Hong Kong Chief Executive John Lee Ka-chiu speaks at the parallel session on Channeling Global Business through Hong Kong under the sixth Hongqiao International Economic Forum in Shanghai on Nov 5, 2023. (PHOTO / HKSAR GOVERNMENT)

With the global economic center of gravity shifting eastwards, the Hong Kong Special Administrative Region, with its unique strengths under “one country, two systems”, will continue to facilitate the flow of people and trade into and from the Chinese mainland, and add value to global businesses through the city’s robust professional services, HKSAR officials said at the sixth China International Import Expo in Shanghai on Sunday.

More than 300 Hong Kong exhibitors are taking part in the six-day expo being held from Nov 5-10. It’s the biggest participation by Hong Kong enterprises since the CIIE began in 2018. For the first time, the event featured a special forum on Hong Kong’s pivotal role in connecting the mainland with the world.

Chief Executive John Lee Ka-chiu, who’s leading a delegation of Hong Kong officials to the fair, said the CIIE fully demonstrates the country’s determination and confidence in promoting an open world economy.

He hopes the SAR delegation, as well as all the exhibitors and participants at the expo, can tell the Hong Kong story and promote the city’s advantages.

Lee, who was invited to speak at the forum, themed “Channeling Global Business through Hong Kong”, said the CIIE has become an ideal platform for Hong Kong enterprises to promote their products and services on the mainland.

He said Hong Kong is an open economy that’s highly competitive in the world. The city has not only signed free-trade and investment deals with dozens of economies, but also established comprehensive economic cooperation with the mainland under the Mainland and Hong Kong Closer Economic Partnership Arrangement. The SAR has, so far, handled more than 70 percent of offshore renminbi transactions, and is home to about 9,000 international enterprises.

The SAR will have a broader stage of development with the nation’s strong backing, and all companies are welcome to tap into the city’s to achieve win-win collaboration, Lee said

Lee stressed that under “one country, two systems”, Hong Kong is the only Chinese city with the distinctive advantages of enjoying the motherland’s strong support, and being closely linked with the world. Therefore, the city will continue to strengthen its role as a bridgehead to facilitate the flow of people, cargo and capital into and out of the mainland.

Besides enhancing cooperation, Hong Kong is set to add value to businesses on the mainland and in the world. The SAR can provide diversified professional services, such as in the legal, financing and design sectors, as well as collaboration networks and solutions, Lee said, adding that some of Hong Kong’s recent efforts to lure top talents and companies from around the world have produced good results.

The global economic center of gravity will continue to shift eastwards, and both Hong Kong and the mainland are expected to record economic growth higher than the world’s average next year.

The SAR will have a broader stage of development with the nation’s strong backing, and all companies are welcome to tap into the city’s to achieve win-win collaboration, Lee said.

Financial Secretary Paul Chan Mo-po, who was invited to speak at a separate forum entitled Revitalizing the Real Economy with Financial Resources on Sunday, said coping with climate change is an urgent problem for all countries and regions.

But, the funds needed to attain zero-carbon emissions are huge. Thus, Hong Kong is striving to become an international green finance center. The city will accelerate the creation of green technology ecosystems, set green standards, and train green talents to become a preferred place for green fundraising, Chan said.

Lee attended the CIIE’s opening ceremony on Sunday morning. He briefed Premier Li Qiang on Hong Kong’s economic and trade development and future planning when the premier visited the Hong Kong exhibition area at the expo.

Accompanied by senior HKSAR officials, Lee arrived in Shanghai on Saturday, and met with Hong Kong people living in Shanghai to discuss their work or studies, as well as local government officials and business leaders. He also witnessed the signing of a series of documents to enhance cooperation in various fields, including vocational and higher education, scientific research and innovation.

On Sunday, Lee attended the Invest in China Year summit and visited the booths of food producers at the exhibition venue. He will return to Hong Kong today.