HONG KONG – Additional US tariffs on Chinese imports will have little impact on Hong Kong businesses as many local manufacturers have relocated to emerging markets, while US trade makes up only a fraction of the city’s total trade volume.

Jonathan Choi Koon-shum, chairman of Hong Kong’s Chinese General Chamber of Commerce, representing about 6,000 business members in the global trade hub, made the remarks on Friday at a spring cocktail reception at the Hong Kong Convention and Exhibition Centre.

“Our chamber and the government have led entrepreneurs to explore new opportunities in ASEAN (the Association of Southeast Asian Nations) and the Middle East. The business community has responded positively, with many companies already shifting their factories to these regions,” Choi said.

Choi also said that Southeast Asian economies have evolved from export-focused markets to consumer markets with strong purchasing power, and the region has become a pivotal destination for Hong Kong and Chinese mainland products.

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The remarks coincided with the special administrative region government’s Friday announcement that it will file a complaint with World Trade Organization regarding the US’ imposition of an additional 10 percent duty on Hong Kong products. “The government strongly opposes the US’ measures and urges the US to take immediate actions to rectify its wrongdoing,” according to an official statement.

“It is quite unfair for the United States to target Hong Kong, as we are one of the world’s freest economies with a separate economic system recognized by the WTO,” Choi said.

He also said that Hong Kong’s exports to the United States account for a small portion of the city’s total trade. According to the Commerce and Economic Development Bureau, Hong Kong’s goods to the US in 2023 were valued at about HK$6.1 billion ($783 million), making up roughly 0.1 percent of the city’s total exports.

At the same event, acting chief executive Eric Chan Kwok-ki highlighted the government's success in attracting businesses and talent despite simmering geopolitical tensions.

“The number of mainland and overseas companies in Hong Kong has reached about 10,000, while startups have grown to about 4,700 — both reaching record highs,” Chan said. “Talent attraction programs received around 430,000 applications, and the government approved over 270,000 cases in the past two years.”

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He added that the administration will pursue reforms and innovation to uncover new economic growth engines.

“The government will develop emerging sectors, cultivate new quality productive forces tailored to local conditions, and actively align with national strategies to integrate into the country’s development,” Chan said.

Financial sector lawmaker Robert Lee Wai-wang said that under the “one country, two systems” framework, Hong Kong has access to a vast market, particularly in the financial sector.

Contact the writer at tianyuanzhang@chinadailyhk.com