Photo taken June 11, 2020, at the Victoria Harbor, Hong Kong, South China. (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 to the HKSAR government, said that Hong Kong will overcome short-term problems and move forward.
HONG KONG 31 March (Xinhua), — Although 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 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 July 31, 2021. The statues are located on the square of Hong Kong Exchanges and Clearing Limited, (HKEX), in south China’s Hong Kong. (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 companies, which was introduced earlier this year, will continue to increase the attractiveness and appeal of Hong Kong’s financial markets to Chinese and foreign investors and enterprises.
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 triumph over this epidemic. Hong stated that Hong Kong’s long-term business prospects will remain strong.
Photo taken July 14, 2020. The Golden Bauhinia Square is south China’s Hong Kong. (Xinhua/Wu Xiaochu)
Stephen Phillips, Director-General of Investment Promotion at Invest Hong Kong (InvestHK), stated that data and exchanges between InvestHK enterprises and InvestHK have shown that foreign investors have not fled Hong Kong due to the implementation of the Hong Kong national security law.
Phillips stated 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 stated that the sound and sustained development in the mainland economy has given Hong Kong a strong impetus and created more international capital.
People with face masks walk down a street of Hong Kong, South China, March 5, 2022. (Xinhua/Lo Ping Fai).
The American Chamber of Commerce Hong Kong released an earlier year survey that found that American companies in Hong Kong are now more optimistic about Hong Kong’s business prospects 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 operating in Hong Kong.
Paul Chan, financial secretary for the Hong Kong Special Administrative Region government, stated that he had “absolutely and resolute confidence” in Hong Kong’s economic prospects in a blog post.
Chan stated 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.