Developing Hong Kong’s Digital Economy: Insights from Chen Dong at the 2023 Digital Economy Summit

According to reports, Chen Dong, Deputy Director of the Joint Office of the Communist Party of China, stated in his speech at the “2023 Digital Economy Summit” that Hong Kong has a good foundation and unique advantages in developing the digital economy. The recent establishment of the Hong Kong Web3.0 Association also demonstrates that Hong Kong has the vitality and environment to develop the digital economy and digital technology. Hong Kong’s free, open and standardized business environment provides a good soil and platform for the development of the digital economy. Chen Dong emphasized that developing the digital economy has become a national strategy, and the added value of new industries, new formats, and new models accounts for over 17% of the gross domestic product. (Hong Kong Business Daily)

Deputy Director of the Joint Office of the Communist Party of China: The establishment of the Hong Kong Web3.0 Association has provided a good soil and platform for the development of the digital economy

Introduction

At the recent “2023 Digital Economy Summit,” Chen Dong, the Deputy Director of the Joint Office of the Communist Party of China, highlighted Hong Kong’s unique advantages and good foundation in developing the digital economy. Hong Kong’s free, open, and standardized business environment serves as a fertile ground for digital technology and the digital economy. In addition, the establishment of the Hong Kong Web3.0 Association demonstrates Hong Kong’s strong vitality and environment conducive to the growth and development of digital technology.

Hong Kong: A Hub of Digital Technology

Hong Kong has proven to be a hub of digital technology in recent times. As Chen Dong stated in his speech, the country’s successful establishment of the Hong Kong Web3.0 Association is a testament to its vitality and support for digital economy innovation. Through this association, Hong Kong has signaled its readiness to partake in the revolution that blockchain technology brings while positioning itself as a crucial hub for FinTech innovation. The association also strengthens Hong Kong’s relationship with mainland China and enhances cooperation between the two economies in digital technology.

The Digital Economy and National Strategy

Chen Dong emphasized that the development of the digital economy has become a national strategy anchored by the Chinese government. With a gross domestic product contribution of over 17%, new industries, formats, and models are essential drivers of China’s economic development. The government has also taken several measures to optimize the digital economy’s growth, such as improving infrastructure, lowering taxes, increasing investment, and enhancing international cooperation.

Hong Kong’s Unique Advantages in the Digital Economy

A free, open, and standardized business environment distinguishes Hong Kong from other economies across Asia. A conducive environment is essential in developing digital technology and the digital economy, and Hong Kong fits the bill perfectly. Its legal system, financial infrastructure, and communication network are strong, making it an ideal location for businesses in the digital economy. In addition, Hong Kong is the gateway to the Greater Bay Area, a bustling region that encompasses 11 cities in Guangdong Province, Hong Kong, and Macau. The Greater Bay Area is home to over 74 million people, and its fast-growing technology sector has been a significant driver of China’s economic growth.

Conclusion

The emergence of the digital economy has brought about significant changes in China’s economic development strategy, and Hong Kong’s unique advantages place it at the forefront of this initiative. The government’s focus on developing the digital economy presents a significant opportunity for Hong Kong to cement its place as a regional hub for digital technology and FinTech innovation. The city’s strengths in legal and financial systems coupled with its communication network gives it an edge in developing the digital economy.

FAQs

**Q1:** What is the role of the Hong Kong Web3.0 Association in the development of the digital economy?
**A1:** The Hong Kong Web3.0 Association was established to promote the growth and development of digital technology in Hong Kong. It aims to facilitate cooperation between businesses, investors and the government for the promotion of blockchain technology, digital currency, and related applications.
**Q2:** What are the measures taken by the Chinese government to optimize the growth of the digital economy?
**A2:** The Chinese government has implemented policies to enhance the growth of the digital economy, such as improving infrastructure, lowering taxes, increasing investment and enhancing international cooperation.
**Q3:** Why is Hong Kong a unique location for digital technology and the digital economy?
**A3:** Hong Kong’s free, open and standardized business environment distinguishes it from other countries in Asia. Its legal system, financial infrastructure, and communication network are strong, making it an ideal location for businesses in the digital economy. Its proximity to the Greater Bay Area, a bustling region with a rapidly growing technology sector, provides further opportunities for growth and development.