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Hong Kong Chief Executive Stresses Importance of Pursuing Economic Growth and Competitiveness.

CultureArtHong Kong Chief Executive Stresses Importance of Pursuing Economic Growth and Competitiveness.

The Chief Executive of the Hong Kong Special Administrative Region (HKSAR), John Lee, stressed the significance of pursuing economic growth, development, and enhancing competitiveness in Hong Kong. Lee made this statement after attending the Boao Forum for Asia Annual Conference 2023, held in the coastal town of Boao in China’s island province of Hainan.

Hong Kong, a former British colony, has a highly developed free-market economy, and the service sector dominates its economy, accounting for over 90% of its GDP. Therefore, the pursuit of economic growth and development is crucial to the region’s prosperity.

Hong Kong’s geographic location and the government’s policies have made it a hub for international trade and finance. Its port is one of the world’s busiest, and the city ranks high on various global economic indexes. Therefore, enhancing competitiveness will help maintain Hong Kong’s status as a global economic center.

In recent years, Hong Kong has faced numerous challenges, including political instability and the COVID-19 pandemic, which have negatively impacted its economy. However, with a focus on pursuing economic growth and development, the region can overcome these challenges and emerge stronger.

John Lee’s emphasis on the importance of economic growth, development, and competitiveness in Hong Kong is timely and necessary. With its history of economic success, strategic location, and supportive government policies, Hong Kong has the potential to continue thriving and remain a global economic hub, providing numerous benefits to its citizens and the wider world.

Following his attendance at the Boao Forum for Asia Annual Conference 2023, John Lee, the Chief Executive of the Hong Kong Special Administrative Region (HKSAR), expressed his conviction that Hong Kong’s development is on the right track. Lee recognized that Hong Kong has a plethora of opportunities available as a result of China’s development and policies.

Accordingly, Lee emphasized that Hong Kong must fully integrate into China’s overall development and play its role in the eight key areas identified in the 14th Five-Year Plan. This plan sets out China’s economic and social development goals over the next five years and beyond, with a focus on innovation, domestic circulation, green development, and opening-up.

As a special administrative region of China, Hong Kong has a unique status and an essential role to play in China’s development. By aligning with China’s national strategies and policies, Hong Kong can leverage its strengths and seize the opportunities presented by China’s growth. Moreover, by integrating into China’s overall development, Hong Kong can further enhance its economic competitiveness and advance its own prosperity.

John Lee’s statement underscores the importance of Hong Kong’s integration into China’s overall development and realization of its role in the 14th Five-Year Plan’s eight key areas. Hong Kong’s alignment with China’s national strategies and policies is crucial to the region’s continued success and prosperity, which will benefit its residents and the wider region.

In addition to fully integrating into China’s overall development, John Lee, the Chief Executive of the Hong Kong Special Administrative Region (HKSAR), stressed the importance of Hong Kong’s active participation in the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative.

The Guangdong-Hong Kong-Macao Greater Bay Area is a national development plan aimed at building an integrated economic hub comprising nine cities in Guangdong Province, Hong Kong, and Macao. Hong Kong’s participation in this initiative is essential for its continued success and prosperity.

The Belt and Road Initiative is a massive infrastructure and trade project launched by China in 2013, aimed at enhancing connectivity and cooperation among countries across Asia, Europe, and Africa. Hong Kong’s strategic location and financial expertise make it an ideal participant in this initiative.

As an international city, Hong Kong must consolidate its strengths and competitiveness and build on its unique advantages, such as relying on the motherland and connecting with the world, as stated by John Lee. Hong Kong’s participation in these initiatives will help maintain its status as a global economic hub and create new opportunities for its citizens and businesses.

John Lee’s call for Hong Kong’s active participation in the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative highlights the region’s crucial role in China’s national development strategies. By leveraging its unique advantages and participating in these initiatives, Hong Kong can enhance its competitiveness and maintain its status as a global economic center.

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