Last month, thousands of political leaders converged upon Beijing for the annual “Two Sessions” of the National People’s Congress and the Chinese People’s Political Consultative Conference. Also known as lianghui, the meetings clearly laid out the country’s priorities for the coming year and beyond. 

The focus of the Two Sessions this year was on developing “new quality productive forces,” in line with China’s efforts to transform the country’s development model by fostering new growth drivers. First announced by President Xi Jinping in 2023, the concept is innovation-centric and translates into advanced productivity beyond traditional economic paths. 

The Central Government is aiming for around 5% growth in 2024, amid several factors contributing to a sluggish economy: a downturn in the property market, deflationary risks, weak consumer demand and low investor confidence. The policies announced during the meetings are built around boosting employment and income while tackling risk factors through prudent monetary policies.

As in the past, President Xi Jinping keenly reiterated his support for Hong Kong during the Two Sessions. Resting on the foundation of “one country, two systems,” he said the long-term prosperity and stability of our city has always been important. To that end, the passing of the Basic Law Article 23 legislation bill in the Legislative Council on 19 March will ensure Hong Kong’s long-term growth, while making it a safer destination for businesses operating here.

Chief Executive John Lee, who attended the opening meeting of the second session, promised that Hong Kong would fully grasp the opportunities offered by the 14^th Five-Year Plan, the development of the GBA, as well as the Belt and Road Initiative, which are important for active integration into national development.

Delivering his work report at the opening of the annual session, Premier Li Qiang also urged Hong Kong to “play to its distinctive strengths” and take an active role in the Greater Bay Area (GBA) scheme. I believe the GBA development plan definitely gives Hong Kong unprecedented opportunities in areas such as innovation and technology (I&T) and entrepreneurship, which are key drivers of economic growth in the region. 

Now more than ever, Hong Kong must collaborate with industry players in the business community, policy makers and regulators to drive innovation in GBA cities. With its high concentration of advantages, the GBA is an excellent catalyst for high-quality development, which is intrinsically linked to the international competitiveness and future growth of Hong Kong. 

As the Mainland sets its sights on utilizing diverse sectors and regions to channel economic growth, the Hong Kong business community must continue to leverage our unique strengths in order to meet the needs of our city as well as the nation.

Betty Yuen
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