As towers of glass, steel and concrete start forming the skyline of the Northern Metropolis, a swath of green the length of the development is being maintained to protect the wildlife inhabiting the area for more than a century.
The Northern Metropolis (NM) development is a futuristic university city, occupying one third of Hong Kong’s land mass along Shenzhen River boundary with the mainland. Catering for a new population of 2.5 million and offering 65, 000 jobs with additional transport links, the project is expected to reach it potential in 2036.
In addition to the residential development, the plan includes an extension of the existing logistics hub in the Hung Shui Kiu and Ha Tsuen areas. And two eco-tourism nodes will be established in the coastal areas of Tsim Bei Tsui and Pak Nai, featuring resorts, weekend markets, and camping sites. Authorities have expressed their intention to create a coastal protection park along the 10.7-km coastline.
However, it is being built on what was previously fish farms, agricultural land, marshes and mangroves – wetlands, a natural habitat for wildlife and an important foraging ground and habitat for migratory water birds.
The plan was launched as a proactive conservation policy in the Chief Executive’s annual policy address in 2021 and has gone through various consultation exercises involving surveyors, conservationists, property holders and the public.
The wetland conservation system is estimated to have a total area of about 2 000 hectares (ha). This includes the existing Hong Kong Wetland Park (HKWP) at Tin Shiu Wai (about 62 ha) plus an expansion of about 240 ha, the Mai Po Nature Reserve (about 370 ha), the proposed establishment of three Wetland Conservation Parks (WCPs) at Nam Sang Wai (about 400 ha), Sam Po Shue (about 520 ha) and Hoo Hok Wai (about 300 ha), as well as the establishment of Sha Ling/Nam Hang Nature Park (about 4 ha) and Tsim Bei Tsui/Lau Fau Shan/Pak Nai Coastal Protection Park (about 145 ha).
Indigenous to Hong Kong and southern China is the Eurasian Otter which has been documented in parts of the territory for more than a century with the earliest sighting records dating back to the 1890s. Today, the species is considered locally rare with a restricted distribution, occurring primarily around Mai Po Inner Deep Bay Ramsar Site, with occasional sightings in Lok Ma Chau, Hoo Hok Wai, and Hong Kong Wetland Park. (A Ramsar site is a wetland designated as being of international importance under the Ramsar Convention, a global treaty signed in 1971 in Ramsar, Iran, to protect and sustainably use wetlands).
Otters in Hong Kong. (Source: South China Morning Post)
Access control measures are in place in areas with otter occurrence, such as Mai Po Nature Reserve, the non-visitation area of the Wetland Reserve at HKWP and ecological mitigation wetlands created under development projects, to protect the sensitive habitats and minimize potential disturbance to the wetlands and their associated animals. Separately, under the planned Sam Po Shue Wetland Conservation Park (SPS WCP), enhanced freshwater wetland habitats and ecological passage will be established to allow wildlife, particularly the otters, to travel between the SPS WCP and adjacent wetlands. Additionally, the river channels within the SPS WCP will be enhanced to provide habitats for the otters, with the incorporation of habitat enhancement features such as otter platforms, artificial holts (otter burrows) etc. at appropriate locations in the park.
Reports from the Adelaide Zoo in Australia indicate that otters are not shy (unless threatened) and in fact become more playful in the presence of humans.
Lau Fau Shan oysters were once favored in Hong Kong until the mid-70s when they were subjected to contamination from heavy metals fed into the Shenzhen River further upstream from battery making factories. The loss-making industry is now virtually dead save for about 10 per cent of its former glory being maintained by villagers with purified water systems.
Conservation groups believe the introduction of eco-tourism in the area would help the villagers bring survival back to the industry.
Now, under the NM development plan, a dedicated Coastal Protection Park (CPP) is being established along the Deep Bay coastline, covering Tsim Bei Tsui, Lau Fau Shan, and Pak Nai.
The CPP, spanning about 10 km and covering about 145 ha, aims to protect critical habitats for horseshoe crabs, mangroves, and seagrass beds.
Conservation groups, including The Nature Conservancy, are also actively advocating for Pak Nai, near Lau Fa Shan, to be designated as a formal Marine Protected Area (MPA) to safeguard its status as a biodiversity hotspot.
The government is to be applauded for taking the initiative of blending the eco system in an intense high-rise technical urban sprawl. The government has launched public engagement exercises and invited Expressions of Interest (EOI) for eco-tourism nodes in these areas. The goal is to transform conservation value into economic vitality through guided tours and educational facilities without compromising ecological integrity.
Mark Pinkstone
** 博客文章文責自負,不代表本公司立場 **
Hong Kong is well positioned to be the driving vehicle for the internationalization of the Renminbi (RMB) as the city ranks third globally and first in the Asia-Pacific region in the Global Financial Centres Index in 2026.
