In the current global economic scenario, the role of Hong Kong as a magnet for international businesses, particularly American ones, has been strongly emphasized by Financial Secretary Paul Chan. His strategy focuses on innovative sectors such as artificial intelligence, big data analytics, biotechnology, fintech, and advanced manufacturing. At the APEC summit in San Francisco, Chan reiterated Hong Kong’s commitment to counter the negative perceptions that have recently overshadowed the city’s image, with the aim of reaffirming it as a leading international financial center.
Addressing the real estate situation, Chan highlighted the stability of Hong Kong’s property market despite the turbulence in mainland China, underscoring the limited exposure of the local banking sector to Chinese market risks. This aspect reinforces confidence in the city’s economic resilience. Furthermore, Chan expressed optimism about the return of expatriates, many of whom had temporarily left Hong Kong due to pandemic-related travel restrictions.
Emphasizing the “one country, two systems” principle, Chan assured the preservation of the rule of law and fundamental freedoms, including the free movement of people, goods, and capital. This principle is crucial to maintaining Hong Kong’s autonomy and unique identity within the Chinese and international contexts. Chan also highlighted Hong Kong’s potential as a hub for innovation and technology-oriented companies, shedding light on opportunities in emerging sectors such as AI and biotechnology.
During the APEC summit, Chan met prominent figures like Chinese President Xi Jinping, demonstrating Hong Kong’s interest in expanding its international collaborations. He spoke of initiatives to attract companies and talent to the city, reporting that 30 companies, mostly from mainland China, have planned investments worth around HK$30 billion, with the prospect of creating approximately 10,000 jobs. These investments are a strong signal of Hong Kong’s attractiveness and economic vitality.
Cooperation between China and the United States was another central theme in Chan’s statements. He emphasized the mutual benefits that would arise from strengthened dialogue and collaboration between the world’s two largest economies, both for regional and global economies. Chan highlighted how such cooperation can serve as a catalyst for economic growth and innovation.
Lastly, Chan promised to explore ways to enhance cooperation between Hong Kong and other global economies. He outlined government efforts to promote the development of microelectronics and reindustrialization, signaling a commitment to innovation and adaptation to the needs of a rapidly evolving economy. These efforts aim to position Hong Kong as a leader in technological and industrial innovation, consolidating its role as one of the world’s premier financial and commercial centers.
In conclusion, Chan’s vision for Hong Kong presents an ambitious plan for revitalization and renewal, aimed at reestablishing the city as a gravitational center in the global economy, attracting investments, talent, and innovations from around the world.