Hong Kong and Macau to Form Closer Ties with Hainan
China.Org--Southern China’s Hainan province is to form closer ties with Hong Kong and Macau in areas including high technology and professional services, leaders of the three places say.
Hainan and Hong Kong were in important locations for China’s domestic-international dual circulation plan and should increase cooperation to create synergy, Shen Xiaoming, the Secretary of the Hainan Provincial Party Committee, told Hong Kong’s Chief Executive Carrie Lam in a meeting before the 2021 Boao Forum for Asia (BFA), which started on Tuesday. Shen said the province and Hong Kong should work together in the professional service, aviation and medical sectors. He said Hainan welcomed Hong Kong’s young people studying and working there.
In a separate meeting with Macau Chief Executive Ho Iat-seng, Shen said despite the pandemic, Hainan province had made achievements in many aspects including the retail, education, medical and high technology sectors. He said Hainan hoped to strengthen its connections with Portugese language countries through Macau while the island and the Asian gaming center should continue to deepen their cooperation in the tourism and high technology industries.
“The fate of the world should be controlled by all countries. We should not let one or several countries to set the rules and impose them on others,” President Xi Jinping said in an opening speech through a video.“We should not allow some particular countries to use their unilateralism as a rhythm to lead the whole world.”“What we need in today’s world is justice, not hegemony,” Xi said, adding that any effort to build barriers and decouple works against economic and market principles, and would only harm others without benefiting oneself.”
This year’s Boao Forum includes a panel for provincial and municipal leaders in China and ASEAN countries, a sub-forum about Maritime Silk Road and island economy and the free trade zone development in the world. The Hainan government said the forum would serve China’s foreign policy objectives, support the Belt and Road Initiative and build the island’s free trade zones.
According to an article published by the People’s Daily, Hainan had started diversifying its economy and stopped relying on the property sector since 2018.On April 9, the People’s Bank of China (PBoC) and three other financial regulators released an opinion document with 33 new measures that aim to further open up Hainan’s financial sectors. They said Hainan was the largest economic zone in China and had the advantages to deepen the country’s economic reform and opening-up policies. The new measures include a testing scheme to increase renminbi convertibility for cross-border investments.
Eddy Li Sau-hung, president of the Hong Kong Economic and Trade Association, said the 33 new measures would encourage foreign financial firms to set up offices and form joint-ventures with Chinese banks in Hainan. Li said Hong Kong’s financial institutions should enter Hainan as early as possible to benefit from China’s opening up. He said Hong Kong would strengthen its status as an international financial center by partnering with Hainan.
In August 2019, the Shenzhen-based Huawei Technologies won a contract to build the China Mobile’s Hainan-Hong Kong International Submarine Cable for 325 million yuan. The project is the first international submarine cable in Hainan province and an important communication infrastructure for the construction of Hainan free trade port. On March 21, 2021, China Mobile (Hainan) announced that the Hainan side submarine cable had successfully reached Wenchang. The Hong Kong side is expected to be completed in June. The company said the interconnection of Hainan, Hong Kong and Zhuhai will be realized, and Hainan would become a major national strategic service guarantee area.
Meanwhile, Chief Executive Carrie Lam said in an interview with CGTN that Hong Kong had passed the worst time after the National Security Law was implemented to end the social unrest. She said Hong Kong's economy would grow by 3-5% this year.
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