Hong Kong’s role as gateway for mainland Chinese firms eyeing global market to become more important amid eastward shift in world economy: John Lee

Hong Kong’s role as a gateway for mainland Chinese firms to expand globally will become more important as the centre of gravity of the world economy continues to shift eastward, the city’s leader has said at a forum in Shanghai.

Chief Executive John Lee Ka-chiu on Sunday was addressing business professionals and officials during the China International Import Expo, which made its return following the end of the zero-Covid policy across the border.

The six-day annual trade show featured a seminar on the city for the first time, namely “Channelling Global Business through Hong Kong”.

Leading a government delegation to support some 300 Hong Kong firms who joined the expo, Lee appealed to mainland Chinese firms to take advantage of the city, as it was a “fast and convenient gateway” that offered unhindered access to the rest of the world.

“The global economy’s centre of gravity will continue to shift eastward,” he said.

“With the country’s strong support, Hong Kong’s room for development is getting wider. Hong Kong’s role as a national and international gateway is becoming more and more important.

“We welcome international and mainland enterprises to come to the city to flex their muscles.”

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At the Hongqiao International Economic Forum, he pledged to businesses and officials that the city would continue to provide world-class professional services, financing and business solutions to firms.

Among the about 8,978 firms based in Hong Kong with parent companies outside of the city, more than 2,100 are from the mainland, according to a joint survey released last year by Invest Hong Kong and the Census and Statistics Department.

The number of mainland companies in Hong Kong soared by a third over a period of four years.

During the opening of the expo, Chinese Premier Li Qiang pledged the mainland would further expand market access and increase imports, offering greater opportunities to international companies.

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Li said the country’s goods and services exports were expected to reach a cumulative US$17 trillion over the next five years.

The European Union Chamber of Commerce in China had earlier described the expo as being a “political showcase” rather than an event on business, saying it wanted more tangible measures to restore confidence among European firms.

Members of the Hong Kong government delegation include Financial Secretary Paul Chan Mo-po and Secretary for Commerce and Economic Development Algernon Yau Ying-wah.

Yau recently told the Post that he would help local firms gain better access to the mainland market with a new task force that would address e-commerce pain points for sellers – ranging from logistics and taxation to promotions.