Hong Kong's new business advantages in spotlight

Hong Kong's new advantages – including innovation and technology, international law, and art trading – are emerging, according to a new report about the city's business environment released by the government.

The report, an update from a previous one released in 2021, lays out for the international community detailed data demonstrating Hong Kong’s sustained post-pandemic recovery, and helps investors understand the opportunities across different sectors, said Financial Secretary Paul Chan Mo-po.

The government said in the report that the business sector may seize the opportunities arising and share the dividends generated, as the city’s competitiveness remains solid and new advantages emerge amid ongoing global political and economic instability.

The Hong Kong Innovation and Technology Development Blueprint, released in December 2022, set out clear strategic road maps for the city’s I&T development, inviting active participation from the business sector, according to the report.

It also highlighted as a new strength Hong Kong’s positioning as an international legal and dispute resolution services center in the Asia-Pacific region.

Concurrently, Hong Kong’s zero tariff on art trading has made the city an art trading hub.

Hong Kong’s economic structure is undergoing an upgrade and transformation, with opportunities now outweighing challenges, Chan said at a press briefing on Wednesday. He cited strong financial markets, rapid progress in innovation and technology, and transformation efforts in traditional industries. Even hard-hit sectors such as retail and catering are showing signs of recovery, he said.

The Hong Kong government pledged to create a better business environment by staying responsive to global shifts and introducing policy measures to support business sectors facing challenges.

Chan added that the government will release its preliminary estimate for second-quarter gross domestic product on Thursday, and he expects the growth momentum to continue. That would mark the tenth consecutive quarter of economic expansion, he noted.

STAFF REPORTER