The government has outlined a blueprint for Hong Kong's future role in the development of China, suggesting that the city should strengthen its role as a bridge between the mainland and the rest of the world.

The Commission on Strategic Development, chaired by Chief Executive Donald Tsang, issued a paper Monday that focuses on Hong Kong's role and economic relationship with the mainland since its reform and opening up, and explores Hong Kong's future role in the medium to long-term development of the mainland.

Some of the recommendations included:

- Hong Kong should improve its financial infrastructure in support of the internationalization of the yuan as well as its financial and risk management services.

- Hong Kong should also further develop yuan products as well as yuan settlement and investment services in Asia.

- Hong Kong is also well-equipped to develop into an asset and wealth management center for the mainland;

- Hong Kong should strengthen its multiple roles as a world city in order to serve as a bridge for mainland enterprises to "go global" and for the mainland to "bring in" foreign investment.

- Because Hong Kong will handle an increasing volume of international transshipment business, it should further develop high-end ancillary shipping services. It is also well placed to become a high-end inventory management and distribution centre.

- Hong Kong should actively promote regional co-operation and integrated development in the Greater PRD region with a view to making the region the most dynamic and internationally competitive city cluster in the Asia-Pacific region.

- Hong Kong should also serve as an education hub, enhance exchanges with Taiwan, make greater contributions to the development of good relations among the mainland, Hong Kong and Taiwan and demonstrate the successful implementation of "One Country, Two Systems", as well as strengthen regional co-operation with East Asia, in tandem with the mainland's strategy of enhancing its "soft power" in the region.

The Commission on Strategic Development will meet next Monday. Members can advise on a number of issues, including Hong Kong's position during the period of the 12th Five-Year Plan (2011-2015) and areas in which Hong Kong industries can co-operate with the mainland.

"Our country is formulating the National 12th Five-Year Plan this year," a government spokesman said, adding that "Hong Kong attaches great importance to participating in the formulation work. It is timely for the CSD to discuss Hong Kong's role in the medium to long-term development of the mainland."

China Daily

(HK Edition 04/13/2010 page2)