In the current complex and changing geopolitical situation, risk diversification has become an important strategic consideration, and Asia continues to be an important driver for global economic growth, and investment in this region will increase in the future; Hong Kong can become an important base for global economies to explore the Chinese mainland and Asian markets, according to Hong Kong's financial chief on Sunday.
In a blog post, Paul Chan Mo-po, financial secretary of the Hong Kong Special Administrative Region (HKSAR), offered updates about his recent participation in the 58th Annual Meeting of the Board of Governors of the Asian Development Bank, held from May 4 to 7 in Milan, Italy.
Chan said that at the meeting, he highlighted Hong Kong's economic outlook and future development priorities, while promoting the city's emerging opportunities to the international community.
In his blog post, Chan noted that many representatives at the meeting acknowledged Hong Kong's steadfast commitment to maintaining its status as a free port, citing the free flow of capital, goods and information, along with its open and business-friendly environment, as major draws for them.
The HKSAR is proactively promoting cooperation with various regions. On Saturday, John Lee Ka-chiu, chief executive of the HKSAR, departed for a five-day trip to Qatar and Kuwait with a trade delegation, the first time that mainland entrepreneurs have joined a Hong Kong trade delegation on an overseas visit, according to the Xinhua News Agency.
The visit is aimed at strengthening ties with the Middle East in finance, trade, investment, and innovation technology, among other areas, and promoting Hong Kong's cooperation with local political and business communities.
The delegation comprises over 50 representatives, including more than 30 leaders from Hong Kong's business and professional sectors and over 20 entrepreneurs from mainland provinces such as Zhejiang, Fujian, and Guangdong in finance, trade, infrastructure, innovation technology, energy and logistics, according to Xinhua.
Rising global uncertainty and growing economic fragmentation have heightened Hong Kong's prominence as a gateway, supported by the Chinese mainland and its strong links to Asia's relatively stable economic landscape, according to Wang Yiwei, director of the Center for European Union Studies at Renmin University of China.
Hong Kong is not only a "super connector" between the Chinese mainland and the world, but also a strategic financial and investment platform to advance China's high-quality opening-up, Wang told the Global Times on Sunday, adding that its growing appeal in emerging markets is evident in the increasing presence of global businesses.
According to the 2024 Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong, jointly conducted by Invest Hong Kong (InvestHK) and the Census and Statistics Department, there were 9,960 companies in Hong Kong with parent companies located outside Hong Kong in 2024, up 10 percent year-on-year, InvestHK reported.
According to Chan, one of the key themes of the annual meeting was advancing digital transformation. Many developing economies agreed that innovation and technology are critical drivers of leapfrog development and are actively strengthening their regulatory and development frameworks.
In this context, the representatives in the meeting showed strong interest in Hong Kong's fintech sandbox, which accelerates the adoption of new technologies and enables the earlier launch of more inclusive financial services.
(Cover Image: Nanfang Daily)
