How does Hong Kong stay relevant in China’s new technological era? Innovation holds the key, analysts say

Communist Party leadership declares self-sufficiency in technology a core element of China’s modernisation

Beijing promises to uphold Hong Kong prosperity, stability in fifth plenum communique, but no mention of ‘one country, two systems’ as previously referred to

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Hong Kong was referred to once in a Communist Party communique focusing on driving forward the nation as a technology powerhouse. Photo: EPA-EFE

Published: 10:24pm, 29 Oct 2020Updated: 12:56am, 30 Oct 2020

Hong Kong must work closely with Shenzhen and other neighbours over the border on technological innovation to stay relevant, according to analysts, after Communist Party leaders on Thursday made self-sufficiency in that field a top priority for the Chinese nation.

A communique issued at the conclusion of the fifth plenum, a major four-day meeting of the country’s top decision-makers, also vowed that Beijing would ensure the long-term prosperity and stability of Hong Kong and Macau, but made no other direct reference to the international finance hub.

The document focused on the central government’s 14th five-year plan, which charts China’s economic and political course from next year to 2025, with progress in technology at its centre.

“We must insist on innovation as the core of our country’s modernisation … and consider technological self-sustainability as the strategic pillar of national development,” the statement read.

Beijing aims to turn Shenzhen (shown), Hong Kong, Macau and eight other Guangdong cities into a financial and technological hub rivalling California’s Silicon Valley by 2035. Photo: Martin Chan

China’s relationship with the United States has deteriorated in recent years, with Washington looking to its European allies to help it counter Beijing’s rise as a technological power.

How does Hong Kong stay relevant in China’s new technological era? Innovation holds the key, analysts say

Communist Party leadership declares self-sufficiency in technology a core element of China’s modernisation Beijing promises to uphold Hong Kong prosperity, stability in fifth plenum communique, but no mention of ‘one country, two systems’ as previously referred to

Communist Party leadership declares self-sufficiency in technology a core element of China’s modernisation

Beijing promises to uphold Hong Kong prosperity, stability in fifth plenum communique, but no mention of ‘one country, two systems’ as previously referred to