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Denise Tsang

Hong Kong aims to expand its trade and investment with Australia to include emerging biomedical technology, green energy and fintech, going beyond staples such as lobsters and wine, the city’s finance chief has said.
Financial Secretary Paul Chan Mo-po said he would use his official visit to Sydney and Melbourne to promote Hong Kong as a trade partner.
The five-day trip began on Sunday and marked his first visit to the country in six years.
He said Australia was an important market beyond its role as a top exporter of fruits, seafood and wine or a traditional education and tourism destination for Hongkongers.
“With the uniqueness and flexibility endowed by ‘one country, two systems’, Hong Kong is one of the best places for mainland companies to go abroad and international companies to park their investments and base their talent,” he said.
The minister recently returned from Nanjing, Jiangsu province, where he was promoting trade with Hong Kong.
Chief Executive John Lee Ka-chiu, who is preparing for his next annual policy address in October, earlier said that improving the local economy and business environment was a priority for the government.
Beijing’s liaison office in Hong Kong also urged the city to evolve from being a “superconnector” to a “super moneymaker” by leveraging the advantages of the one country, two systems governing principle.
Discussing his visit to Australia, Chan said the objectives of the trip included creating more exchanges and cooperation opportunities for the emerging biomedical technologies, new energy and fintech industries.
“Through face-to-face meetings and exchanges, we hope to further deepen their understanding and interest in Hong Kong, which will help them make decisions about settling or expanding their operations in the city,” he said.
He pointed out that Hong Kong was a gateway connecting mainland China to the rest of the world, adding it had strong academic research capacities since five of the city’s universities were among the top 100.
Investors could also rely on the city’s patent and legal protection regime and its complete chain of financial services, the minister added.

Chan said he hoped to engage with Australian companies specialising in green technology and energy, and would encourage them to collaborate with their counterparts in Hong Kong.
While trade between the two economies largely focused on wine, agricultural produce and seafood, Australia had yet to tap into the city’s logistics services, he said.
“Hong Kong’s extensive air transport network, comprehensive warehousing facilities and efficient customs clearance procedures make it the most cost-effective distribution and transhipment centre for high-value products,” he said.
“I also hope to promote these advantages and more potential opportunities that have not yet been fully realised to the Australian business community during this trip.”
In 2023, Hong Kong imported HK$14.8 billion worth of Australian merchandise, most of which was related to agricultural produce, seafood and beverages.
Australian wine accounted for HK$1.4 billion of these imports.

The country was also the second-largest source of Hong Kong’s imports in terms of value and the largest in terms of volume last year.
“We have connected a huge market to the Australian wine industry, which has also cemented Hong Kong’s position as one of the world’s major wine trading and auction centres,” Chan said.
The city’s post-pandemic economic recovery at the start of the year has tapered off as geopolitical tensions cast shadows over trade and exports, while a strong Hong Kong dollar and poor local services have fuelled cross-border spending.
In the second quarter of 2024, the city’s gross domestic product (GDP) grew by 3.3 per cent from the same period last year, after a revised year-on-year 2.8 per cent increase in the first quarter.
The government’s full-year forecast predicted that GDP could grow anywhere between 2.5 and 3.5 per cent, compared with last year’s rate of 3.2 per cent.


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News

Hong Kong

Financial Secretary Paul Chan to promote city’s emerging industries in his first official visit to Australia in six years


Financial Secretary Paul Chan to promote city’s emerging industries in his first official visit to Australia in six years.


Paul Chan

Trade

Technology

Australia