As the Hong Kong government faces the ongoing pandemic and escalating US-China tensions, Secretary for Commerce and Economic Development Edward Yau Tang-wah told China Daily in an exclusive interview on Friday what the government will explore and embrace to help the economy recover. 

Q1: Given that there’s growing hostility from the US and its allies toward China and the HKSAR, how do you expect the city to continue to grow? 

Yau: We have seen that our country — China — is one of the very few that has recorded a positive growth of 3.2 percent in the second quarter this year, contrasting with almost a double-digit decrease in other developed economies: The US has recorded an unprecedented 32.9 percent negative growth; Japan has gone down by 28 percent; Singapore, 12.9 percent. So we are seeing this, a very steep recession coming up. 

We are all worried about whether COVID-19 will start an economic tsunami, and to which side of the Pacific this tsunami is heading is yet to be certain. So we have to watch out for this impact. 

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On reflection, I think we should set our priorities right, that first and foremost, do our part in containing the disease by whatever means. Second, to bring back the international collaboration on a multilateral basis and support the WHO (World Health Organization) bringing help by experts as much as possible and also developing public health policy. I think this is the right way to go. 

Q2: In addition to rounds of relief measures, does the government have other plans to cope with the dire economy in the relatively long term amid the pandemic, especially for those sectors that are particularly vulnerable? 

Yau: We will be reviewing the situation to see whether there is any need for some replenishment in certain areas, particularly for those prolonged-hit sectors like the travel industry. 

In addition, I think business opportunities shouldn’t be missed. Riding on the earliest success of Hong Kong’s natural advantage of being as a gateway for the (Guangdong-Hong Kong-MAcao) Greater Bay Area or connecting to the wider world through our recently concluded free trade agreements, or (boosting) market development with our close and secure partners, like ASEAN, these are all very certain pointers where we can go together. 

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Anything that could make virtue, online, web-based, we’re exploring all these means and also helping enterprises to be better equipped technologically. So all these, in fact, are things that we are seeing working together among different sectors. 

Q3: Many Chinese mainland companies recently have chosen to do a second listing in Hong Kong in light of the hostility from the US. Do you see this as an opportunity for Hong Kong？Why is Hong Kong still attractive to so many investors worldwide? 

Yau: We are not here to take advantage of some of the very unfriendly measures taken by the US against Chinese companies. 

Before this political saga, Hong Kong was already the most welcoming place for IPOs for foreign companies. Hong Kong has ranked top in the world in IPOs seven times in the last 11 years. 

What we are doing is, in fact, to maintain some of the important pillars that support Hong Kong success, which is also the reason why we are able to accommodate and provide service to the largest number of foreign companies in Hong Kong. And they remain the rule of law, the freedom, the open and competitive environment, and a level playing field for all companies irrespective of their nationalities. I believe it’s always the pull factor that brings them to Hong Kong.