Largest Hong Kong chamber of commerce bullish on mainland China despite grim predictions
General Chamber of Commerce officials talk up national One Belt, One Road development plan ahead of state leader’s visit to city
Hong Kong’s largest business chamber is confident about the city’s economic outlook despite talk of woes over the border.
The Hong Kong General Chamber of Commerce said on Tuesday the mainland’s economic growth and government debt ratio were still in better shape than those of Japan and the United States, and that the city would benefit from Beijing’s national development plans such as the One Belt, One Road initiative.
This came after People’s Daily quoted an “authoritative” figure on Monday as saying the mainland’s economy would grow at an L-shaped trajectory.
The business body said recent decisions by international rating agencies Moody’s and Standard and Poor to downgrade Hong Kong’s sovereign rating from stable to negative were “totally wrong”, as the linkages had given the city enormous opportunities in the past decade, and would continue to spark growth locally.
Past chamber chairman Pang Yiu-kai called the impact from China “completely positive” and said the ratings were just an “indicator” of the city’s credit quality, which did not necessarily reflect the overall local economy.
The chamber urged Hongkongers to learn more about President Xi Jingping’s One Belt, One Road initiative, which encourages mainland companies to go global.
