'High-quality Development' Key Goal For HK: Paul Chan

Financial Secretary Paul Chan on Sunday said Hong Kong must do more to better align its growth to the nation’s overall strategy of ‘high-quality development’ – while ensuring that coming advancements will improve the quality of life for the people.

In his weekly blog, Chan said the ‘Two Sessions’ meeting in Beijing of the nation’s top political bodies and the re-election of Xi Jinping as president has united the country and clearly set ‘high quality development’ as the cornerstone of the China’s economic development.

Hong Kong, he wrote, will need to complement the national goal of achieving a high level of technological self-reliance by accelerating technological innovation and further diversifying the local economy.

“Whether it is artificial intelligence and biotechnology, or the digital economy, third-generation internet or [developing into] a green technology and financial hub, we must not only make steady progress, but seize the opportunity to accelerate development,” he said.

The finance chief added that Hong Kong is now at a ‘critical stage’ in its development. Having implemented the ‘patriots governing Hong Kong’ model, he said, the city must now focus its efforts in pursuing ‘high-quality development’.

“Through technological innovation, and the development of new systems and models, we must strive for a more diversified and in-depth development of the economy, in a way that the results can continuously translate into an enhancement of the quality of life for the people, giving them a sense of achievement and contentment”, Chan said.