Opinion | China’s third plenum presents opportunities for Hong Kong

The 20th Central Committee of the Communist Party of China adopted a milestone resolution at its third plenary session in July to further deepen reform and advance Chinese modernisation. The resolution has distinctive Chinese characteristics and profound implications for the world, and at the same time, it presents important opportunities for Hong Kong.

As a special administrative region of China, Hong Kong enjoys the unique benefits of the “one country, two systems” policy and a strategic location as a “superconnector” between China and the world. Currently, Hong Kong stands at a critical juncture, poised to transition into more effective governance and better development. Striking a sound balance between development, security and progress is both a call of the times and a historical mission for Hong Kong.

First, achieving high-quality development. Development remains a central theme in human society, and as China advances, it opens up new opportunities for the world. Over the years, China has put forward the Global Development Initiative, dovetailed with the United Nations Sustainable Development Goals, and is actively promoting high-quality development under the Belt and Road Initiative.

Hong Kong serves as a vital gateway for China to connect with the global community and a crucial channel through which the world can benefit from China’s growth. On Hong Kong, President Xi Jinping has emphasised that “development is an eternal theme, the foundation of Hong Kong, and the golden key to solving its problems”.

“New quality productive forces” are a new concept put forward by President Xi, driven by innovation, aligning with global trends and providing fresh momentum for Hong Kong’s sustainable development.

Hong Kong has risen to third in the latest Global Financial Centres Index, reaffirming its position as a leading global financial centre alongside New York and London. Notably, it achieved the top ranking in the investment management category of the index. In the latest annual World Talent Ranking released by the International Institute for Management Development, Hong Kong also climbed to ninth place.