Immigrate to Hong Kong Focus on Hong Kong Immigration Economy: Financial Secretary of the Hong Kong SAR Government, John Tsang, stated in a blog post on the 1st that prioritizing innovation in the 13th Five-Year Plan is not an empty political slogan, but carries significant practical meaning.
John Tsang mentioned that "innovation" is one of the buzzwords in the communique of the Fifth Plenary Session of the 18th Central Committee. Among the five development concepts proposed in the communique—innovation, coordination, green, openness, and sharing—innovation is ranked first and involves a wide range of areas.
He cited an article by a mainland scholar, stating that during the 13th Five-Year Plan period, China's development may encounter bottlenecks and face the so-called "middle-income trap." Breakthroughs require a multi-pronged approach, including promoting industrial upgrading and transformation, investing in education and scientific research, and encouraging creativity and innovation.
Currently, the transformations and challenges facing China are highly complex, including the aging population entering a critical stage, new labor demands arising from industrial transformation, and a slowdown in global market demand. John Tsang believes that these issues can be understood through the content of the 13th Five-Year Plan, which outlines the country's relevant countermeasures and policy priorities for the next 5 years.
"I encourage everyone, especially friends in the business community, to gain an in-depth understanding and try to grasp the country's next round of development direction from it, so as to seek business opportunities," John Tsang said in the article.
Regarding Hong Kong, John Tsang stated that for many years, the SAR has played an important role in China's economic development and opening-up process by relying on its excellent market system that is aligned with the world. He hopes that in China's development blueprint for the next 5 years, Hong Kong can continue to leverage the unique advantages of "One Country, Two Systems" and achieve sustainable mutual benefit and win-win results through complementary advantages with the mainland.