Hong Kong must be ‘3 centres, 1 hub’ under plan from China’s third plenum: Paul Chan

City must position itself as international centre for finance, shipping and trade, and a major talent hub, finance chief says in blog post

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Kwai Chung Container Terminal. Finance chief Paul Chan has all called for the city to focus on growing sectors such as smart and green shipping. Photo: Jelly Tse

Published: 4:13pm, 11 Aug 2024Updated: 8:34pm, 11 Aug 2024

Hong Kong must position itself as an international centre for finance, shipping and trade as well as a prominent talent hub under plans laid out at China’s third plenum, the city’s finance minister has said.

In a blog post on Sunday, Paul Chan Mo-po wrote that Hong Kong’s strategic position as “three centres and one hub” was clearly stated in a resolution endorsed by the Communist Party’s 20th Central Committee, and fulfilling that role was something the city “must do well in the future”.

He called on the government to “think more deeply” about how to implement Hong Kong’s strategic positioning in relation to mainland China and the city’s integration into the new development pattern of the country to contribute to Chinese-style modernisation.

The Central Committee resolved last month to promote high-quality development and transform the nation into a modern socialist country at its third plenum, a gathering to lay out an economic road map for the medium term.

Chan said the resolution mentioned leveraging the institutional advantages of Hong Kong’s “one country, two systems” governing principle to consolidate and enhance the city’s status as an international financial, shipping and trade centre.

The three centres would have their own focuses while mutually supporting one another, with growth in the innovation and technology, trade and shipping industries stimulating demand for services and financial products, he added.