中国之道：香港特别行政区新一届政府施政首年经济回望

编者按：习近平新时代中国特色社会主义思想立足中国、放眼世界、关怀当下、远眺未来。CGTN推出《决策者》专栏《中国之道》系列文章和视频，邀请国内和国外官员、专家，从他们实际工作领域出发，讲述对中国治理之道及其国际意义的理解。本期为该系列第二期，邀请香港财政司司长陈茂波回顾本届香港特别行政区政府上任一年以来在经济方面的工作成果，解析习近平新时代中国特色社会主义思想如何指导香港特别行政区政府的工作。

Editor's note: Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era is China-centered, and internationally applicable; it caters to the present and is geared towards the future. In CGTN's Decoding China series, domestic and international high-profile officials and experts from various fields share their experiences and talk about Chinese governance and its global implication. In the second installment, Paul Chan, the Financial Secretary of China's Hong Kong Special Administrative Region (HKSAR) government, looks at the work of the current HKSAR government since it took office a year ago, and examines how Xi's Thought guides the work of the HKSAR government.

Time really flies and we have come to the end of June. It has been a year since China's Hong Kong Special Administrative Region (HKSAR) current-term government took office. Over the past 300 days or so, we have gone through ups and downs with our fellow residents, witnessing how our whole society emerged from the COVID-19 epidemic and returned to normalcy, with smiling faces around following the lifting of the mask-wearing requirement. From the Global Financial Leaders' Investment Summit and Hong Kong Sevens held at the end of last year, to the full resumption of normalcy earlier this year, followed by the "Happy Hong Kong" Gourmet Marketplace series and the recent return of the giant Rubber Duck to Victoria Harbor after a decade, these events have brought happiness and good memories to people of all ages.

转眼间已是六月底，也是这届政府上任一周年。过去这三百多天，我们一起经历高低起伏，也一起见证了整个社会如何摆脱疫情、生活如何重回常态，毋须再戴口罩的生活让大家笑脸重现。从去年底的国际金融领袖投资峰会、七人榄球赛；到今年初香港全面复常，再到“开心香港”的美食市集系列，以至近期阔别十年的黄鸭仔重临维港，都给不少大人和小朋友带来欢笑与回忆。

Looking back at the past four quarters, the economy shrank by over 4 percent in the third and fourth quarters of last year due to the worsening external environment and tightening financial conditions, but a series of HKSAR government's counter-cyclical measures had a stabilizing effect on the economy. Under the leadership of Chief Executive John Lee Ka-chiu, we precisely adjusted our anti-epidemic measures, effectively controlled the epidemic, and achieved full resumption of normal travel in early February this year. This supported a significant improvement in the economy in the first quarter of this year, in which a year-on-year growth of 2.7 percent was registered. Other measures, including the distribution of consumption vouchers, tax and fee waivers and reductions for enterprises, and the extension of the 100-percent loan guarantee scheme for small and medium-sized enterprises, have also effectively boosted the momentum of economic revival. The unemployment rate in Hong Kong has also declined from 4.7 percent in the second quarter of last year to the current 3.0 percent. Inflation has remained generally moderate. The prices and trading activities of the residential property market have both rebounded moderately in the first five months of the year. It can be said that the end of the epidemic and full resumption of normal travel have enabled various economic and business activities to quickly recover. The year-on-year growth of retail sales value accelerated from only about 1 percent in the second half of last year to nearly 22 percent in the first four months of this year. Fixed investment in the first quarter of this year also increased substantially by nearly 6 percent in real terms over a year earlier.

回望过去的四个季度，受外围环境恶化和金融状况收紧所拖累，去年第三至第四季度整体经济收缩逾4%，但特区政府的一系列逆周期措施已发挥了稳住经济的作用。其后，在行政长官李家超先生的领导下，我们精准调节防疫措施，有效管控疫情，最终今年二月初迎来全面通关，支持今年首季经济显著改善，同比增长2.7%。其他一系列措施，包括发放消费券、企业的税费减免、延续中小企百分百担保贷款计划等，也有效巩固了经济复苏的势头。本港失业率亦由去年第二季的4.7%，回落到目前的3.0%。通胀基本维持温和。今年前五个月住宅楼市价量均温和回升。可以说，疫情的结束及全面便捷通关，让各种经济及商业活动能迅速恢复，零售额的同比增长由去年下半年的仅约1%，加快至今年首四个月的近22%。固定投资在今年首季亦同比增加了近6%。

However, Hong Kong's merchandise exports are still under pressure, recording a double-digit year-on-year decline in value terms in the first four months of this year, mainly due to the further deterioration of the global economy, geopolitical tensions and intense competition among economies. These challenges are expected to continue for the rest of this year.

