This file photo dated May 29, 2022 shows a view of the International Commerce Centre (ICC) in south China's Hong Kong. (PHOTO / XINHUA)

Government officials of the Hong Kong Special Administrative Region continued their itinerary in San Francisco – host city of the Asia-Pacific Economic Cooperation (APEC) meetings, where they engaged in a corporate visit to showcase the SAR’s favorable business environment, and called for enhanced cooperation to facilitate supply chain connectivity and the development of the digital economy.

Hong Kong’s Financial Secretary Paul Chan Mo-po met with the representatives of a US enterprise specializing in advanced medical device manufacturing. During the meeting, Chan introduced them to Hong Kong’s conducive business environment and the city’s latest initiatives in encouraging microelectronics research and new industrialization.

As a leading regional economic forum, APEC is ideally positioned to catalyze international cooperation on e-commerce development and digital inclusion

Algernon Yau Ying-wah

secretary for commerce and economic development

Chan underscored the SAR’s distinctive advantages under the “one country, two systems” principle. In addition to the free flow of capital, talent, cargo, information and data, Hong Kong boasts a low and simple tax regime, and a vibrant capital market for fundraising. The city’s world-class research institutions and talent pool serve as another contributor to its dynamic business landscape.

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With great efforts to vie for businesses and talent, the Hong Kong government stands ready to collaborate with companies on well-suited investment projects, the finance chief said, while also expressing his welcome to the medical device manufacturer and its upstream, midstream, and downstream enterprises to establish a presence in Hong Kong. 

Chan and members of the Chinese delegation welcomed President Xi Jinping, who arrived in the United States to attend the 30th APEC Economic Leaders’ Meeting, at San Francisco International Airport on Tuesday afternoon.

On the same day, Algernon Yau Ying-wah, secretary for commerce and economic development, attended the 34th APEC Ministerial Meeting and, during a plenary session themed “Enabling an innovative environment for a sustainable future and affirming an equitable and inclusive future for all”, underscored the imperative for APEC to bolster cooperation in advancing supply chain connectivity and fortifying economic resilience to withstand future shocks.

“Pandemics, climate change and natural disasters have all exposed the existing vulnerabilities and manifested the need for cooperation to ensure a stable and resilient global supply chain,” Yau said.

Hailing the digital economy as a new driving force for inclusive growth, Yau also outlined the measures taken by Hong Kong to bolster support for micro, small and medium-sized enterprises and economically untapped groups in harnessing the opportunities presented by the digital economy.

These measures include the implementation of a HK$500 million ($64 million) Digital Transformation Support Pilot Programme, the strengthening of export credit insurance to enhance the confidence and zest of MSMEs in cross-boundary trade, and the establishment of an interdepartmental E-commerce Development Task Force.

Speaking of APEC’s role, Yau called for accelerating implementation of the APEC Internet and Digital Economy Roadmap in a comprehensive manner, and positioning the eradication of the digital divide as a priority in APEC’s digital endeavors.

“As a leading regional economic forum, APEC is ideally positioned to catalyze international cooperation on e-commerce development and digital inclusion. By enhancing policy dialogues and workshops and sharing best practices, we could help business of all sizes, especially MSMEs, seize the immense opportunities of the digital economy,” Yau said.

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On Wednesday (San Francisco time), Chan is due to attend activities of the APEC Economic Leaders’ Meeting and meet with local business community, while Yau will continue his participation in the ministerial meeting.

Contact the writer at irisli@chinadailyhk.com