During China's 2026 national two sessions, Hong Kong's role as the world's third-largest financial center drew attention. Australian scholar Warwick Powell discussed with Hong Kong CPPCC member Judith Yu how the city can leverage its 'super-connector' status to align with the 15th Five-Year Plan. Yu highlighted innovation, technology, and financial empowerment to boost Greater Bay Area cooperation.
China's 15th Five-Year Plan includes a dedicated section to promote the long-term prosperity and stability of the Hong Kong and Macao Special Administrative Regions, proposing to strengthen cooperation between the Hong Kong Special Administrative Region and the mainland in multiple areas and integrate the SARs' development into the country's overall planning. During the 2026 national two sessions, deputies to the 14th National People's Congress and members of the 14th National Committee of the Chinese People's Political Consultative Conference from the HKSAR actively offered suggestions on the SARs' development, drawing significant international attention.
Enjoying firm support from the motherland and multiple connections to the world, Hong Kong plays a vital role as a 'super-connector' and 'super-value adder,' with its prosperity and stability closely tied to national development. In the latest episode of China Q&A with China News Network, Warwick Powell, former policy advisor to Australian Prime Minister Kevin Rudd, joined the discussion on the HKSAR's development.
Powell noted that Hong Kong has always been a bridge connecting the Chinese mainland with the international community, where enterprises have established roots and it mediates the flow of products, services, and capital. 'I think that will continue to be Hong Kong's most important role, connecting the Chinese mainland and the international community. And as new technologies play an increasingly important role in future development, Hong Kong's multi-node supply chains will be able to continue integrating and collaborating with each other within a stable environment,' Powell analyzed.
From a macro-strategic perspective, Powell pointed out that Hong Kong and its neighboring Guangdong-Hong Kong-Macao Greater Bay Area will continue to act as vanguards of economic reform, serving as a platform for intensive economic interaction between the mainland and the globe. However, amid a complex and volatile international situation, how can Hong Kong better leverage its status as an international financial center to attract global capital inflows? What role can it play in financial technology innovation and service provision? Powell raised these questions to Judith Yu, a CPPCC member from the HKSAR and chairman of the Hong Kong Chamber of Commerce in China.
In late February, ahead of the two sessions, the HKSAR government released its 2026-2027 fiscal year budget, focusing on 'innovation and technology' and 'financial empowerment,' resonating with the national 15th Five-Year Plan. From these perspectives, Yu answered Powell's questions. Taking the emphasis on technology and innovation as an example, she said the budget proposes investing significant resources and funds to support the sector's development, which is inseparable from deep integration with the mainland, particularly the Greater Bay Area.
Hong Kong's accelerated development of the Northern Metropolis will effectively combine its scientific research achievements with mainland industries, expected to become a financing hub for the tech and innovation sectors of both Hong Kong and the mainland. Yu noted that several Hong Kong universities have achieved mature conditions for technological innovation, with many ranking among the world's top institutions. Leveraging relevant research talent and outcomes, transforming these into industries relies on the mainland's vast market, especially the Greater Bay Area. This will better serve Hong Kong's integration into the Greater Bay Area and the national 15th Five-Year Plan for technological innovation.
'Under the integration, Hong Kong will provide substantial supporting policies to attract global enterprises. It will also leverage its role as a 'super connector' to attract global companies to enter the Chinese mainland market or establish headquarters in Hong Kong,' Yu emphasized.
Regarding attracting tech talents, Yu pointed out that Hong Kong is rolling out more preferential policies to bring in professionals from around the world, assisting them in connecting with mainland resources for synergies. From another perspective, to leverage Hong Kong's financial advantages, as a center for the offshore RMB market, it will facilitate participation in investments for mainland and global tech projects, achieving industrial value addition through its financial platform.
'The outside world highly values Hong Kong's tax policies and free flow of capital. Therefore, on the financial front, Hong Kong will actively develop more policies to support technology companies in listing and going global through relevant platforms in Hong Kong,' she said.
In 2025, Hong Kong regained its position as the world's third-largest financial center, demonstrating strong international competitiveness. According to Yu, this aligns perfectly with its role as a 'super connector' and 'super value-adder.' Amid a complex international environment, Hong Kong will continue to support mainland enterprises in raising funds through local platforms while helping global companies list on the HKEX, serving as a key demonstration of alignment with the national plan.
'Hong Kong will continue to explore new markets and help enterprises from the Chinese mainland go global through the country's Belt and Road Initiative,' she added.
In recent years, China has improved its green finance standards, injecting momentum into green development. To this end, Yu said Hong Kong is promoting green finance while consolidating traditional businesses, through measures like issuing green bonds and establishing special funds to attract global capital for mainland green projects.
'Moreover, Hong Kong possesses a well-established legal system recognized internationally. We need to let the world know China's development story and attract enterprises from all countries to invest in the Chinese mainland through platforms in Hong Kong,' Yu concluded.