不过，本港商品出口仍然受压，今年首四个月的商品出口总值仍呈现同比双位数跌幅，主要受全球经济进一步恶化、地缘政治局势紧张及经济体间竞争激烈所影响，而这些挑战料会在今年余下时间持续。

While we cannot control the external environment, we are pressing ahead at full steam with local development.

外围的情况我们难以管控，但本地的建设我们正在全力加速推动。

The epidemic has brought many challenges in the past few years, and we have decisively adopted an expansionary fiscal policy and launched large-scale counter-cyclical measures to overcome various short and medium-term challenges and risks. We have also promoted medium and long-term development comprehensively with a perspective that goes beyond economic cycles. We must seize the historic opportunities brought by the development of our country, and take a holistic view and plan for the long term by taking into account international perspectives and Hong Kong's position. Through better integration of a "capable government" and "efficient market" alongside innovations in policies and mechanisms, we can enhance economic development momentum, explore and cultivate new economic growth areas, and strive to boost the productivity and competitiveness of traditional industries.

过去几年疫情带来不少经济挑战，我们果断采取扩张性财政政策，推出大规模逆周期措施，克服各项短中期的挑战和风险；并以跨周期视野、全方位推动中长期发展。我们要抓紧国家发展带来的历史机遇，以国际视野结合香港角度，考量全局、部署长远。通过把“有为政府”与“高效市场”更好结合，以政策及机制的创新，增强经济发展动能，发掘及培育新经济增长点，并力求加速提升传统产业的生产力和竞争力。

As regards expanding capacity, the new-term HKSAR government strives to increase land supply by enhancing speed, quantity and efficiency. It has identified 32.8 square kilometers of land, which is sufficient to meet development needs in the next 10 years. This area - 32.8 square kilometers - is roughly double the size of Tseung Kwan O. Of these supplies, around half come from the Northern Metropolis and the Kau Yi Chau Artificial Islands.

在扩大发展容量方面，新一届政府全力提速、提量、提效，增加土地供应，已觅得足够未来十年发展需要土地的来源，规模达3280公顷，大约相等于两个将军澳，当中一半来自北部都会区及交椅洲人工岛。

For housing, we have identified sufficient land for the provision of about 360,000 public housing units, which will be able to meet the demand for public housing in the next 10 years. While expediting housing construction, we have introduced light public housing and transitional housing with a view to providing more options for grassroots residents who are inadequately housed and yet to be allocated public rental housing. We also endeavor to increase the supply of subsidized sale flats through various means.

住房供给方面，在未来十年，我们已觅得足够的土地，可兴建约36万个公营房屋单位，能够满足同期对公营房屋单位的需求。在全力加快建屋的同时，我们也通过简约公屋及过渡性房屋，希望能为居住环境恶劣、等候上楼的基层市民提供多个选择。我们也正设法多方位增加资助出售房屋的供应。

On transportation, the Tseung Kwan O-Lam Tin Tunnel and Cross Bay Link, Tseung Kwan O were commissioned at the end of last year, providing a more convenient commuting option for the district. The Tung Chung Line Extension of the local railway operator MTR commenced construction at the end of May, which is the first railway project to be built under the current-term HKSAR government. We are also taking forward various planned projects in full swing, amongst which the construction of Oyster Bay Station, Tuen Mun South Extension, and Kwu Tung Station of the Northern Link will commence this year.

交通方面，将军澳—蓝田隧道及将军澳跨湾连接路去年底通车，为该区的交通提供了更便捷的选择；港铁东涌线延线已于五月底动工，是本届政府首个动工的铁路项目。我们未来也会全速推进各个规划中的项目，其中小蚝湾站、屯门南延线及北环线古洞站都将在今年内相继动工。

A bigger and stronger international financial center

国际金融中心做大做强

Hong Kong is where international and Chinese mainland's capital, talent and projects converge. We are a platform for efficient financing and capital flow, and a testing ground for financial innovation. In the past year, Hong Kong, as an international financial center, has seen its business areas becoming wider, the product suite enriched, the sources of capital more diverse and the cooperation with the mainland, especially the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), closer.

