Financial Secretary of China's Hong Kong Special Administrative Region government Paul Chan said Sunday that the country's new economic development pattern will offer new opportunities to Hong Kong.
The new economic development pattern features "dual circulation," in which domestic and overseas markets complement and reinforce each other, with the domestic market as the mainstay.
The new pattern will ensure continued two-way exchanges between the Chinese mainland and international economies, Chan said in an online article.
Under the new pattern, the changes in talent, goods, capital, technologies and markets will mean new chances for Hong Kong's development, Chan said.
In spite of an embattled global economy, Chan said the mainland economy returned to growth in the second quarter with business activities from tourism to consumption regaining momentum.
Some foreign-funded enterprises also witnessed revenue growth in the mainland and were encouraged to channel more energy into the mainland market, Chan said.
Given changes in the economic structure and market demand, Chan said Hong Kong should cement its existing advantages and adjust strategies to retain its leading position in global supply and capital chains and technological competitions.