HK's Five-Year Plan: "super-connector" role could be spotlighted

Hong Kong is drawing up its first Five-Year Plan.

Speaking with TVB News, a mainland digital bank executive believes apart from consolidating the city's existing edge, Hong Kong could also step up its role of a super connector.

Marking the first digital bank in mainland China, this company invested 150 million US dollars two years ago to set up its technology services headquarters in Hong Kong to operate its fintech products.

Over the past two years, leveraging Hong Kong as a springboard, it has expanded into four Southeast Asian markets including Indonesia and Malaysia. Its next step: to move on to Belt and Road countries in the Middle East and South America.

The reasons for investing here include recognising Hong Kong's status as an international financial centre.

Joe Chen, Vice President of WeBank, says so-called benefits like housing, talent and taxes could be secondary compared with Hong Kong's competitive advantage to expand their global markets.

The 15th Five-Year Plan specifically underscores the support for Hong Kong to deeply participate in the Belt and Road Initiative, leveraging professional services to help enterprises "go global."

Through the Hong Kong government's Office for Attracting Strategic Enterprises, or OASES, more than 120 key enterprises have been brought into Hong Kong.

Most established their headquarters in Hong Kong before expanding into overseas markets.

Bryan Peng, Executive Director of OASES, says they evaluate the business plan of each enterprise,assessing their goals over a five-year timeframe, and ways to facilitate their R&D collaborations, and find relevant talent.

Last year, the government also set up a dedicated overseas task force, integrating resources from InvestHK and the Trade Development Council to provide a one-stop support platform for mainland enterprises.

Within the Legislative Council's "15th Five-Year Plan" working group, the group responsible for financial policy has also submitted opinions on supporting overseas expansion.