香港是国际与内地资金、人才和项目的汇聚地，是资金高效融通的平台，也是金融创新的试验田。过去一年，香港作为国际金融中心，业务范畴更广阔、产品更多样化、资金来源更多元，与内地，特别是粤港澳大湾区的合作更密切。

On the stock market, exchange-traded funds (ETFs) were included under Stock Connect, while stocks of international enterprises that are listed in Hong Kong and fulfill specified conditions were included under Southbound trading. Together with the launch of "HKD-RMB Dual Counter Model" and the introduction of a listing channel for pre-profit specialist technology companies, they have enriched the choices of Hong Kong stocks for investors, and are also conducive to enhancing the attractiveness to capital and vibrancy of Hong Kong stocks.

股票市场方面，交易所买卖基金（ETF）被纳入“沪深港通”，在港上市并满足特定要求的国际企业纳入“南向通”。加上“港币—人民币双柜台模式”的启动，以及为未有盈利的特专科技公司特设渠道上市等措施，扩宽了投资者在港股中的选择，也有助于增加港股对资金的吸引力和活力。

On bond issuances, in the first half of this year, we made two triple-currency green bond offerings covering U.S. dollars, euro and RMB tranches. Both offerings marked the largest environmental, social and governance (ESG) bond issuance in Asia. In addition, we made the world's largest retail green bond issuance last year, as well as the world's first government-tokenized green bond issuance in February this year, demonstrating our commitment to promoting financial inclusion and innovation.

债券方面，今年上半年我们两度发行绿色债券，包括了美元、欧元及人民币。两次发行都创下当时亚洲区内同类债券发行金额的最高纪录。此外，去年我们发行了全球最大规模的绿色零售债券。今年2月，我们发行了全球首创的代币化绿债。这些彰显我们推动普惠金融及金融创新的决心。

Hong Kong's banking system remains resilient, with total deposits (including Hong Kong dollar and foreign currency reserves) having increased by 2 percent compared to mid-last year, to more than HK$15.5 trillion (about $1.91 trillion) as of end-April. The capital adequacy ratio also stood at 20.8 percent, well above the 8 percent international regulatory standard.

本港银行体系维持稳健，与去年年中相比，存款总额（包括港元及外币）上升约2%，超过15.5万亿港元（截至四月份数字）；银行资本充足率为20.8%，远高于国际监管标准的8%。

On widening the sources of capital, since the issuance of the Policy Statement on Developing Family Office Businesses in Hong Kong and the organization of the Wealth for Good in Hong Kong Summit, Invest Hong Kong has received close to 100 inquiries from family offices worldwide, with one-third having indicated an interest in setting up in Hong Kong.

拓宽资金来源方面，自我们发表《有关香港发展家族办公室业务的政策宣言》及举办“裕泽香江”高峰论坛以来，投资推广署已收到近100个来自全球各地家族办公室的查询，当中三分之一已表明有意在香港设立办事处。

On cooperation with the GBA, we jointly promulgated 18 measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai with the Shenzhen Qianhai Authority to provide facilitation and preferential policies for the Hong Kong private equity industry. We also signed the "Agreement on Enhancing Hong Kong-Guangdong Financial Cooperation" with the Guangdong provincial government to further promote deepened financial cooperation between Guangdong and Hong Kong.

与大湾区合作方面，我们与深圳市前海管理局联合发布《关于支持前海深港风投创投联动发展的十八条措施》，为香港私募基金业提供便利及优惠政策，并与广东省政府签署了《关于深化粤港金融合作的协议》，进一步推进粤港两地金融深度合作。

On financial infrastructure and innovation, the Hong Kong Monetary Authority is exploring the application of e-HKD. The Multiple Central Bank Digital Currency Bridge Project has moved beyond experimentation and entered into the pilot phase. In addition, the cooperation with the People's Bank of China on e-CNY cross-boundary retail payments has entered into the second phase of technical testing, with the aim of enabling the use of the Faster Payment System to top up e-CNY wallets in the future. In October 2022, the Commercial Data Interchange was formally launched. So far, it has facilitated more than 3,100 small and medium enterprise loan applications and reviews, with an estimated total credit approval amount exceeding HK$2.8 billion.

