Hong Kong firms must innovate to compete in mainland China, trade chief says

Hong Kong firms must innovate to compete in mainland China, according to the head of the city’s trade promotion body. Frederick Ma Si-hang, chairman of the Hong Kong Trade Development Council, encouraged Hong Kong companies to be more innovative and maintain high standards to penetrate the massive mainland consumer market. Ma emphasized that understanding local tastes is crucial before entering the market.

The ninth China International Import Expo (CIIE) in Shanghai attracted over 400 Hong Kong exhibitors this year, showcasing the city's unique advantages, such as the "one country, two systems" governing principle. Hong Kong's professional services providers can also assist mainland companies in expanding globally. Ma further noted that Hong Kong is exploring emerging markets in Southeast Asia, the Middle East, and Africa to mitigate global trade uncertainties caused by the US elections.

The council plans to open an office in Egypt next year to strengthen its African promotional network. Hong Kong is rapidly advancing in innovation and technology, which will facilitate closer cooperation with the mainland. Ma believes the US election results may slow the US's technological progress, while China continues to advance quickly.

He expressed hope that Hong Kong would eventually overtake London in global financial centre rankings. Standard Chartered's CEO for Hong Kong, Greater China, and North Asia, Mary Huen Wai-yee, highlighted the Shanghai expo's significance in highlighting China's immense market potential and Standard Chartered's role as a superconnector, promoting cross-border trade, wealth management, and sustainable finance.