Hong Kong will keep a close eye on new growth frontiers in emerging markets such as the Middle East while doubling down on its core competitive advantages to navigate through global trade turbulence.

Acting Financial Secretary Michael Wong Wai-lun made the remarks on Monday, days after the World Competitiveness Yearbook ranked Hong Kong third globally, in a meeting with reporters from across the country.

Over 50 journalists from across the country on Sunday set off an eight-day trip to document the recent progress of Hong Kong and Macao special administrative regions on all fronts, with visits to the two cities’ major tourism, technology, and economic landmarks, and meetings with local officials.

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Welcoming the journalist delegation on Monday afternoon, Wong credited Hong Kong’s rise to enhancements in efficiency in business and the government, and described the ranking as “a strong affirmation” of the institutional strengths of the “one country, two systems” principle.

The city will maintain its strategic positioning as a safe haven for global businesses, Wong said, emphasizing the city’s commitment to its free port status despite “gloomy” external headwinds and rising global protectionism.

Wong framed the city’s future strategy as a four-pillar offensive: leveraging unwavering national support, forging robust global ties, driving an innovation-powered economic transition, and attracting elite talent.

Hong Kong will ramp up its efforts to deepen its integration with the vast market on the Chinese mainland, and capitalize on preferential levers such as the Mainland and Hong Kong Closer Economic Partnership Arrangement to attract more foreign firms, he said.

Secondly, the city will continue the momentum for strengthening and diversifying its international ties, including its active pursuit of membership in the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free-trade agreement.

Wong cited the “exemplary” highest-level business mission led by Hong Kong Chief Executive John Lee Ka-chiu to the Middle East in May as encouraging proof of the big push.

Elsewhere on the industry front, Wong said the city will transition toward a high-value-added, innovation-driven economic model, riding on the wave of supply chain shifts and mainland firms’ “going global” imperative, in a bid to cement its reputation as a premier gateway and launchpad platform.

Meanwhile, he added, the city will intensify its efforts to lure top global talent to enhance productivity and accelerate technological innovation, considered the bedrock on which the city’s high-quality development is expected to rest in the future.

In a separate meeting with the reporters on Monday, Zhou Jiannan, head of mainland business at the Hong Kong Exchanges and Clearing (HKEX), discussed HKEX’s plan to cement China-focused advantages while pursuing new revenue streams coming from technological transformation and data-driven expansion.

Zhou confirmed that the HKEX will focus first and foremost on further optimizing a variety of its cross-border connectivity programs between the mainland and Hong Kong’s capital markets, including the Stock Connect and Bond Connect programs.

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The HKEX will also seek to enrich its product offerings, refine its market infrastructure, and upgrade its information technology systems to build an efficient next-generation trading platform, which is hoped will serve the interests of issuers at home and abroad, Zhou said.

Zhou also noted the company’s significant pivot into new products and data solutions, citing the London Stock Exchange Group’s model data business — reportedly delivering over 70 percent of the group’s total revenue — as evidence that the HKEX is headed in a promising direction.

The journalist delegation will continue its visit in Hong Kong until Thursday noon, when it will proceed to Macao to learn more about progress the city has made under “one country, two systems”.

Contact the writer at wanqing@chinadailyhk.com