Risks to global economy loom large under Trump but Hong Kong has what it takes: Paul Chan
Finance chief says Hong Kong and rest of region facing increasing fragmentation of world economy
Risks to global economic development “loom large” with US president-elect Donald Trump’s pledge to impose fresh tariffs on several countries, but Hong Kong has what it takes to prevail, the city’s finance chief has said at a business summit.
Speaking at the Hong Kong General Chamber of Commerce’s International Business Summit on Thursday, local and foreign business leaders also urged the city to take advantage of growth opportunities, with one saying it was “manifestly wrong” to describe the financial hub as “just another Chinese city”.
The event, which marked the 30th anniversary of the summit, was held with the theme of “Shifting Economic Center of Gravity: Hong Kong’s Role.”
Delivering the opening address, Financial Secretary Paul Chan Mo-po said that Hong Kong and the region were navigating a “new wave of global challenges underscored by geoeconomic fragmentation” that was reshaping the landscape for trade, investment and talent flows.
“Now, the risks are looming large, as the president-elect of the United States expressed his intention, just this Monday, to impose tariffs not only on China, but also on his two neighbours,” Chan said, referring to Trump’s announcement he would also impose tariffs on Canada and Mexico.
“While the challenges are daunting, there are encouraging developments,” Chan said, pointing to the Global South and its increasing role in shaping the world economy.
