“As long as the mainland maintains stability and continues contributing 30 percent or more to global growth, that will remain Hong Kong’s most important asset as a global financial center, as sustained growth will provide abundant investment opportunities for companies entering the Chinese market,” Lin said during a news conference at the 18th Asian Financial Forum.
Lin said that despite global economic headwinds, the mainland’s market expansion remains the world’s fastest, continuing to draw international investors, adding that Chinese mainland companies seeking to expand into international markets will increasingly rely on Hong Kong as a vital intermediary.
“By leveraging the mainland’s economic advantages alongside Hong Kong’s strengths as a global hub for finance, education, and services, Hong Kong will maintain its stability and prosperity,” he said.
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While this presents opportunities for the special administrative region, Lin acknowledged the uncertainties stemming from great power rivalries. “However, the fundamental desire for economic stability and employment transcends geopolitical tensions,” he said.
Lin’s comments came as Donald Trump, who is expected to take office for his second term on Jan 20, has threatened to impose 60 percent tariffs on all Chinese imports.
Lin called for dialogue on trade issues, saying that slapping such high tariffs on China or other countries won’t benefit the US or the global economy.
“If the US takes an unreasonable stance, we must remain rational,” Lin said. “The combined economic power of China and other nations is substantial enough to weather any challenges, and maintain international cooperation and solidarity.”
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“Global economic strength lies in maintaining our own growth trajectory and seizing opportunities,” he added. “If we can achieve this, we can maintain stability and growth — benefiting both China and the global economy.”
At a separate keynote speech at the forum, Lin said, “China will be the driver of global growth. Many multinational companies want to enter the mainland, and Hong Kong remains the ideal platform for foreign companies, just as it has been for the past 45 years.”
He also suggested China pursue a dual-track approach to technological advancement, focusing on both innovation and practical application across traditional industries.
“To be an inventor of technology requires certain conditions — it’s very risky, requires substantial capital, and needs a deep talent pool,” Lin said. “Advanced economies like the US and China, with their large talent pools, are well-positioned to invent new technologies and capitalize on the Fourth Industrial Revolution.”
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However, Lin highlighted the crucial role of technology adoption in traditional sectors, which he said account for approximately 85 percent of Chinese industries. “These sectors still operate with Second or Third Industrial Revolution technologies,” he noted. “The impact of applying new technologies to these traditional industries could be more significant than pure innovation.”
The Asian Financial Forum, themed “Powering the Next Growth Engine”, attracted over 3,600 global finance and business leaders. It concludes on Tuesday.
