By Feng Xuezhi, Jin Chen, People’s Daily
By completely leveraging its institutional energy beneath the “one country, two systems” principle, China’s Hong Kong Special Administrative Region (HKSAR) has steadily strengthened its aggressive advantages and witnessed monetary and social prosperity and stability over the earlier 25 years since its return to the motherland.
After six years of constructing, the third runway at the Hong Kong International Airport is anticipated to open this 12 months. Preparatory work for the operation of the runway, along with test flights and drills, has been completed simply currently.
“The third runway of the Hong Kong International Airport is right across from where we are, and the new terminal is next to it. There will be a hotel and commercial complex on the side of the runway,” talked about Fred Lam Tin-fuk, Chief Executive Officer of the Airport Authority Hong Kong, exhibiting People’s Daily the areas of the initiatives to be constructed on the Hong Kong International Airport on a planning map.
Besides a model new runway, the three-runway system problem moreover encompasses a new baggage coping with system and associated supporting transportation facilities, in accordance with Lam, who well-known that the dimensions of the problem is almost equal to developing a model new airport subsequent to the prevailing one.
Hong Kong is endowed with an amazing geographical location. More than half of the world’s inhabitants could also be reached from the world inside 5 hours of flight.
The airport performs an essential supporting perform inside the enchancment of Hong Kong’s monetary system. Data confirmed that the Hong Kong International Airport handled about 75 million passenger web site guests in 2018, ranking among the many many highest on this planet. The annual cargo throughput of the airport exceeded 5 million tonnes, topping the report of the busiest airports on this planet.
Such distinctive achievements of the airport mirror the booming monetary system of Hong Kong since its return to the motherland.
During the earlier 25 years, Hong Kong has seen quick monetary enchancment in various fields, enhancing its worldwide standing as a financial, transport and commerce center has been and consolidating its industrial advantages.
The successes Hong Kong has achieved over the earlier 25 years and the sound enchancment momentum it enjoys now are every inseparable from the occasion of its motherland. China’s quick enchancment represents one of the best different for Hong Kong’s monetary enchancment and one of the best energy to deal with its prosperity.
Adhering to the “one country, two systems” principle, Hong Kong has confirmed some nice advantages of its enchancment by staying devoted to the principle of “one country” and correctly leveraging some great benefits of “two systems”.
Hong Kong’s financial system has always been sturdy given that space’s return to the motherland, which is attributed to the prudent insurance coverage insurance policies and sound supervision of the world, and additional importantly, to the space’s distinctive good thing about having the help of its motherland and being open to the world, talked about Eddie Yue Wai-man, chief authorities of the Hong Kong Monetary Authority.
With the help of the central authorities, Hong Kong has turn into the largest offshore renminbi (RMB) enterprise center, and its capital market has continued to develop better and stronger.
As of January 2022, the general wonderful amount of RMB purchaser deposits and certificates of deposit rose to 1.1135 trillion yuan (about $166.47 billion).
A full of 1,370 mainland enterprises had been listed in Hong Kong by April this 12 months, accounting for 53.3 % of the general listed companies on the Hong Kong Stock Exchange and 77.7 % of the general price of Hong Kong shares. The blended market price of these enterprises has reached 37.6 trillion Hong Kong {{dollars}} (about $4.79 trillion).
“The principle of ‘one country, two systems’ has created unique advantages for Hong Kong’s business environment,” talked about Jimmy Chiang, affiliate director-general of Investment Promotion at InvestHK.
The Basic Law of the HKSAR has helped Hong Kong become one in every of many world’s freest economies whereas sustaining a simple tax system with low tax costs, which is very partaking to enterprises, he well-known.
By the highest of 2021, the number of every mainland and worldwide enterprises that had prepare locations of labor in Hong Kong reached a doc extreme of 9,049, amongst which 1,457 located their regional headquarters in Hong Kong.
“Last year we helped a total of 333 companies establish or expand businesses in Hong Kong, and 186 of them chose to invest in the region because of the thriving Guangdong-Hong Kong-Macao Greater Bay Area,” talked about Chiang.
Hong Kong would possibly assist companies from the Chinese mainland uncover the worldwide market by providing them with licensed and financing corporations, Chiang outlined, whereas Hong Kong can enchantment to worldwide funding institutions and companies and permit them to utterly leverage the sources inside the Greater Bay Area to realize greater enchancment in Asian and even the worldwide market.
In newest years, Hong Kong has made regular efforts to promote the growth of offshore RMB market, develop itself proper right into a regional psychological property shopping for and promoting center and enhance its performance to supply worldwide licensed and dispute choice corporations for merchants.
The outline of China’s 14th Five-Year Plan (2021-2025) for nationwide socio-economic enchancment has charted the trail to a shiny future for Hong Kong. As the event of the Greater Bay Area makes common progress and breakthroughs, Hong Kong is embracing mannequin new alternate options.
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