Hong Kong is devoted to deepening its foreign ties, the city’s leader has said, while urging economies in Asia to promote bilateralism and reject protectionism amid a fast-changing geopolitical environment. Chief Executive John Lee Ka-chiu on Tuesday also called for more collaboration between the city and mainland China’s Hainan province to promote free trade and market liberalisation.
“Hong Kong is a global city that thrives on connecting the world … We are devoted to deepening international exchange and collaboration,” Lee told attendees at the Global Free Trade Port Development Forum.
Stressing the economic importance and strategic role of Hong Kong, Lee highlighted that the city had signed investment deals with 33 economies and free trade agreements with 21 economies. These agreements reflect Hong Kong's ongoing commitment to fostering international relations and enhancing its position as a trade hub in the region.
In his remarks, John Lee noted that Hong Kong retained third place globally and was ranked first in Asia in the latest Global Financial Centres Index published just last week. This ranking underscores the city’s competitive edge in financial services and global trade.
In the context of escalating global uncertainties, including trade wars and economic rivalries, Lee urged nations, particularly in Asia, to embrace bilateralism and move away from protectionist policies. He stated, “We call on Asia’s economies to promote a spirit of collaboration rather than competition, emphasizing that the essence of prosperity lies in cooperation and mutual benefit.” This perspective highlights a push for a more interconnected economy in Asia.
Furthermore, as part of his call for bilateral cooperation, John Lee specifically referenced the potential for more robust trade relations between Hong Kong and Hainan. Hainan province has been recognized for its free trade policies and efforts to attract foreign investment, making it an ideal partner for Hong Kong.
Lee’s comments come amidst broader efforts by the Chinese government to facilitate greater economic integration between coastal cities and their inland counterparts, aiming to create synergies that boost overall economic growth.
The notion of deepening Hong Kong's foreign relations is particularly relevant as the city seeks to navigate its way through a post-pandemic recovery while dealing with the complexities of international politics.
Experts suggest that enhancing foreign ties may provide a buffer against external shocks and elevate Hong Kong’s standing as a preferred location for international firms looking to expand their footprint in Asia.
With uncertainties surrounding global supply chains and trade dynamics, John Lee’s appeal for international cooperation could resonate strongly with investors and businesses eyeing opportunities in the region.
In conclusion, Hong Kong’s commitment to deepen its foreign relations and promote bilateral partnerships represents not just a strategy for recovery post-pandemic, but also a proactive approach to enhancing its global status amid increasing geopolitical shifts.
