Hong Kong’s business leaders have pledged after a meeting with a senior central government official in charge of Hong Kong affairs to maximize the business sector’s resources and Hong Kong’s unique position to drive high-quality development in the special administrative region and the country.

Xia Baolong, director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, convened a meeting with HKSAR officials and business magnates in Shenzhen on Friday, urging the business community to promote Hong Kong’s high-quality economic development and reinforce its distinctive strengths.

After the meeting, Chief Secretary for Administration Eric Chan Kwok-ki said that the SAR’s advantages, including its links with the motherland, global connectivity, and the significance of the “eight centers” under the National 14th Five-Year Plan (2021-25), underscore Hong Kong’s strong and distinct position.

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The SAR government will collaborate with the industrial and commercial sectors to leverage these benefits and opportunities, integrate into the national landscape, and promote high-quality development, he said.

Chan said Hong Kong’s business community has always been closely attuned to market dynamics, with abundant networks, resources, and talent. He encouraged businessmen to actively promote technological innovation, and industrial collaboration, and develop new productive forces, thereby consolidating and enhancing the city’s core strengths.

Richard Li Tzar-kai, chairman of the private investment group Pacific Century Group, said Xia’s engagement with representatives of Hong Kong’s industrial and commercial sectors reflects the central government’s care and expectations for the city’s future.

He said Asian economies, including Hong Kong, are not at their peak, and entrepreneurs should step up and take proactive initiatives to address challenges head-on.  

As part of Hong Kong’s commercial community, Li said he’ll support the SAR government through practical initiatives to foster a favorable social environment not only for economic growth but also for the well-being of residents.

Jeffrey Lam Kin-fung, a Hong Kong lawmaker representing the business sector, said the SAR should play the role of a “super-connector” and “value-added” facilitator, supporting Chinese mainland enterprises in global expansion and attracting foreign investments to the mainland market.

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He said the European and United States markets are still important to Hong Kong, and these relationships should be maintained despite changes like the reelection of Donald Trump as US president.

Lam suggested that Hong Kong make full use of its global networks to bolster international influence and provide comprehensive insights about the city to the global community.

Sunny Tan, chairman of the Hong Kong Productivity Council, said Xia called for the SAR to actively seek new opportunities and explore emerging markets. Many Hong Kong businessmen are heeding this call and taking concrete action by expanding into member states of the Association of Southeast Asian Nations, Europe, and the Middle East to raise their companies’ profitability and contribute to Hong Kong’s economic growth, Tan said.

He recalled that during the country’s development boom, Hong Kong had excelled as a bridge connecting Chinese products with Western markets. But, the landscape has now changed, and Hong Kong needs more significant adaptations to align with the national development strategy.  

Hong Kong industries must understand the direction of national development and make necessary reforms to stay competitive, Tan said.

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Peter Lam Kin-ngok, chairman of the Hong Kong Trade Development Council, said the country’s push for high-quality development and advancements in digitization, sustainability, and innovation has paved the way for numerous new avenues and prospects, and Hong Kong enterprises should seize these emerging opportunities.  

The Trade Development Council is rolling out fresh initiatives, such as promoting Hong Kong businesses to invest on the mainland and arranging study tours to diverse locations to seize these opportunities, Lam said.