This Sept 27, 2018 photo view shows residential and commercial buildings on Hong Kong island. (ANTHONY WALLACE / AFP)
As Hong Kong gradually resumes international ties and business regains momentum in the city, the government of the special administrative region will plan more trips around the world and actively seek further opportunities for cooperation, investment and development, Financial Secretary Paul Chan Mo-po said.
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Writing in his blog on Sunday, Chan said that at a time when global development is in turmoil, with geopolitical tensions and an evolving economic landscape, there is a more urgent need for the Asia-Pacific region to work together to build a stable and smooth industrial supply chain and strengthen economic and trade cooperation in the region.
Hong Kong can definitely play a better role as a “superconnector”, a capital and talent pooling platform and a high value-added service provider
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Global development requires a peaceful and stable international environment. “Whether for stabilizing the economy or responding to the climate change crisis, it is necessary for all countries around the world to unite their strengths and make joint efforts,” Chan said.
“Under the situation, Hong Kong can definitely play a better role as a “superconnector”, a capital and talent pooling platform and a high value-added service provider, sharing a prosperous future with the Association of Southeast Asian Nations and even more Asian countries.”
ASEAN has been Hong Kong’s second-largest trading partner. Chan said that the SAR government will step up efforts to promote economic and trade cooperation in the future, including striving to join the Regional Comprehensive Economic Partnership Agreement (RCEP) as soon as possible.
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The effort is timely as Asian growth is expected to reach a turning point in the second quarter of next year, as inflationary pressures recede and the US federal funds rate is expected to peak in the first quarter of 2023, according to a UBS 2023 economic outlook released Monday.
The Swiss bank anticipates the Asian economy will recover moderately by the middle of 2023, with annual economic growth expected to reach 4.4 percent.
Last week, Chan attended the G20 summit in Bali, Indonesia, during which he exchanged views with representatives from different regions to strengthen trade ties and enhance business collaboration. He encouraged foreign enterprises to make better use of Hong Kong’s platform as an international financial center and business hub to raise capital and expand their business.
The Indonesian Chamber of Commerce and Industry — the largest local business organization, is planning a high-level delegation to visit Hong Kong next year to explore more opportunities for cooperation and development, according to Chan.
Chan has invited some Indonesian delegates from this meeting to attend the Asian Financial Forum to be held in Hong Kong in January.