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China economy
OpinionComment
Guo Shuqing
Guo Shuqing

Opinion | How Hong Kong fits into China’s dual circulation plan and innovation-driven vision of development

  • As the Greater Bay Area becomes a model of the country’s modernisation drive, Hong Kong will play a role in developing global innovation centres of science and technology, connecting China’s domestic and international circulations and as an offshore renminbi market

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Illustration: Craig Stephens
Guo Shuqing
Today’s world is witnessing historic changes. Asia may play a prominent role in the development of the world’s civilisation as it once did a few centuries ago. And recently China has set out clear development objectives. By 2035, it will achieve socialist modernisation. By 2050, it will develop into a modern socialist country that is strong, prosperous, democratic, culturally advanced, harmonious and beautiful.
The 2035 objective means China will become a global leader in innovation, a moderately developed country in terms of per capita gross domestic product, and a country with the rule of law well established. It will also see its cultural soft power significantly enhanced, environment fundamentally improved and people enjoying well-rounded development.

It would be a huge disaster if China and other Asian countries reached modernisation in the same way as Europe, the US and Japan. Over-exploitation and an increasingly fragile environment have already sent out warning signals.

Hence, sustainable development is the only way forward for humanity. President Xi Jinping announced that China will strive to reach peak carbon emissions by 2030 and carbon neutrality by 2060. We have made great progress in green development. Currently, China’s installed renewable power capacity accounts for roughly 30 per cent of the global total.

03:05

China vows carbon neutrality by 2060 during one-day UN biodiversity summit

China vows carbon neutrality by 2060 during one-day UN biodiversity summit

We should try to achieve more efficient and higher quality development. China has achieved great success in reform and opening up. Today as input intensity of traditional factors of production declines, innovation should become the key driver of modernisation. We need to deepen policy reforms in the areas of science, technology, education and finance, and nurture more talent.

Meanwhile, entrepreneurship, the scientific spirit and craftsman spirit should be encouraged. The financial system should better support venture capital, engineering projects, and basic research and development.

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