Financial Secretary Paul Chan emphasized the importance of Hong Kong staying agile and innovative in the face of changing global dynamics. He highlighted the ongoing transformations and adaptations taking place in countries and businesses worldwide to remain competitive.
During his speech at the Global Financial Leaders’ Investment Summit, Chan acknowledged the potential challenges posed by a shifting geopolitical landscape and a new US administration. Despite these uncertainties, he remained optimistic about the future.
Chan pointed out the remarkable economic transformation happening in China, with a focus on high-quality economic growth driven by factors such as domestic consumption, technological innovation, green investment, and advanced manufacturing. Chinese enterprises are expanding globally to adapt to changing geopolitics.
For Hong Kong, the strategy is to maintain engagement with traditional markets like the US and Europe, with a focus on cooperation in areas of mutual interest and benefit. Chan also highlighted the potential for collaboration across various sectors, including urban planning, infrastructure, ESG standards, and climate change initiatives, despite geopolitical influences.
He emphasized the vast business opportunities presented by Belt and Road countries and the Global South, which collectively contribute significantly to global GDP and trade. Chan noted the rapid economic growth, young populations, and expanding middle class in these markets, along with their focus on infrastructure, green transformation, and technology investments.
In the midst of a challenging global landscape, these emerging markets are looking to diversify their investments and asset allocations. Hong Kong aims to capitalize on opportunities arising from the growth of these markets, positioning itself as an attractive partner for global investors and businesses due to its international outlook and commitment to innovation.
