Hong Kong Should Learn from Shenzhen’s Experience in Upgrading and Transformation

Liang Zhenying, vice chairman of the National Committee of the Chinese People’s Political Consultative Conference, emphasized the importance of Hong Kong learning from Shenzhen’s experience in upgrading and transformation. He suggested that Hong Kong adopt the “emptying the cage and replacing the bird” approach, which involves transferring industries that are no longer suitable for operating in Hong Kong to other places, thereby freeing up land, human resources, and capital to focus on higher value-added industries.

Leung Chun-ying highlighted the significant achievements made by the country since the implementation of reform and opening up 45 years ago. He noted that Hong Kong has contributed to the country’s development at different times and will continue to play a crucial role in the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Moreover, Hong Kong should actively participate in national development by leveraging its advantages and experience to support the further development of the national legal system.

Leung Chun-ying also discussed the transformation challenges faced by Shenzhen during the past 45 years of reform and opening up. He emphasized the need for reform to address these challenges and suggested that Hong Kong could learn from Shenzhen’s experience in carrying out industrial transformation and developing higher value-added industries.

The Decision of the Third Plenary Session of the 18th CPC Central Committee emphasized the importance of Hong Kong consolidating and enhancing its status as an international shipping center. Although Hong Kong’s container terminal throughput is no longer ranked as high as before, Leung Chun-ying believes that Hong Kong should not focus solely on container throughput. Instead, the city should develop its legal, maritime, and financing service industries related to shipping, which have their own needs and market competitiveness.

Leung Chun-ying cited the example of London, which has become a leading shipping center without a port. He noted that international shipping centers are no longer judged solely by their container handling capacity. To enhance Hong Kong’s competitiveness, Leung suggested that the city provide service industries such as maritime lawyers, maritime insurance, and financing. He also believed that Hong Kong’s industrial upgrading and transformation could boost the economy and provide professionals with more room for development.