Xi Jinping's letter to Hong Kong entrepreneurs is a broader call to support China's development

Xi Jinping expressed his gratitude to business leaders for their continued support for their hometown and motherland through such acts as building enterprises and schools.

He also recognized the group's active engagement in innovation, entrepreneurship, philanthropy and education.

Xi Jinping sent the letter at a time when Hong Kong's business community is grappling with an economy still struggling to recover from the aftermath of the Covid-19 pandemic.

Lau Siu-kai, a consultant with the Chinese Association for Hong Kong and Macao Studies, a semi-official think tank, said the message was a call to the city's residents and overseas Chinese to help build a prosperous homeland to counter Western narratives.

This expectation is particularly significant as the United States and the West continue to suppress the great rejuvenation of the Chinese nation, he said.

As the country faces a difficult international environment, it is particularly urgent and important for the Chinese people, both at home and abroad, to unite and contribute their own efforts to promoting modernization with Chinese characteristics.

Lau said increasing investment by Hong Kong entrepreneurs in the mainland and supporting northern companies to go global could help restore foreign investors' confidence in the country.

Such a move was particularly significant just a month after the Chinese Communist Party held its third plenum of the 20th Congress, during which Beijing announced its support for the private sector to take the lead in major national technology research tasks.

Xi Jinping's message also coincided with the 40th anniversary of former Chinese leader Deng Xiaoping's call to mobilize the international community. slam usually formed by merchants to develop the port city.

In Chinese, slam refers to a group of people bound by the same goals and ideals.

Lau said the timing of the letters carried the subtle meaning that Xi was determined to continue the reforms and opening-up policies pursued by Deng.

Ningbo is known as an important port and industrial center on the mainland and is part of Zhejiang province, where Xi served as Party secretary from 2002 to 2007.

Cliff Sun Kai-lit, vice chairman of the Ningbo International Merchants Association, said the group hoped the nation could deepen some initiatives amid the push for rapid development.

The association's chairman, William Lee Tak-lun, was among 10 business leaders who wrote the letter to Xi Jinping.

For example, we wonder whether high-speed rail can transform Ningbo into a transit hub to maximize its function in the country's reform and opening-up, Sun said.

Sun also responded to Xi Jinping's call for greater contribution to national modernization, saying the next generation of Hong Kongers from Ningbo slam would encourage further exchanges and cooperation between the two cities in the political and commercial sectors, including through participation in innovation and technology (I&T) projects.

Ning Po Residents Association Chairman John Fan Kau-cheung, another signatory to the initial letter, said the signatories intended to thank the country's leader for his care and concern for Hong Kong.

He also agreed that Xi Jinping's response was intended for all Hong Kong residents and overseas Chinese.

The president's response actually expresses his expectation for all of us, including Hong Kong people and overseas Chinese, to work together for a strong rejuvenation of our motherland, Fan said.

The association's chairman said the organization, which currently runs two local secondary schools, would carry out more exchange activities with the mainland to promote patriotic values ​​among students and teachers.

Andrew Fung Ho-keung, director-general of the Hong Kong Institute for Policy Research, said he believed Xi's response encouraged local entrepreneurs to be more aggressive when investing in certain national projects such as satellites or I&T initiatives.

Xi Jinping's response also means that China's opening-up policy will remain unchanged and our country will continue to welcome investors, whether local or foreign. That is why we have seen an easing of travel restrictions for foreigners.

Raymond Kwok Ping-luen, chairman and chief executive officer of Sun Hung Kai Properties, said he was encouraged by Xi Jinping's response.

He stressed that the company was the first to return to its hometown for construction projects at the beginning of reform and opening up, and it never strayed far away throughout the process.

“As the country's reform continues to advance and the door of opening-up opens wider, Sun Hung Kai Properties will continue to implement the general secretary's instructions with practical actions, leverage its own advantages to serve the country's needs, and exercise greater responsibility in contributing to the high-quality development of the motherland,” he said.

New World Development said Xi's letter showed special care for Hong Kong's business community, pledging to shoulder its responsibility in the face of unprecedented internal and external challenges.

In the process of building the country's modernization with Chinese characteristics, we, the Hong Kong business community, have the duty to shoulder our historical responsibilities, give full play to our unique advantages and maintain Hong Kong's hard-won stability and prosperity, he said.

Jonathan Choi Koon-sum, chairman of the Chinese General Chamber of Commerce in Hong Kong, said the local business community should adopt the mindset that the city is an integral part of the Greater Bay Area when looking for opportunities.

“If you talk about manufacturing and developing technological innovation industries, you can't do it without Shenzhen and the Greater Bay Area, so we have to join forces, we have to join a ship and set sail,” he said.

Additional reporting by Kahon Chan