China’s commerce minister urges Hong Kong to better use unique strengths to help firms go global as he voices support

China’s commerce minister has voiced support for Hong Kong’s green trade and professional services at a forum in Shanghai, urging the financial hub to better use its strengths to help mainland firms expand globally.

Wang Wentao was addressing a forum on Sunday on the theme “Channelling global business through Hong Kong” held alongside the China International Import Expo, an annual trade fair. Chinese Premier Li Qiang toured an expo exhibition area where a record-high 300 booths of Hong Kong firms were located.

Wang said the Hongqiao International Economic Forum, where he and Hong Kong officials spoke, provided a “practical communication platform” for both sides to discuss how the financial hub could better use its unique strengths as a global gateway.

Hong Kong’s Lee vows deeper ties with Asean, points to city’s unique gateway role

“[Hong Kong] should accelerate the construction of its green trade demonstration channels, and cultivate new growth points in digitalisation and green trade,” Wang said.

“The Ministry of Commerce will also leverage Hong Kong’s strengths in professionals including legal services, commercial arbitration and financial insurance.”

He added: “[We] support Hong Kong enterprises’ participation in external investment cooperation so they can join hands with mainland companies to go global.”

He also underlined Beijing’s support for Hong Kong’s accession to the Regional Comprehensive Economic Partnership (RCEP), a free trade bloc comprising 15 countries. He said mainland authorities would explore measures to facilitate free trade within the Greater Bay Area.

The forum and the six-day annual expo made their return following the end of mainland China’s zero-Covid policy.

Lee told the forum that Hong Kong served not only as a “super connector” but also a “super value-adder”, offering professional services, comprehensive networks and solutions to mainland firms.

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

“With our country’s staunch support, Hong Kong will enjoy greater room for development. 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.”

CIIE 2023: Li Qiang promotes Chinese consumers as fix for global economy

Lee, speaking to the press, said calm had returned to Hong Kong but the city still needed to remain vigilant against potential national security threats.

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

The number of mainland companies soared by a third over a four-year period.

Financial Secretary Paul Chan Mo-po, at a parallel session in Shanghai, said the “protectionism and even hegemonism” of some countries posed obstacles to the post-pandemic recovery globally.

He said Hong Kong was making every effort to develop into an international green finance and technology hub by accelerating the construction of a relevant ecosystem and the formulation of standards.

At the opening of the expo, Premier Li said the mainland would further expand market access and increase imports, offering greater opportunities to international companies.

Hong Kong leader pitches city as ‘ideal gateway’ to East at EU envoy meeting

He said the country’s exports of goods and services 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 focused on business. It said it wanted more tangible measures to restore confidence among European firms.