Photo taken at the Victoria Harbor in Hong Kong (south China), June 11, 2020. (Xinhua/Li Gang)
Because of the unique advantages afforded by the large mainland market and “one country, two system”, the business sector believes Hong Kong’s future growth is unlimited. Paul Chan, Financial Secretary of HKSAR government, stated that Hong Kong will overcome all short-term obstacles and move forward.
HONG KONG (Xinhua), March 31, 2011 — While Hong Kong’s economy is currently under pressure due to the fifth wave COVID-19 infection, the business sector believes Hong Kong’s future growth is possible because of the unique advantages afforded by the mainland market and “one country, two system”.
Yang Yuchuan, a professor at the Hong Kong Financial Services Institute said that Hong Kong has become a two-way platform because “one country, two system” has helped it. Hong Kong is used by mainland companies to expand overseas, while investors and companies from abroad enter the Chinese mainland market via Hong Kong.
President of CPA Australia Greater China Division Eden Wong Yi-dung stated that Hong Kong, as an international financial centre, is a major platform for fund-raising for both mainland and offshore enterprises.
Photo taken on July 31, 2021. It shows the statues at the square of Hong Kong Exchanges and Clearing Limited. (Xinhua/Wu Xiaochu)
The Hong Kong Exchanges and Clearing Limited has changed the listing system in recent years. Companies with weighted voting rights and pre-revenue companies can be listed in Hong Kong. China concept stocks can also be brought to Hong Kong for secondary listing.
Wong stated that Hong Kong’s financial market will continue to be attractive to foreign and Chinese enterprises and investors thanks to the HKEX’s introduction of a new listing regime for special-purpose acquisition companies earlier in the year.
Hong Hao, BOCOM’s managing director and chief strategist, stated that Hong Kong has a strong connection with the country’s strategic development pattern, and will not be easily shaken when faced with short-term external shocks, such as the epidemic.
“We will triumph over the epidemic. Hong stated that Hong Kong’s long-term business prospects will remain strong.
Photo taken July 14, 2020. It shows the Golden Bauhinia Square, south China’s Hong Kong. (Xinhua/Wu Xiaochu)
Stephen Phillips, Director General of Investment Promotion at Invest Hong Kong, stated that data and information exchanges between InvestHK-owned enterprises have shown that foreign investors are not being forced to leave Hong Kong because of the implementation law on national security in Hong Kong.
Phillips stated that there were more than 9,000 overseas and mainland businesses in Hong Kong last year. Additionally, Phillips claimed that there was a record number of start-ups in Hong Kong, whether they are local, international, or mainland.
Yang stated that the implementation of the national security law in Hong Kong and the improvement of the electoral system have eliminated the direct effect of disruptive forces on Hong Kong’s development.
Yang said that Hong Kong has become more attractive to international capital because of its sound and sustained economic development.
People with face masks walk down a street of Hong Kong, South China, March 5, 2022. (Xinhua/Lo Ping Fai).
A survey by the American Chamber of Commerce Hong Kong revealed that American companies are much more confident in Hong Kong’s business prospects this year than last year. Additionally, many chamber members have been planning to increase their investment.
CPA Australia recently conducted a survey and found that most members were confident and optimistic about their employers or companies’ ability to overcome the fifth wave COVID-19. This indicates the resilience of Hong Kong businesses when faced with adversity.
Wong stated that Hong Kong’s economy should rebound significantly after the epidemic is under control, with the support from the central authorities and the coordinated efforts of all sectors to fight COVID-19.
The business sector also believes that Hong Kong’s continued integration into the national development landscape will create steady business opportunities for all enterprises in Hong Kong.
Paul Chan, financial secretary to the Hong Kong Special Administrative Region (HKSAR government), stated in a blog post that he has “absolute and resolute faith in Hong Kong’s economy prospect”.
Chan stressed that Hong Kong can overcome short-term problems by making a clear assessment of the overall development trend and taking decisive action to capitalize on the support and development from the country.