HK NPC deputies call for cross-border property purchases and carbon trading

Hong Kong deputies to the National People’s Congress (NPC) have jointly proposed facilitating cross-border property purchases and establishing a carbon trading center in the city, as the national legislature concluded its annual session on Tuesday.

The closing session was attended by President Xi Jinping and other senior state leaders, but Zhao Leji, chairman of the NPC standing committee, was absent due to a respiratory tract infection, according to state broadcaster CCTV. 

NPC standing committee vice chairperson Li Hongzhong presided over the meeting in Zhao’s stead, during which the nation’s top lawmakers voted to pass six motions, including the government work report and the 2025 central budget, as well as a law amendment.

Reflecting their work during the weeklong Two Sessions, Ma Fung-kwok, head of the Hong Kong NPC delegation, said the deputies raised 229 proposal items on the SAR’s development and integration into national development.

Two proposals were submitted to the NPC with the joint support of at least 30 Hong Kong deputies, Ma said, including a suggestion by the city’s sole delegate to the NPC standing committee Starry Lee Wai-king.

Lee proposed easing the country’s foreign exchange controls and creating a capital pool to allow mainland and Hong Kong residents to make cross-border property purchases directly via wire transfers in a closed-loop arrangement.

Another was about promoting Hong Kong to become a carbon emission trading center, raised by NPC deputies Frank Chan Fan and Nicholas Chan Hiu-fung, who highlighted such trading as an emerging industry driven by climate change.

They previously called for building an ecosystem for carbon trading, which will need professionals specialized in crediting and technology on top of a trading platform, paving the way for mainland carbon permits to be sold in the Hong Kong market.

Despite repeated calls to expand the multi-entry visa scheme for Shenzhen residents traveling to Hong Kong to include more cities, the proposal was not adopted as a joint proposal by the SAR delegation.

NPC deputy Stanley Ng Chau-pei believed this shows the delegates agree and believe that the central government has heard their voice, expressing his hope for good news in the near future.

Starry Lee urged the city to expedite the transformation and upgrade of traditional industries and the development of innovative technology, especially the cross-border technology park in Hetao and the Northern Metropolis.

Ma proposed establishing an international alliance to promote the virtue of peace in a push for citizen diplomacy, and hosting commemoration activities to mark the 80th anniversary of victory in the War of Resistance Against Japanese Aggression.

Ma pledged that the Hong Kong deputies will continue to fully support the chief executive and the SAR government in governance according to the law, and safeguard the stability and unity of society.

Echoing Ma’s statement, NPC deputy Brave Chan Yung said: “When we return to Hong Kong, we will devote efforts in promoting and implementing the spirit and policies of ‘Two Sessions’, benefiting every citizen.”

Commenting on Zhao’s absence, Starry Lee described it as a responsible decision by the official and acknowledged that illness is beyond his control.

(Jamie Liu)