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China's Interior to Play Key Role in Hong Kong's Economic Transformation
China's interior will play a key role in the third economic transformation of Hong Kong, in which Hong Kong will change from a trade port to a technical innovation and service-oriented center, as the economic globalization occurs at a faster pace.
Delegates from Hong Kong's scientific circles, who are attending the Fourth China Fair for International Investment and Trade, said that relying on the support from China's interior areas and close cooperation with these areas are the most decisive factors for the successful transformation of Hong Kong's economy.
Hong Kong completed its first economic transformation in the 1950s, when it changed from an entrepot trade port to a manufacturing center. Its second transformation occurred in 1978, when Hong Kong gradually changed into a service center mainly featuring real estate and finance.
Economist Zhang Xiaoji said China's interior can offer more opportunities for Hong Kong to complete its third economic transformation.
Experts from Hong Kong said China's interior areas are advantageous in terms of basic research, scientific research equipment, personnel training, and these areas have made some achievements in the high-tech fields, while Hong Kong has abundant funds, advanced management, a developed market and rich information resources, all of which can help Hong Kong transfer the research achievements in China's interior areas into rapid application.
As the economic globalization speeds up and China's accession into the World Trade Organization enters the final stage, the Chinese government has decided to strengthen its competition on the international market through technical innovation. China is also working out a series of policies encouraging foreign businessmen to invest in the high-tech fields and to expand the telecommunications market.
Experts say that there are broader prospects for the cooperation between China's interior and Hong Kong in terms of information, biology, new materials, and ocean and environmental protection technologies.
China's economy, which has been back on track for benign developments, constitutes a guarantee for Hong Kong's economic transformation, experts said.
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