HK should embrace role in nation’s economic destiny

By Hu Weijia Source:Global Times Published: 2019/8/20 21:03:41

The Chinese Academy of Sciences, China's highest academic institution in natural sciences, has recently built a research center in the Macao Special Administrative Region (SAR) for the study and innovation of integrated circuit (ICs). 

Some people wonder why Macao, instead of Hong Kong, is rising as a new star in IC studies.

Ho Iat Seng, the candidate for the next chief executive of China's Macao SAR, said recently that he will help the city seize the chances offered by the nation's economic reforms. If elected, Ho is expected to strengthen economic links between Macao and the Chinese mainland.

The State Council, China's cabinet, on Sunday unveiled a document that aims to build Shenzhen into a pilot demonstration area of socialism with Chinese characteristics. Shenzhen is home to the headquarters of many high-tech companies including Chinese telecom giant Huawei. If Macao embraces opportunities to join the nation's development and enhances economic ties with Shenzhen, the SAR will gain the chance to upgrade its economy and foster strategic emerging industries such as ICs. Macao has the potential to become a research base for Huawei.

Macao's GDP per capita has exceeded that of Hong Kong. The Hong Kong SAR government on Thursday revised the real economic growth forecast for 2019 to 0 to 1 percent from an earlier estimate of 2 to 3 percent. 

Paul Chan, the HKSAR government's financial secretary, said the risk of Hong Kong experiencing an economic downturn is significantly rising in the face of internal and external difficulties, according to the Xinhua News Agency.

Hong Kong has a great sense of superiority as an international financial center, but now the SAR needs a strong sense of crisis. If Hong Kong continues to turn a blind eye to the economic opportunities offered by the mainland, the SAR will be overtaken by more mainland cities in economic terms. 

One possible consequence is that Hong Kong's role in China's economic landscape will be largely reduced.

Hong Kong residents have to admit that Shenzhen has surpassed Hong Kong in many areas. The central government's plan to build Shenzhen into a pilot area will support the city's development and enable it to become one of the most advanced in the world. An unreasonable sense of superiority will further widen the economic gap in terms of GDP between Hong Kong and Shenzhen. Hong Kong's future is in the hands of its people. Even if rioters continue to damage Hong Kong's economic recovery, they cannot counter the rise of Shenzhen, and Hong Kong residents will be the ultimate victims. 

The central government will do whatever it can to prop up Hong Kong's economy , but the best choice for Hong Kong is to embrace opportunities to join the country's economic development.

The author is a reporter with the Global Times.


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