FS stresses Hong Kong-Singapore cooperation

Financial Secretary Paul Chan emphasized the importance of strengthening cooperation between Hong Kong and Singapore during the Singapore National Day Dinner on Friday. Despite acknowledging the historical rivalry between the two cities, Chan insisted that their shared future lies in deeper collaboration. Speaking at the event, Chan highlighted the common traits that define both cities, such as resilience, agility, and the ability to adapt quickly.

Chan proposed that while competition is necessary in certain areas, cooperation should be the priority where it matters most. He referred to this approach as "co-opetition," emphasizing that by working together, both cities can realize their full potential and contribute significantly to the region's development. To illustrate the depth of their economic ties, Chan cited substantial cross-investments, with Singapore's holdings in Hong Kong totaling HK$310 billion and Hong Kong's stake in Singapore amounting to around HK$340 billion.

These figures, Chan said, serve as proof of a relationship built on solid ground. Looking to the future, Chan proposed that the two financial hubs pool their strengths to enhance the region's global influence, particularly in shaping standards for emerging sectors like green finance and artificial intelligence governance.