Chief Executive John Lee Ka-chiu stated that Hong Kong will maintain its status as a free port, even amid intensifying geopolitical tensions between the US and China.
Lee said the city would not fight back against US tariff measures as Hong Kong’s success is attributed to its openness, zero tariffs policy and free port status. He noted that these genes for success cannot be stifled.
The city leader revealed that the government has formulated contingency plans to prepare for the worst possible scenario amid the ongoing trade war.
He promised to strengthen assistance for local enterprises in reducing their dependency on the US during the remaining two years of his term, and also planned to expand horizons by seeking opportunities in new markets such as Southeast Asia and the Middle East.
When asked if he would seek re-election in a media interview, Lee stated that the world is unpredictable.
He emphasized that he will focus on his current work in which his mission and goal as the chief executive is to create for society.
The chief executive acknowledged that there are indeed problems in the city’s retail industry, and changes must be made.
He said citizens are opting to travel northward for consumption and believed the local sector must adapt accordingly and work hard to change.
Lee noted that the government will provide policy and financial assistance to small and medium enterprises during this economic transformation period.
Though some industries are facing challenges, Lee stressed that some others are thriving.
He pointed out that the number of newly registered companies as well as foreign companies have reached a new high, and the local stock market has risen nearly 20 percent this year.
Lee pushes that the city still has room for growth and that opportunities are endless.
(Khan Heeba Lazmi)
