With a GDP growth target of around 5% for 2024, China will take steps to pursue a high standard of opening up, intensify efforts to attract investment and promote cooperation in building the Belt and Road (B&R). These endeavours to spur development will provide a strong backing for steady economic growth in Hong Kong.

According to the government work report released in March, the authorities are working to expand domestic demand, drive the economy to realize a virtuous cycle and pursue a high standard of opening up. Other measures include promoting foreign trade, supporting businesses in diversifying overseas markets, and the continued relaxation of market access restrictions on foreign investment. The Government is also looking to support high-quality B&R cooperation, and deepen multilateral, bilateral and regional economic cooperation.

Indeed, foreign investors are also eager to tap into China’s huge market. As such, the relaxation of foreign investment control is good news for them. As part of the Greater Bay Area (GBA), Hong Kong enjoys unwavering support of the motherland while being connected to the world. We should therefore give full play to our role as a “super-connector” to dovetail with the country’s push for economic development. This will allow us to take advantage of the opportune timing and favourable conditions brought by the nation’s rapid development, helping businesses on both sides of the border to go global while bringing in foreign capital.

Given the sluggish global economy and complicated geopolitics, the Hong Kong business community should seek to explore emerging markets beyond traditional markets like Europe and the United States. In view of this, the HKSAR Government has provided additional funding to the Hong Kong Trade Development Council to help SMEs seize opportunities arising from the B&R Initiative and GBA development, tap into emerging markets, and step up promotional efforts worldwide.

The latest Budget also rolled out various measures to strengthen economic and trade relations with the Middle East. These included conducting negotiations with Saudi Arabia and Bahrain on an Investment Promotion and Protection Agreement, opening an Economic and Trade Office in Riyadh, and setting up consultant offices in Turkey and Egypt, with a view to enhancing trade promotion in emerging countries. 

Sound transport infrastructure is essential for access to new markets. I am pleased to see the HKSAR Government’s move to support the country’s initiative to develop the “Air Silk Road” by strengthening aviation services on routes with potential along the B&R. Known for their flexibility and adaptability, Hong Kong businesses should embrace new opportunities to make big strides, with the solid support of the Mainland and the HKSAR Government.

Jeffrey Lam
[email protected]