Many countries are now trading in the Chinese yuan (RMB), accounting for more than a quarter of China's cross-border trade settlements. China uses bilateral swap lines, offshore clearing hubs, and direct trade agreements to promote the RMB globally.
Major countries and regions trading or settling transactions in RMB includes Russia, uses the RMB extensively for bilateral trade and energy payments following Western sanctions; ASEAN nations use the RMB for regional trade; the Gulf and Middle Eastern nations use local and yuan settlements, particularly for the oil trade; and other emerging and Asian partners such as Bangladesh, Pakistan, Sri Lanka and Mongolia use the RMB for specific bilateral projects, trade financing and debt settlement.
And, of course, the Belt and Road Initiative countries increasingly use the RMB for specific bilateral projects, trade financing, but it still remains secondary to the US dollar. It is only natural that China actively promotes RMB trade settlements with partner nations to bypass third party currency risks.
The role of Hong Kong’s internationalizing of the RMB was a key point in the Chief Executive John Lee’s first five-year plan and policy address to the Legislative Council last month.
This endeavor is not merely about currency exchange, he said. It encompasses a multi-faceted strategy to enhance the RMB's liquidity, deepen its offshore market, and solidify its position as a global trade and investment currency.
Hong Kong's unique "One Country, Two Systems" framework, coupled with its robust financial infrastructure and legal system, provides an ideal platform for these initiatives.
One of Hong Kong's most significant contributions is its position as the largest offshore RMB liquidity pool. This is achieved through a comprehensive ecosystem of RMB-denominated financial products and services. The city actively encourages the issuance and trading of RMB bonds (Dim Sum bonds), providing international investors with diverse investment opportunities in the currency. Furthermore, Hong Kong facilitates RMB trade settlement, making it easier for businesses globally to conduct cross-border transactions in RMB, thereby reducing foreign exchange risks and transaction costs. The expansion of RMB financing activities, including syndicated loans and private equity funds denominated in RMB and further broadens the currency's utility for international businesses.
Hong Kong continually innovates its financial market infrastructure to support RMB internationalization. The RMB Real -Time Gross Settlement (RTGS) system in Hong Kong is a cornerstone, offering a highly efficient and secure platform for interbank RMB payments and settlements. This system connects banks globally, enabling seamless RMB transfers and enhancing the currency's liquidity. The city has also been at the forefront of exploring digital RMB initiatives, with trials and pilot programs aimed at integrating the digital yuan into its financial landscape, potentially offering new avenues for cross-border RMB flows and enhancing transaction efficiency.
To deepen the offshore RMB market, Hong Kong actively promotes the listing and trading of RMB-denominated securities. The government's efforts to facilitate the inclusion of RMB trading counters in the Stock Connect schemes (connecting Hong Kong with Shanghai and Shenzhen stock exchanges) are pivotal. This allows international investors to trade mainland A-shares directly using offshore RMB, significantly boosting demand for the currency and enhancing its investment appeal. Similarly, the ongoing work to enable the inclusion of REITs (Real Estate Investment Trust) in mutual market access schemes and to streamline procedures for dual listing further diversifies RMB investment options.
Beyond direct financial mechanisms, Hong Kong fosters RMB promotion through strategic collaborations and policy alignments with mainland China. The city's active participation in the Greater Bay Area (GBA) development provides a natural extension for RMB usage. Initiatives like enhancing cross-border data interchange (e.g., Commercial Data Interchange connecting with the Trade Single Window) and promoting cross-border payment systems (linking with UnionPay) aim to facilitate RMB flows and integration within the GBA, creating a larger economic sphere where RMB is the preferred currency for trade and investment.
Hong Kong's role as a risk management center is crucial for RMB internationalization. By offering sophisticated hedging instruments and risk management solutions for RMB-denominated assets and liabilities, Hong Kong enhances confidence among international investors and businesses in using the currency. The city's robust regulatory framework and legal certainty provide a secure environment for RMB financial activities, distinguishing it as a trusted platform for the currency's global expansion.
According the Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, to consolidate Hong Kong’s role as the global offshore RMB hub, we need an enabling ecosystem that is characterised by easy access, “stickiness” and growth opportunities for international capital.
With the joint efforts of the banking sector, Hong Kong will continue to strengthen its offshore RMB hub function in support of the real economy, unlocking greater potential to drive RMB internationalisation.
In essence, Hong Kong's promotion of the RMB is a strategic, multi-pronged approach that leverages its strengths as an international financial center, its advanced infrastructure, and its close ties with the mainland. By continually enhancing liquidity, broadening product offerings, and fostering seamless cross-border flows, Hong Kong remains indispensable in the journey towards the RMB's greater global prominence.
