages of Shenzhen and the advantages of production at Dongguan, in southern China’s Guangdong Province, ”Li told the Global Times on Friday.

Li runs a business that focuses on importing and exporting canned foods, which was hit by riots earlier in the city and then by the COVID-19 pandemic.

“Confidence of the import and export industry has been gradually restored after the implementation of the Hong Kong National Security Law,” Li said, adding that companies have fundamentally recovered and some small businesses have even grown.


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