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Hong Kong's development closely related to mainland: businessmen

CNC
Added On July 1, 2017

HONG KONG, June 28 (Xinhua) -- Every stage of the development of Hong Kong's economy is closely related to the development of the Chinese mainland, especially since Hong Kong's return to the motherland in 1997, Hong Kong businessmen have said.

"Hong Kong has become the world's most service-oriented economy since its return to the motherland," said Tse Kwok Leung, head of policy & economic research, Bank of China (Hong Kong).

This is a result of closer cooperation between Hong Kong and the mainland, he added.

In 1997, the service sector generated 85 percent of Hong Kong's gross domestic product (GDP); in 2016, the percentage has risen to 92.6 percent.

Eddy Li, president of the Chinese Manufacturers' Association of Hong Kong, is looking forward to the opportunities brought about by the Belt and Road Initiative and the development plan for a city cluster in the Guangdong-Hong Kong-Macao Greater Bay Area.

If Hong Kong seizes the opportunities, its economy will go one step further, he said.

Tse also said that the Belt and Road Initiative and the greater bay area development plan are offering renewed impetus to Hong Kong, which allow Hong Kong to continue to fully play its role as an international financial center and a professional service center.

Hong Kong has served as a super-connector between the Chinese mainland and the world, and it is also the best partner of "going global" with the mainland, said Choi Koon-shum, chairman of the Chinese General Chamber of Commerce of Hong Kong.

After returning from a trip to the Guangdong-Hong Kong-Macao Greater Bay Area in April, Li has been busy promoting the bay area among different circles in Hong Kong.

"The greater bay area development plan will bring a brand new situation for Hong Kong's enterprises," Li said.