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Published: 22:33, May 25, 2022 | Updated: 09:58, May 27, 2022
EuroCham: Riveting 'growth stories' since HK’s handover
By Wang Yuke
Published:22:33, May 25, 2022 Updated:09:58, May 27, 2022 By Wang Yuke

This general view shows residential and commercial buildings in the Causeway Bay district of Hong Kong Island in Hong Kong on May 14, 2021, with a view of the International Commerce Centre building (back right) on the Kowloon side of Victoria Harbour. (ANTHONY WALLACE / AFP)

Hong Kong’s return to the motherland almost 25 years ago has unlocked a treasure trove of “remarkable growth stories” for both Hong Kong and the Chinese mainland, said Frederik Gollob, chairman of the European Chamber of Commerce in Hong Kong.

The growth stories are extraordinarily gripping, narrating how the Hong Kong Special Administrative Region has retained what Gollob describes as its “very unique footprint, vibes and infrastructure that had existed before the handover” — a feather in its cap — and has continued lacquering the feature to plumes, luring international companies to swarm to the city to explore and expand their Asian presence.

READ MORE: HK begins celebration of 25th anniversary of return

The growth stories have told of the further opening-up of the Chinese mainland to the world, including international companies, Gollob said. China has developed into an advanced economy, with the nature of demand having changed over time but remaining infallibly strong, he added.

It’s beyond doubt that Hong Kong possesses a wealth of allure in its own right, drawing foreign companies to the city to establish their Asian presence, said Frederik Gollob, chairman of the European Chamber of Commerce in Hong Kong

It’s beyond doubt that Hong Kong possesses a wealth of allure in its own right, drawing foreign companies to the city to establish their Asian presence, Gollob said. A renowned international financial center, Hong Kong boasts a low and simple tax regime, the free flow of capital, a robust legal system, an array of financial products and pool of talents in all disciplines, all of which set an optimal tone for doing business. But Hong Kong’s unique and prominent position is only amplified by the Chinese mainland, where the breakneck speed of development over the past decades has stunned the world, he said.

The economic capacity that the Chinese mainland has flexed and its gigantic market to be tapped have constantly tempted overseas companies and investors to set up a presence there. However, the discrepancies in regulations, laws and practices on the mainland could deter some businesses from entering the market, Gollob said. Fortunately, Hong Kong is an entry point for overseas businesses to access the Chinese mainland, reconciling the regulatory and cultural differences that could derail business collaborations and handicap business services, he said.

“Obviously, Hong Kong, for many European companies, is the gateway to mainland China. I would say, for a large proportion of European companies operating in Hong Kong, the ability to do business with the Chinese mainland is one of their overriding reasons,” Gollob said.

Since the introduction of the Guangdong-Hong Kong-Macao Greater Bay Area Development Plan, the chamber has pivoted more attention to the region, adding the promotion of commercial, industrial , economic and financial exchanges between Europe, Hong Kong and the Greater Bay Area to its agenda.

“The Greater Bay Area for European companies is a very compelling concept and also a very important target market for providing our services and products from a Hong Kong perspective. We are very eager to explore the potential of the Greater Bay Area,” Gollob said.

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There are certain areas that European companies find particularly beguiling, including financial services, insurance services, technology products, and innovation on sustainability, he said.

But Gollob said the European Chamber of Commerce and the Hong Kong government are still in talks to figure out “the right policies and regulations in place” to allow European companies to practically and maximally exploit the potential of the Greater Bay Area.

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