Policy Address
The Mainland as Our Hinterland
38. Since the inclusion of the Dedicated Chapter on Hong Kong and Macao in the outline of the National 12th Five-Year Plan, the Central Government has fully positioned Hong Kong’s role in planning and taking forward the country’s overall development. Furthermore, the Belt and Road (B&R) Initiative and the GBA development in recent years have provided unlimited opportunities for Hong Kong. While the US and European economies are falling into deep recession, our country has already regained economic growth momentum by vigorously suppressing and strictly controlling the epidemic. There is no reason for us not to take advantage of this development when we seek to inject impetus to relaunch our economy.
39. The fifth plenary session of the 19th CCCPC has recently adopted the Proposals for Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives through the Year 2035, stating that reform and innovation will be the fundamental driving forces to accelerate the establishment of a new development pattern featuring “dual circulation”, which takes the domestic market as the mainstay while enabling domestic and foreign markets to interact positively with each other. While the main element of the “dual circulation” strategy is to expand domestic demand, it does not mean our country is closing the door to the outside world. Instead, the Mainland’s economy will open up in a wider scope, a broader spectrum and at a deeper level, so as to make better use of international circulation to enhance domestic circulation.
40. Being a highly market-oriented and an international economy underpinned by the rule of law, Hong Kong’s development opportunities under our country’s new development pattern are evident. Given the advantages under “One Country, Two Systems”, Hong Kong can further strengthen its “intermediary” role in international circulation. Besides, we can focus on the business opportunities in the Mainland market, better integrate into the overall development of our country, take the GBA development as an entry point, and proactively become a “participant” in domestic circulation and a “facilitator” in international circulation. Playing the dual role well will bring continuous impetus to Hong Kong’s economy.
