A local delegate to the country's top political advisory body on Wednesday said Hong Kong can help the country achieve high quality growth by providing "financial vitality" for mainland enterprises to better innovate and go global.

Tu Haiming, vice-chairman of the liaison committee for Hong Kong, Macao, Taiwan and overseas Chinese, part of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), also said the SAR can serve as a catalyst for the mainland's green products to reach wider markets.

The comments came as he met reporters on the sidelines of the fourth session of the 14th national committee of the CPPCC in Beijing.

Tu noted that Hong Kong's fundraising market topped the world last year, with the "HKEX Gong" ringing every three days on average to announce the listing of a company. A total of HK$185.8 billion was raised and 94 percent of the 119 firms involved were from the mainland.

He said the designation of 15 key state laboratories in the SAR by the Ministry of Science and Technology last August raised the city's confidence in driving scientific research growth.

Looking ahead, the CPPCC delegate, who is also president of Hong Kong Hodoor International, said the SAR can continue to serve as a launch pad for mainland enterprises to go global, while assisting with the country's industrial innovation in the coming five years.

"Hong Kong can offer strong energies for industrial innovation, because Hong Kong is the world's third largest international financial centre, it can inject more financial vitality into the development of domestic enterprises," he told reporters.

"Hong Kong can serve as a bridge for institutional innovation, as Hong Kong's rules, regulations, and management standards are all aligned with those of the country.

"I believe that Hong Kong could contribute to the next stage of the country's high-level opening-up to the outside world and reforms."

Tu also noted that the SAR can act as a catalyst for the country's green products.

"Many green products and projects in Hong Kong are far ahead internationally and they can provide low-cost international funds for more green products in the country," he said.



Edited by Thomas McAlinden