This undated photo shows Hong Kong Financial Secretary Paul Chan Mo-po gives an interview. (PHOTO / CHINA DAILY)

Hong Kong and Shanghai should proactively explore more areas of cooperation in the shipping sector to drive the nation’s economic growth amid weak global demand and heightened trade and geopolitical tensions, the Special Administrative Region’s Financial Secretary Paul Chan Mo-po said on Friday at Asian Logistics, Maritime and Aviation Conference (ALMAC) held in Shanghai. 

“The multi-level and all-round cooperation between Shanghai and Hong Kong is not only conducive to the development of the two places but also of great significance in the national strategy of developing the marine economy,” Chan said in his speech. 

As the world’s largest trading economy, China attaches great importance to the marine economy, with its trading volume accounting for one-eighth of the global total last year

The shipping industry plays a pivotal role in the global economy. According to the United Nations Conference on Trade and Development, more than 80 percent of the world's freight volume is carried by sea. 

READ MORE: Hong Kong, Shanghai put ink to paper with agreements

As the world’s largest trading economy, China attaches great importance to the marine economy, with its trading volume accounting for one-eighth of the global total last year. 

According to Chan, Shanghai Port is the world’s largest container port, carrying a huge volume of cargo from the Yangtze River Delta economic belt, while Hong Kong also ranks among the world's top 10 container ports and is a major world-class port in the Guangdong-Hong Kong-Macao Greater Bay Area. 

Under the country’s grand vision of enhancing Hong Kong’s status as an international shipping and aviation hub, the city has launched a series of measures to improve the efficiency of port operations, including the use of digital technology and the development of value-added shipping services. 

“We hope to strengthen cooperation with Shanghai, leverage our regional transit hub functions, promote efficient transportation of goods to the world, and provide high-quality and diversified shipping services for mainland shipping companies through the development of high-end shipping services,” the finance chief added.  

Chan, who began his tour of Shanghai on July 5, also attended the opening ceremony of the World Artificial Intelligence Conference 2023 held on Thursday. 

READ MORE: HK’s new links with mainland financial markets prove beneficial

Chan said in his speech that Hong Kong can make unique contributions in supporting the nation’s artificial intelligence (AI) development in three areas, namely gathering top research institutions and talent, facilitating fund-raising activities and complementing the strengths of sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area to form a complete industrial chain of AI. 

Citing the development of Web 3.0 in Hong Kong as an example, the finance chief illustrated the need to set appropriate guardrails for technology and its applications so that it can develop in a responsible and sustainable manner. 

Separately, Chan also visited Fudan University, AI company SenseTime and the Shanghai Research Center of the Chinese telecom giant Huawei to seek further cooperation opportunities in the first two days of his trip.    

Contact the writer at evanliu@chinadailyhk.com