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 31 March (Xinhua), — While Hong Kong’s economy may be under immediate pressure following the fifth wave COVID-19 infected wave, the business community believes that Hong Kong has unlimited potential for growth due to the unique advantages of “one country and two systems” as well as the huge mainland market.
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 a gateway to the Chinese mainland market for investors and overseas companies. Hong Kong also allows mainland companies to expand their operations overseas.
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 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 the HKEX’s new listing system for special purpose acquisition businesses, which was introduced earlier this year, will continue to increase the attractiveness and appeal of Hong Kong’s financial markets to foreign and Chinese enterprises and investors.
Hong Hao, BOCOM International’s managing director and chief strategy officer, stated that Hong Kong, with its unique geographical location and “one nation, two systems”, Hong Kong is strongly linked to the country’s strategic pattern of development and will not be easily shaken if there are short-term shocks like the epidemic.
“We will prevail over this epidemic. Hong stated that Hong Kong’s business prospects will continue to be vibrant in the long term.
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 said that Hong Kong’s number of mainland and overseas companies rose to more than 9000 last year. Meanwhile, the number start-ups established in Hong Kong by mainland, international, and local companies reached a new record.
Yang stated that the implementation and improvement of Hong Kong’s electoral system has eliminated the direct impact of disruptive factors on the development Hong Kong.
Yang said that Hong Kong has become more attractive to international capital because of its sound and sustained economic development.
People in face masks walk along a street in Hong Kong, south China, March 5, 2022. (Xinhua/Lo Ping Fai).
The American Chamber of Commerce in Hong Kong released a survey earlier this year that showed that American businesses in Hong Kong are more optimistic about Hong Kong’s prospects than last year. Many chamber members have also been planning to expand their investment.
CPA Australia recently conducted a survey and found that most members were confident that their employers or companies would overcome the fifth wave COVID-19. This indicates the resilience of Hong Kong businesses to adversity.
Wong stated that Hong Kong’s economy will rebound after the epidemic is under control with the support of the central government and the concerted efforts by all sectors of Hong Kong to combat COVID-19.
Additionally, the majority of the business sector believes that Hong Kong’s continued integration in the national development landscape would provide steady business opportunities to various enterprises based 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 acting decisively to take advantage of the support and development from the country.