For Immediate Release
The heads of several international chambers today shared their key takeaway messages of engaging with the Central Government during HKGCC’s recent business mission to Beijing. The business leaders said they all appreciated the effort that the Central Government placed on engaging with Hong Kong and international businesses operating here, and were surprised at how open top officials were to engage in an open, unscripted exchange.
HKGCC Chairman Betty Yuen said one of the key messages of the Beijing mission was that the “one country, two systems” principle, which has served Hong Kong so well over the years, would remain unchanged for the long-term, providing great confidence for the city’s business community.
In the wider context, she said President Xi Jinping and U.S. President Joe Biden’s meeting at the APEC Summit showed both countries recognized that working together and cooperating is in their best interests.
“This bodes well for more cooperation in the coming year and signals a positive outlook for Hong Kong as a super-connector between the Mainland and the world,” said Yuen.
Government officials accepted that geopolitics had reshaped the business landscape. During meetings, it was suggested that instead of countries focusing on decoupling or de-risking, perhaps taking a debugging approach to identify problems that exist and see how those can be removed from the relationship would be more useful for all parties.
Speakers also mentioned that Hong Kong’s economy was struggling to pick up steam amid a sluggish global economy post-pandemic. Despite this, the Chamber’s recent Business Prospects Survey revealed that some businesses in Hong Kong are cautiously optimistic and expect to see some growth, with 37% of respondents expecting an increase in turnover in 2024 compared to 2023.
However, the survey was conducted in early November, prior to the notable warming in U.S.-China relations following the APEC summit in San Francisco, so the prevailing sentiment could have potentially improved since then as both sides understand that they need more cooperation rather than confrontation.
Speakers also urged Hong Kong businesses to render support to and dovetail with government policies in the process of resuming to normalcy, which will go a long way in facilitating economic recovery, and ultimately contributing to the overall national development.
During the trip, the talks with the Central Government were wide-ranging, from macro topics such as current geopolitics to smaller matters closer to Hong Kong and its business community.
As heads of international chambers, they said they would continue to stress the advantages Hong Kong offers under “one country, two systems” to their stakeholders in Europe and boost the perception of Hong Kong globally.
The visit to Beijing was a unique experience for many delegates, who saw first-hand the willingness of the Central Government to listen to the Hong Kong Business Community. There is also a lot of support for international businesses in Hong Kong as well as those looking to have a presence in the Mainland.
In a meeting with Xia Baolong, Director of the Hong Kong and Macao Affairs Office of CPC Central Committee, delegates said they were impressed by his confidence in Hong Kong. The city’s contribution to the nation, in the form of its pool of international talent, investment and capital, was key to China’s high-level opening up.
During meetings, it was stressed that Hong Kong plays an important role in the overall development of China, especially as a gateway to the Greater Bay Area, which offers opportunities to investors. The international chambers said they were eager to continue cooperating and looked forward to more such exchanges.
Caption:
Heads of international chambers in Hong Kong shared their impressions of their meetings with senior Mainland officials during a recent high-level business mission to Beijing led by HKGCC Chairman Betty Yuen. From left to right:
Alex Tam, Chairman, Canadian Chamber of Commerce in Hong Kong
Paul McComb, Executive Director, British Chamber of Commerce in Hong Kong
Agnes Chan, Deputy Chairman, HKGCC
Betty Yuen, Chairman, HKGCC
Jeffrey Lam, LegCo Rep, HKGCC
Iñaki Amate, Chairman, European Chamber of Commerce in Hong Kong
Johannes Hack, President, German Chamber of Commerce, Hong Kong
(On Zoom) Davide De Rosa, President, Italian Chamber of Commerce in Hong Kong & Macao