The Mainland Affairs Council (MAC) recently held its 29th Advisory Committee Meeting on the topic of "Prospects for the Economic, Trade, and Financial Development in Hong Kong." Key statements and highlights of discussion by the advisory members are as follows:
1. The introductory report presented by the scholars outlined Hong Kong's main functions as an international financial hub, including specialized services for trade finance, corporate fundraising, and financial law; however, specialized services in law, finance, arbitration, etc., all require an independent and open judicial environment along with a trustworthy and stable political system.
2. Some members stated that so far, Hong Kong has not seen significant changes in the areas of financial, accounting, information, and legal services due to sustained demands from an army of international enterprises based locally. Nonetheless, in recent years, Hong Kong people have experienced severe restrictions on their freedom of speech, assembly, and association; under heavy-handed controls imposed by mainland China, investment risks in Hong Kong have also increased. Going forward, all sectors should pay attention to Hong Kong's judicial independence, its distinction from mainland China, and the potential erosion of the two.
3. Some members believed that our government has already rolled out good policies and measures in response to the situation in Hong Kong. Other members noted that while Taiwan and Hong Kong specialize in different sectors and play different roles in the global economy and trade system, they share close ties with each other. Therefore, as the situation in Hong Kong deteriorates, Taiwan should closely monitor related developments.
4. Some members highlighted that if Taiwan seeks to take over the capital outflow from Hong Kong, it must constantly sharpen its advantages for development. In addition, regarding attracting and retaining talent, salary is not the main incentive; rather, a friendly living and educational environment are the key concerns for foreign talent. Other members also suggested the government to deliberate further relaxation or streamlining of related policies and measures on Taiwan-based Hong Kong students applying for a residence permit to enhance talent retention.
*The MAC Advisory Committee Meeting is formed by experts and scholars in related fields. The views and opinions expressed in the meetings or excerpted in this article belong solely to the speakers.