Hong Kong Special Administrative Region Chief Executive John Lee Ka-chiu welcomes hundreds of global financial elites, including Wall Street titans at an investment summit in Hong Kong on November 2, 2022. Photo: VCG

 Hong Kong has been leveraging its unique strength as the world’s freest economy, pursuant to the “one country, two systems” principle, to promote free and open trade and investment, said John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR).

The city has signed eight free trade agreements with 20 economies, covering more than half of the Asia-Pacific Economic Cooperation (APEC)’s members, and is actively seeking early accession to the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade deal, to add momentum to the Free Trade Area of the Asia-Pacific agenda, Lee made the remarks at the second session of the 29th APEC Economic Leaders’ Meeting Retreat in Bangkok, Thailand, on Saturday.

Thailand is the first overseas visit for Lee as the chief executive of the HKSAR.
Hong Kong is committed to pursuing close collaboration and mutually rewarding economic development with other regional economies, according to Lee.

“Business is back in Hong Kong, Hong Kong is on the international stage again,” Lee said during a dinner with a Hong Kong business delegation and Thai business leaders on Saturday.

“Hong Kong is the world’s freest, most open economy. It’s in our DNA to pursue opportunities, to seek collaboration and mutually rewarding economic development,” he said.

He added that Hong Kong has entered a new era of stability and prosperity and would strive to help Thai businesses find opportunities in Hong Kong and the Chinese mainland. 

“The implementation of the unique ‘one country, two systems’ principle, which turned 25 this year, will ensure that we get there… Hong Kong is the only place around the world where the global advantage and the China advantage converge in a single city,” he said.

Paul Chan, financial secretary of HKSAR government, said on his blog on Sunday that at a time when global development is undergoing turbulence, the Asia-Pacific region has an even more urgent need to work together to build a stable and smooth industrial supply chain and strengthen economic and trade cooperation within the region. Under the situation, Hong Kong will definitely be able to better play its role as the “super-connector,” a capital and talent exchange platform, and a high value-added service provider.

The Association of Southeast Asian Nations (ASEAN) has been Hong Kong’s second largest trading partner. “In the future, we will step up economic and trade cooperation, including striving to join the RCEP as soon as possible, further integrate into the regional industrial chain, and consolidate Hong Kong’s status as an international trade center,” Chan said.

Hong Kong has submitted an application to join the RCEP in mid-January this year and its membership is expected to be finalized within 18 months from that date. 

There have been some remarks in the West over recent years that have deliberately bad-mouthed Hong Kong, alleging that the advantages of the city as an international financial center are lost, and the business environment is no longer attractive.

The HKSAR on Thursday vehemently refuted the so-called “2022 Annual Report” issued by the US Congressional-Executive Commission on China (CECC), which again made slandering remarks attacking the city.

Hong Kong’s status as an international financial center is unshakeable. With a stable financial market and our flourishing industries which span across multiple sectors, the prospect of its financial services industry is bright and heartening, the SAR government said.

Global Times