Leveraging its position as a global finance, trade and professional services hub, Hong Kong rolled out a dedicated task force on Monday aimed at helping Chinese mainland enterprises expand their footprint in overseas markets, while also driving new business opportunities for Hong Kong’s economy.
The GoGlobal Task Force, led by Secretary for Commerce and Economic Development Algernon Yau Ying-wah, will coordinate efforts across the Hong Kong Special Administrative Region’s overseas and mainland offices, including those under InvestHK — the SAR government’s investment promotion arm — and the Hong Kong Trade Development Council.
Based on companies’ needs, the task force will offer tailored, one-stop solutions, covering consultations in taxation, legal services, financing, ESG compliance and intellectual property protection.
An array of policy measures are expected to be introduced under the initiative, such as encouraging mainland banks to set up regional headquarters in Hong Kong and offering tax incentives to attract mainland firms to establish Corporate Treasury Centers in the city.
Besides proactively engaging with mainland companies and attracting them to use Hong Kong as a gateway to the world, the task force will also organize overseas visits and delegations to connect businesses with new markets.
By year-end, the GoGlobal Task Force plans to hammer out its strategy and host its first promotional event.
Describing the task force as an “unprecedented” platform that provides “fast-track” solutions, Yau emphasized its ability to marshal resources across departments, agencies, and industries.
Financial Secretary Paul Chan Mo-po said “high-level coordination” is a key advantage. Establishing a mechanism at the top tier of the government structure enables the task force to “integrate resources and remove barriers”, thereby providing “more effective and timely” support to enterprises going global, he noted.
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“For Chinese mainland enterprises, expanding globally — particularly into the Global South — and establishing supply chains and industrial chains are not only a major trend but also an inevitable step for sustained growth,” said Chan.
This trend creates significant business opportunities for Hong Kong companies, particularly in finance and professional services, he added.
In 2024, the mainland’s outward direct investment exceeded $190 billion, up more than 8 percent from the previous year. Investment in the members of the Association of Southeast Asian Nations shot up nearly 40 percent, while those directed toward countries and regions involved in the Belt and Road Initiative rose over 20 percent.
The launch event was attended by more than 100 representatives from task force member organizations and industry partners, including legal, accounting, financial services, banking, chambers of commerce.
Frank Fang, head of commercial banking for Hong Kong and Macao at HSBC, said the bank has set up China-focused business units in 26 markets worldwide, offering services such as Chinese-language support for corporate clients.
Highlighting a talent gap in rapidly expanding regions such as Southeast Asia and the Middle East, he said the bank is exploring the possibility of reallocating staff from Hong Kong or the mainland to support rising business needs in these strategic markets.
Companies expanding overseas often grapple with four challenges — insufficient market knowledge, supply chain issues, regulatory hurdles, and cultural differences, said Jasmine Lee, managing partner for Hong Kong and Macao at Ernst & Young.
She said she expects the task force to collaborate with professional service providers to identify these pain points and develop actionable solutions.
