Fireworks celebrating the 75th anniversary of the founding of the People's Republic of China illuminate the sky over Victoria Harbour in Hong Kong, Oct 1, 2024. [Photo/Xinhua]

The resolution of the third plenary session of the 20th Central Committee of the Communist Party of China on further deepening reform and advancing Chinese modernization, to date the most comprehensive blueprint of China's development going forward, spells out strategic roles for the special administrative regions of Hong Kong and Macao under the rubric of "pursuing high-standard opening-up".

The resolution lays out four expectations of the two special administrative regions.

They are to play an important role in optimizing China's plan for regional development to enhance coastal-interior interaction and the free trade experiment, as on Hainan Island; to harness the institutional strengths of the "one country, two systems" policy and further consolidate Hong Kong's position as a global financial, maritime and trading center and as a magnet for high-quality talent; to deepen cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area; and to improve high-quality implementation of the Belt and Road Initiative in diverse areas such as technology and innovation, green development, digital economy, artificial intelligence, energy, taxation and disaster mitigation.

These four expectations pinpoint precisely the roles the two SARs are to play in the master plan for the next stage of national rejuvenation. During a recent meeting with Hong Kong Financial Secretary Paul Chan Mo-po, Xia Baolong, head of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, urged Hong Kong to comprehend in-depth the spirit of the third plenary session, grasp the opportunity, implement decisive reform, and take the initiative to speed up Hong Kong's economic recovery. Reiterating that Hong Kong must keep refurbishing its "shop signs writ in gold" (that is, Hong Kong's position as a global financial, maritime and trading hub), Xia's remarks underscored the gravity of the central government's concerns about Hong Kong and the need for the city to act swiftly to implement reform.

Hong Kong's traditional strengths in finance, shipping and trading face unprecedented challenges. The liquidity crunch and the reshaping of the global supply chain, arising from misunderstandings about the Chinese mainland, rising protectionism in the West and conflicts raging in Ukraine and the Middle East, have sapped Hong Kong's long-held advantage in these areas. Hong Kong must take decisive measures to boost liquidity and confidence in the city's stock market and restore its function as a linchpin between the Chinese mainland and international capital markets.

A study of the long-term future of Hong Kong's container ports is long overdue. With rising competition from nearby container ports and a likely decrease in port calls, it is imperative for the HKSAR government to formulate long-term plans for enhancing Hong Kong's competitiveness as a global maritime center, whether through consolidation with ports in the Greater Bay Area or repositioning Hong Kong as "shipless shipping center". Establishing a statutory maritime and ports authority, on the lines of the Airport Authority, to take charge of longer range planning would be a step in the right direction.

Thanks to its superb geographical location, Hong Kong has thrived on trade. Under the leadership of Chief Executive John Lee Ka-chiu, Hong Kong is doubling down on its efforts to strengthen trade relationships with partners other than those from the Chinese mainland, and Europe and North America. Lee's recent visit to three ASEAN countries — Laos, Vietnam and Cambodia — is a case in point.

Integration with GBA cities has surged in the past two years, helped by the completion of transport infrastructure that turned a "one-hour living circle" between Hong Kong and mainland GBA cities into a startling reality. During every weekend or holiday, tidal waves of Hong Kong residents, both locals and expatriates, flood into Shenzhen and other GBA cities to have a good time. Cooperation in residential care for the elderly and healthcare, such as a recent case of transfer of cord blood stem cells from the mainland for treatment of a child patient, demonstrates how closer social and medical collaboration between the mainland and Hong Kong can improve lives on both sides of the boundary. Progress being made for exchange of medical data and collaboration in medical and life science research is a good example of how integration with the GBA cities in the mainland is a win-win story.

Hong Kong has been an active participant in the BRI since its launch in 2013. Hong Kong's fire services set a good example in assisting disaster mitigation in the aftermath of the earthquake in Turkiye in February 2023. Other than assisting in building the "hard power" of Belt and Road participating countries such as the digital economy, Hong Kong can help bring hearts and minds together by initiating and hosting a "Belt and Road Games "along with other GBA cities. Sports have proved to be a powerful unifier and forceful tool for nation-building on many occasions. With an excellent transport infrastructure and abundant world-class sports facilities in the GBA, Belt and Road Games could go a long way toward cementing ties and enhancing friendship among BRI participants.

The key to Hong Kong's success in attracting world-class, international talents, and supporting the continuous opening-up of Chinese mainland's economy lies in strengthening Hong Kong's "two systems" characteristics, including its common law system, its adherence to protection of fundamental rights and freedoms as provided in the Basic Law, and its international environment.

Many of Chinese mainland's most successful private enterprises have established strongholds overseas, but smaller ones that have their sights set on international markets can benefit from Hong Kong's experience of doing business with international partners. Like it or not, sallies into overseas markets risk collision with the values and norms of the Western world, or sleepwalking into legal and procedural quagmires. In his keynote speech at a meeting celebrating the 25th anniversary of Hong Kong's return to the motherland in July 2022, President Xi Jinping commended Hong Kong for being "a pioneer riding the wave of our country's great cause of reform and opening-up". Hong Kong has never stopped playing the role of window and bridge between the Chinese mainland and the rest of the world. The evolving geopolitical environment calls for Hong Kong to fine-tune this role. Hong Kong is well-positioned to tell the true story of China to the world — organize messages that are more acceptable to the West, renew ties with old friends, build common ground wherever possible, and venture into new areas to make new friends. Let Hong Kong's voice be heard by the world. The possibilities for Hong Kong to showcase the success of "one country, two systems" despite trying circumstances are infinite.

The author is convener of the Executive Council and a legislator. The views do not necessarily reflect those of China Daily.