金融基建及创新方面，金管局正研究数码港元的应用；“多种央行数码货币跨境网络（mBridge）” 也已由实验阶段迈进试行阶段；与人民银行就数字人民币跨境零售支付的合作也进入到第二阶段测试，目标是日后可通过“转数快”快速支付系统为数字人民币钱包增值。商业数据通去年十月份亦正式开通，已促成了超过3100宗中小企贷款申请和审查，估计涉及的信贷批核总额逾28亿港元。

We must open up new tracks in order to achieve a leap in growth. The new-term HKSAR government proposes to develop Hong Kong into an international center for green technology and green finance, hoping to seize a leading position in this huge international new market by leveraging Hong Kong's advantages in these two areas. This seeks to capitalize on Hong Kong's strengths to serve the country's needs and respond to the increasing international demand. Statistics show that in the next 30 years, the Asian region will require $66 trillion in climate investment, and there is a massive need for upgrading corporate equipment for different industrial chains. This demonstrates the immense demand for green technology and green finance.

开辟新赛道，才能有跨越式增长。新一届香港特区政府提出要把香港打造成为国际绿色科技及绿色金融中心，就是希望香港凭借在这两个范畴已具备的优势，在这庞大的国际新市场中抢占领导位置。而这也是以香港所长、服务国家所需，并回应不断增加的国际需求。有统计显示，单在未来30年，亚洲地区将需要66万亿美元的气候投资，还有不同产业链的企业设备更新等，足见市场对绿色科技应用和绿色金融的庞大需求。

International innovation and technology center makes strong progress

国际创新科技中心强势前行

Over the past year, we have made tremendous efforts to promote research as well as transformation and application of research outcomes in innovation and technology (I&T) at full steam, through new policies, new initiatives and new modes.

过去这一年，我们更大力地透过新政策、新举措、新模式，全速推动香港在创新科技的研究以及科研成果的转化和应用。（编者按：具体细节已在陈司长2023年6月18日的网志中详述。）

The new initiatives announced in the chief executive's policy address last year in attracting businesses and talents are being implemented. These are strong policy measures to attract leading I&T companies with cutting-edge technologies to set up in Hong Kong; and encourage more talents to work and live here. By doing so, we are creating vibrant ecosystems and industry clusters. As regards the Hong Kong Investment Corporation, it has received investment proposals from various enterprises and is already engaging with them.

去年，行政长官在《施政报告》中提出的“抢人才”、“抢企业”的工作已全面展开，这些都是从策略层面提出的有力举措，推动创科龙头或技术前沿的企业落户香港，汇聚更多人才，并创造蓬勃的生态圈和产业集群。“香港投资管理有限公司”已收到不少机构提交的投资计划书，并已开展洽谈。 

It can be said that the development of I&T in Hong Kong has gained wider recognition and support in the community. It is moving towards a phase of accelerated progress.

可以说，本港在创新科技方面的发展已更为社会所认同和支持，未来是加速向前的阶段。

At the meeting celebrating Hong Kong's return to the motherland last year, President Xi set out in his important speech four proposals, which have become the guiding principles of our work in the past year and beyond. The HKSAR government spares no effort to pursue economic growth and improve people's livelihood through various policies and measures. Indeed, we are facing numerous challenges and difficulties in the course of development, and it takes time to resolve the various problems accumulated over the years. Nevertheless, as the Chief Executive has put it, the whole HKSAR government team, the executive authorities and legislature, and different sectors of the community have become all the more united, and our economy is moving in a positive direction. As long as we continue to strive for progress and expedite development, Hong Kong's future will certainly be better and brighter.

在去年庆祝回归大会的重要讲话中，习近平主席提出的四点希望成为了过去一年及至未来我们工作的指导思想。特区政府正全力以赴，通过不同的政策和措施，拼经济，惠民生。诚然，香港在发展过程中仍面临不少挑战和困难，很多经年累积的问题也需要时间化解。不过，就如行政长官所言，特区政府整个团队、行政立法关系、社会各界更为团结，本港经济发展正面。在持续努力、加速向前的阶段，香港必定迎来更美好的明天。

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