“[We support Hong Kong and Macau] to give full play to their own advantages and characteristics, actively participate in the development of the Guangdong-Hong Kong-Macau Greater Bay Area, and better integrate into the overall development of the country,” Li said on Tuesday.

Thousands of political elites are gathered in the capital for the parallel meetings of the NPC and the Chinese People’s Political Consultative Conference (CPPCC), the country’s top advisory body. The “two sessions” meetings, also known as lianghui, lay out the country’s priorities for the coming year and beyond.

In his work report, Li pledged that Beijing would support Hong Kong and Macau’s economic growth, improve the livelihood of their residents and maintain the cities’ long-term prosperity and stability.

He also underscored the importance of “fully, accurately and firmly” implementing the “one country, two systems” governing policy, as well as “Hong Kong people governing Hong Kong” and the city’s “high degree of autonomy”.

“We should adhere to the principle of ruling Hong Kong and Macau according to the law, and that Hong Kong and Macau are administered by patriots,” Li said.

In 2019, he said Beijing supported Hong Kong in “seizing opportunities” inherent in the blueprint, while last year he urged Hong Kong to “further advance” its involvement in the bay area initiative.

And unlike in 2021 and 2023, the premier made no mention of the city’s political climate this year. In 2021, Li Keqiang said the central government would “resolutely guard against and deter external forces’ interference in the affairs of Hong Kong and Macau”.

Last year, Li Keqiang said Hong Kong had entered “a new stage in which it has restored order and is set to thrive”, while noting Beijing had exercised effective jurisdiction over the city with the enactment of the national security law and the reform of its electoral system.

Hours after Li delivered the report, Zheng Yanxiong, director of Beijing’s liaison office in Hong Kong, met the city’s deputies and said financial issues occupied a prominent position in the work report.

According to the office, Zheng said Hong Kong’s status as an international financial centre was an important part of the country’s development into a “strong financial power”. He urged Hong Kong to boost the confidence of international investors and defuse financial risks.

The meeting was also attended by representatives from the General Office of the State Council, Ministry of Finance and National Development and Reform Commission, among others.

Hong Kong leader John Lee Ka-chiu, who also attended the opening NPC session sitting next to Macau Chief Executive Ho Iat-seng, said his administration would give full play to the “power and value” of the principle of “patriots” governing Hong Kong, while also uniting society and fully developing the economy.

Lee said Hong Kong would strive to seize the opportunities offered by the country’s latest five-year development plan, the bay area blueprint and the global trade-centred Belt and Road Initiative. Hong Kong would also actively engage in the country’s overall development plan and boost its own international competitiveness, he pledged.

“I am very encouraged by the premier, who said he will support Hong Kong in improving its economy, developing its economy and improving people’s livelihood,” he told the media in Beijing.

Lee, who has cut short his three-day trip by a day and returns on Tuesday evening, said one major achievement of his visit was gaining the support of the country’s finance officials. The city government would continue to encourage its mainland counterparts to issue offshore renminbi bonds and green bonds in Hong Kong and to use the city’s professional services to promote the internationalism of the yuan, he added.

The city leader also called on young Hongkongers to have a correct understanding of the country’s history and values, as the future development of the city, the bay area and the country required their participation.

When asked about the timetable for legislating a proposed domestic national security law, Lee pledged to enact it “as soon as possible”.

Hong Kong leader vows to enact domestic security law ‘as soon as possible’

The government’s main task after the consultation period that ended last Wednesday was to consolidate the suggestions and integrate the useful ones into the provisions of the law, he said.

“Our teams are striving hard and I have requested them to complete it as soon as possible, so that we can pass the bill to the legislature to scrutinise quickly,” he said, without providing a date.

Lau Siu-kai, a consultant at the semi-official Chinese Association of Hong Kong and Macau Studies think tank, said the premier’s work report suggested Beijing’s current focus was on the city’s economic development rather than the political situation, as the turmoil was now over.

“The key is to pour in more resources and capital, and to integrate more into the overall development plan in the bay area, rather than in Western markets,” he said. “Beijing will provide Hong Kong with more support and beneficial policies.

“But Hong Kong must also continue to be vigilant against hostile forces that endanger national security and consolidate its hard-won stability.”

CPPCC member Henry Tang Ying-yen said he regarded the work report as “practical and enterprising”, adding that the progress of cross-border integration in recent years had been “far from satisfactory” due to Covid-19 pandemic.

The report pointed to Hong Kong’s need to “catch up”, Tang said, adding the city should focus on helping to assist Beijing’s latest plans to issue 1 trillion yuan of special ultra-long central government bonds.

“Hong Kong’s common law systems, independent jurisdiction and reputable regulatory bodies are in line with international standards,” he told reporters. “Issuing some of the bonds via Hong Kong would be beneficial to both places.”

Fellow member Pansy Ho Chiu-king, managing director of Shun Tak Holdings, said the year ahead would be a critical one for each of the bay area cities to develop their strengths with Beijing’s support.

“Hong Kong and Macau must explain more [to foreign investors] about our actual circumstances,” she told the Post. “Our doors are wide open and our interconnectivity with mainland cities has improved a lot.”

‘Two sessions’ delegates push to keep Hong Kong unique, help mainland firms

Rock Chen Chong-nin, a Hong Kong deputy to the NPC, said he expected the financial hub would have a key role to play in helping the country navigate recent economic challenges.

“Risk exposure, geopolitical tension and the property market downturn will still hinder growth,” he said. “Hong Kong’s role as China’s most internationalised city will only become more important this year.”

Deputy Wilson Shum Ho-Kit said Beijing’s emphasis on Hong Kong’s strengths meant the city should focus on attracting foreign investment in the year ahead.

The politician also brushed aside concerns that the home-grown security legislation, required under Article 23 of Basic Law, the city’s mini-constitution, would hinder such efforts.

“Authorities have made it clear that they took reference from many common law jurisdictions in drafting the bill,” he said. “This will only boost the confidence of investors.”

Additional reporting by Kawala Xie