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The View | Why are Hong Kong’s vital low-carbon policies missing from the budget?
- Business leaders in Hong Kong are ready to capitalise on China’s climate and dual circulation policies
- However, rather frustratingly, where policy is needed, they see little movement from the government
Reading Time:4 minutes
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In the coming weeks, Financial Secretary Paul Chan Mo-po could bring his new budget to life by emphasising the key unifying factors in Hong Kong’s long-term opportunities. He is right in that the mainland market is vital to Hong Kong. After all, China is the world’s largest economy in purchasing power parity terms, and the second-largest in GDP terms after the US.
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Hong Kong needs to capitalise on its well-placed position. It must optimise its opportunities through focused efforts and the right narratives to guide, explain and inspire. Many ingredients are in place, as evidenced by the budget, but the financial secretary can make sure his stir-fry sounds, looks and tastes good.
Above all, Hong Kong must make use of the mainland’s two main policies going forward – its dual circulation strategy and carbon neutrality goals.
Dual circulation is about reforms to strengthen China’s domestic markets and consumption. At the same time, China’s membership in the Regional Comprehensive Economic Partnership, a free-trade agreement, and the EU-China investment agreement will expand business.
China’s pledge to lower carbon emissions after 2030 and achieve carbon neutrality by 2060 is nothing short of a fast-paced industrial and technological revolution. There will be many new policies, laws and regulations from five-year plan to five-year plan, starting with the 14th, which is just round the corner.
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Hong Kong could slash carbon emissions 70% with more ambitious goals, says former observatory head
Hong Kong could slash carbon emissions 70% with more ambitious goals, says former observatory head
Dual circulation and carbon neutrality are two limbs marching the nation forward. They are closely related, as domestic production and consumption will both have to be low-carbon.
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