Copyright scmp
Hong Kong will continue to uphold the rules-based multilateral trading system in the face of global economic uncertainty, the city’s chief executive has pledged at an Apec gathering in South Korea, as he encouraged the leaders of Singapore and the United Arab Emirates to invest in major local projects. City leader John Lee Ka-chiu also pitched Hong Kong’s strengths to officials from around the world on Friday, meeting the managing director of the International Monetary Fund (IMF) and several leaders of other countries. Lee took part in the Asia-Pacific Economic Cooperation (Apec) economic leaders’ informal dialogue in the morning and was seen chatting with President Xi Jinping ahead of the meeting. According to his office, Lee said enhancing trade and investment cooperation was a critical driver of economic growth amid global economic uncertainties. He also told attendees that Hong Kong would continue to uphold the rules-based multilateral trading system and promote regional economic cooperation with the aim of developing an open, dynamic, resilient and peaceful Asia-Pacific community. “During the welcome ceremony and the meeting, I had brief exchanges with leaders of various economies and invited them to visit Hong Kong more often to learn about our latest developments,” Lee said in a social media post. “I look forward to continuously strengthening and expanding Hong Kong’s network of partners and creating more cooperation opportunities for Hong Kong.” Hong Kong officials have increasingly promoted the city’s position as a free port and international financial centre during meetings abroad amid turbulent macroeconomic headwinds and the geopolitical clash between the US and China. A day earlier, Xi met US President Donald Trump for a high-stakes summit, with the two sides reaching a trade war truce on thorny issues ranging from soybeans and rare earths to fentanyl. Following Friday’s dialogue, Lee met Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi in the UAE, a key player within the Gulf Cooperation Council (GCC), with which Hong Kong has sought to build ties. Total bilateral merchandise trade between Hong Kong and the UAE had reached HK$125.6 billion, with an average annual growth rate of 14.3 per cent from 2020 to 2024, Lee noted. Lee said that since his visit to the UAE in 2023, the two sides had increased cooperation in numerous sectors including trade, investment, logistics and tourism. He encouraged businesses from the country to consider establishing a presence in the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, a new innovation hub the city has co-developed with neighbour Shenzhen and other parts of the Greater Bay Area. The bay area links Hong Kong, Macau and nine Guangdong cities into an economic and business hub. “I hope that the UAE will support a free-trade agreement between Hong Kong and the GCC as a whole, so as to further facilitate and enhance economic and trade cooperation and exchanges between Hong Kong and GCC countries,” Lee said. Lee later met Prime Minister Lawrence Wong of Singapore, often seen as Hong Kong’s regional rival. Lee said they held “candid discussions” ranging from economic and trade relations to people-to-people exchanges and cooperation opportunities. “Both sides agreed that as Asian financial hubs, Hong Kong and Singapore shoulder a key mission in the global economic recovery process,” Lee said. “I also highlighted Hong Kong’s unique advantages and welcomed Singaporean enterprises to proactively explore development opportunities in Hong Kong’s Northern Metropolis, as well as to expand into the Chinese mainland market through Hong Kong.” The Northern Metropolis megaproject, first announced in 2021, aims to turn 30,000 hectares (74,132 acres) of land into an engine for economic growth and a housing hub. Lee also held talks with IMF chief Kristalina Georgieva where he said he expressed thanks for the Washington-based institution recognising Hong Kong’s status as an international financial centre in its latest report. The report, issued in January, said that Hong Kong’s financial system remained “resilient” although the city’s outlook was “subject to high uncertainty” owing to a sharper-than-expected slowdown in the mainland economy and wider “geoeconomic fragmentation”. In the meeting, Lee said he promised to consolidate and enhance Hong Kong’s status as an international financial centre while also maximising the city’s unique function of connecting the mainland and the world. “In the face of global challenges, Hong Kong will continue to promote regional cooperation and maintain financial stability and prosperity,” Lee said. Lee is scheduled to attend the Apec economic leaders’ meeting retreat on Saturday.
