Recently, the concept of “new quality productive forces” has emerged as a cornerstone in China’s strategic shift toward high-quality development. This concept underscores the pivotal role of innovation, high-tech integration, efficiency and quality enhancement in reshaping economic constructs. As an international financial hub, endowed with a unique position of technological and entrepreneurial prowess, the Hong Kong Special Administrative Region is well-positioned to contribute significantly to this national endeavor. Hong Kong can leverage its unique strengths to bolster the country’s vision of nurturing new forms of productivity.
Before delving into Hong Kong’s role, it is crucial to comprehend the essence of new quality productive forces. At its core, this idea revolves around innovative practices that not only enhance production capacities but also promote sustainable and qualitative developmental outcomes. This is predicated on advancements in technology and a systemic integration of these advancements in various sectors of the economy.
The Hong Kong SAR’s strategic importance in China’s developmental narrative is substantial. With a robust legal framework, open market environment, and substantial foreign direct investment, the region provides an ideal environment for innovation. Hong Kong’s strengths lie in its excellent infrastructure, a highly skilled workforce, and a vibrant ecosystem that supports startups and technological research.
The city excels in areas like fintech, biotechnology, and smart city technologies. Harnessing these capabilities to align with the nation’s developmental strategy can propel both local and national growth. For instance, fintech solutions can streamline financial services and enhance accessibility, aligning with the broader goals of efficiency and high-quality development.
Educational excellence of higher education institutions in Hong Kong is among the best in Asia. Through fostering collaborations between universities and industries, Hong Kong is able to contribute to the training of a workforce that is equipped with skills in both cutting-edge technologies and innovative thinking.
Hong Kong SAR government can play a crucial role by implementing policies that support innovation and technology. Initiatives like grants for tech startups, tax incentives for research and development, and other fiscal policies can encourage innovation
With the world moving toward green technology, Hong Kong can use its technological prowess to develop solutions that also contribute to ecological sustainability. This aligns with the “new quality productive forces” concept by embedding quality not just in products but also in processes that are environmentally friendly.
The Hong Kong SAR government can play a crucial role by implementing policies that support innovation and technology. Initiatives like grants for tech startups, tax incentives for research and development, and other fiscal policies can encourage innovation.
Strengthening collaborative ties with the Chinese mainland will probably lead to a synergy that benefits both sides. Joint ventures in technology parks and shared research facilities can bolster new quality productive forces, leveraging the comparative advantages of both sides.
In conclusion, as President Xi Jinping propels China toward a future characterized by innovative, efficient, and high-quality growth, the Hong Kong SAR stands as a significant contributor. By focusing on technological innovation, leveraging educational assets, promoting sustainability, and fostering a supportive policy environment, Hong Kong can significantly contribute to the creation of new quality productive forces, aligning its unique strengths with the national vision for a revitalized, innovative economy.
The author is a member of the Fujian Provincial Committee of the Chinese People’s Political Consultative Conference, and vice-president of the Internet Professional Association.
The views do not necessarily reflect those of China Daily.
