HK 'to widen trade reach to help nation go global'

Hong Kong's Chief Executive, John Lee, announced on Thursday that the city will continue to broaden its international trade network to bolster the nation's overall progress. Addressing the Hong Kong sub-forum of the Hongqiao International Economic Forum in Shanghai, he highlighted that it was the first significant conference organized by the Special Administrative Region (SAR) since the introduction of its inaugural five-year plan in September.

Lee emphasized that the conference provided a platform for specialists and industry leaders from both mainland China and Hong Kong to deliberate on ways to harness Hong Kong's distinct position under "One Country, Two Systems" and integrate into national development. One primary area of emphasis is trade, he stated. "Hong Kong has ascended to the fifth-largest merchandise trading entity globally, having signed free-trade agreements with 21 economies and investment agreements with 34 economies," Lee explained.

The Hong Kong government intends to further enlarge its international economic and trade network to assume a more substantial role in the country's high-quality opening up. Lee pointed out that the world is presently undergoing a transformation unlike any witnessed in a century, paralleled by a global supply chain reorganization and swift technological progress. He stressed that Hong Kong must proactively strategize for its future and execute a forward-looking strategic plan with a composed and deliberate approach.

Another crucial area of focus, according to Lee, is finance. Describing it as Hong Kong's fundamental and most significant strength, he stressed the city's responsibility to solidify its role as the world's foremost offshore renminbi hub, thereby amplifying global usage of the currency and actively constructing a commodity and trading ecosystem.

Lee also noted that Hong Kong would actively synchronize with national scientific research and industrial strategies, expedite investments in science and technology, and facilitate mainland enterprises' overseas expansion through its GoGlobal Task Force.