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HONG KONG – With a view to better integrating China’s two special administrative regions into what will become the new economic powerhouse, President Xi Jinping is encouraging young people from Hong Kong and Macau to move to the Greater Bay Area.
Speaking in Shenzhen on Wednesday (October 14), to mark the 40th anniversary of the establishment of China’s first special economic zone in the southern city, Mr. Xi called for deepening integration among young people in Hong Kong, Macao. and Guangdong Province to “increase their sense of belonging to the motherland.”
“Since Shenzhen is an important engine in its development, we must seize the major historical opportunities in the development of the Greater Bay Area, promote the alignment of the economic rules and institutions of Guangdong, Hong Kong and Macao,” he said.
Mr. Xi added that China should “continue to encourage and guide our compatriots in Hong Kong, Macao and Taiwan, as well as overseas Chinese, to play their important roles in investment, entrepreneurship and two-way openness, so that they can make further contributions to the development of special economic zones. “
The Chinese president also said Shenzhen will be tasked with “enriching the new practice of One Country, Two Systems,” without elaborating.
There has been growing concern that Hong Kong has been sidelined in the Beijing Greater Bay Area plan.
But Hong Kong CEO Carrie Lam, who canceled her annual political address to lead a delegation to the event, said before the speech that “there need not be direct competition between Hong Kong and Shenzhen.”
“We have freedom of capital flow and currency exchange, a legal system in line with international standards, and a wealth of professional talent,” Ms Lam told Shenzhen Satellite TV, adding that these can complement technological capabilities and Shenzhen advanced manufacturing.
His remarks come as his administration battles low public confidence and an unshakeable pandemic to fuel a recessionary economy.
The annual policy speech originally scheduled for Wednesday will be postponed until late November in an unprecedented move as it meets with Beijing officials this month to discuss strategies to help Hong Kong’s economy.
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