HONG KONG - Hong Kong should strengthen its advantages and seize the opportunities as Asian countries will be the first to usher in a global recovery from pandemic gloom, the city’s commerce secretary said on Friday.
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“When the global economy is to revive, I believe the earliest engines to re-energize would like be on this side of Pacific,” Edward Yau Tang-wah, Secretary for Commerce and Economic Development, told China Daily.
When the global economy is to revive, I believe the earliest engines to re-energize would like be on this side of Pacific.
Edward Yau Tang-wah, Secretary for Commerce and Economic Development, HKSAR
He elaborated that the Chinese mainland has contained the pandemic, which brought positive economic growth in the second quarter.
The mainland’s GDP growth rate was 3.2 percent in the second quarter. According to the IMF's latest forecast, China's economy will grow 1 percent in 2020, and will be the only major economy in the world to achieve positive growth.
In addition, extremely strict anti-epidemic measures were taken by some of other Asian countries, Yau added. “I think the area will continue to be a major engine (of global growth),” he said.
In a one-on-one interview, Yau said Hong Kong has good economic fundamentals, but these need to be reinforced by policy, infrastructure and networking.
Noting the international financial hub has had good relations with Association of Southeast Asian Nations (ASEAN) countries, Yau said he thinks the regional grouping and Hong Kong have complimentary advantages. The 10 ASEAN countries with more than 600 million people are huge markets, and Hong Kong can provide professional services and connections when they gradually begin to lower barriers to international trade and investment.
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ASEAN has been a good partner of the city, especially the number of free trade and investment agreements. Such ties between Hong Kong and ASEAN countries have doubled in the past three years, Yau said. He added this trend will continue.
As jointly containing the pandemic now is the priority of the whole world, Yau revealed the Hong Kong government is also co-working with various countries including Thailand to discuss setting up corridor, a so-called travel bubble, in a bid to ease border restrictions and revive business.
ASEAN is Hong Kong's second largest trading partner, after the Chinese mainland. Total merchandise trade between Hong Kong and ASEAN amounted to HK$1.07 trillion (US$140 billion), representing 12.0 percent of Hong Kong's global merchandise trade in 2018.
“I think our basic principle is to do good on our own part and maintain our pillars that support Hong Kong’s success,” Yau said.
But Yau added the city welcomes all investors with open arms. He stressed that the major attraction for investors is it’s an open and competitive city.
“We do not confine ourselves to one single market, nor do we cherry pick any,” Yau said.
