Pedestrians on the street of Hong Kong's financial district Photo: cnsphoto

Hong Kong's leader has expressed full confidence in the city's recovery and future rise to an even higher level, as long as it adheres to and improves the "one country, two systems" principle, cracks down on lawbreakers who endanger national security, puts an end to violence and chaos and makes good use of its advantages. The Belt and Road Initiative will also play a vital role for Hong Kong's economy.

During a livestreamed conference by Caixin themed Restoring Global Confidence on Monday, Hong Kong Special Administrative Region (HKSAR) Chief Executive Carrie Lam Cheng Yuet-ngor said that Hong Kong's economy has suffered multiple strikes in the past year that have severely affected the city's reputation in the international sphere and hampered the city's business environment.

Social turbulence and violent activities in Hong Kong began in June last year and the city's GDP in the first quarter of 2020 declined by 8.9 percent, the largest drop on record. 

With the gradual easing of the pandemic, the Chinese mainland and many European and American countries have gradually restarted their economies. However, it is difficult for the world to recover in the short term, said Lam, noting that major economies and enterprises need to rethink their positioning and plan their strategies.

Lam said the Hong Kong government will seize the opportunities of the booming development in the Asian region, the Belt and Road Initiative and the development opportunities of the Guangdong-Hong Kong-Macao Greater Bay Area to restart its economy.

If the outlook for global economic recovery is uncertain, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area is even more important for HKSAR, she said. 

The SAR government hopes to deepen cooperation between Guangdong, Hong Kong and Macao in the development of the Greater Bay Area, said Lam, so as to find new growth points and development space for all industries in the city. 

The plenary meeting of the Guangdong-Hong Kong-Macao Greater Bay Area Construction Leading Group in 2019 announced 24 new policies and measures, six of which have been implemented, including encouraging young people from Hong Kong and Macao SARs to make innovations and start businesses in the Greater Bay Area and offering preferential policies to insurance regulation.

Lam said the SAR government will continue to work actively with relevant departments to follow up on policy implementation, particularly in the financial sector, and will strengthen its cross-border financial mechanism.

National construction under the BRI also provides more opportunities for Hong Kong enterprises. Lam said that when the pandemic stabilizes, relevant departments will organize trade delegations to the countries and regions along the routes to promote and strengthen direct contact with local authorities.