Paul Chan Mo-po, the Financial Secretary of Hong Kong, spoke to CGTN Europe about the stability of Hong Kong's economy amidst trade disruptions. He highlighted the steady growth of the economy and reaffirmed Hong Kong's commitment to maintaining its status as a free port. In response to the challenges posed by U.S. tariffs, he emphasized the government's support for exporters and encouraged expansion into new markets, including through regional cooperation with ASEAN countries
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00:00...have gathered in Milan for the annual meeting of the Asian Development Bank.
00:04Speaking to CGTN's Natalie Carney, Hong Kong's financial secretary urged stronger regional cooperation in the face of current trade disruption.
00:13The economy of Hong Kong is steady.
00:16Given the geopolitics, given the tariff war, I think we remain as a very vibrant, very stable economy.
00:27Our response to the tariff challenge is that it brings about uncertainty.
00:35What we offer is certainty.
00:38Hong Kong remains under the one country, two systems arrangement.
00:42Capital goods, money, talents moving in, moving out freely.
00:47Over the years, we have observed international investors remain very confident in Hong Kong.
00:55If you look at our stock market, last year it went by about 18%.
01:00This year so far, it went by another 3-4%.
01:03So very strong.
01:05Now, Hong Kong has traditionally been championed as a free port.
01:09How does the city plan to reconcile this identity with the new reality of these U.S. tariffs, which are about 54%, I understand, and be able to expand its exports to the U.S.?
01:20We commit to our core, so remain a free port.
01:24In terms of business, what we have observed is that export to the U.S. in the past few months still under increase, although the pace of increase slowed down.
01:34So what we have in mind is for exporters, this remains a huge market.
01:41We support them with export credit, with liquidity, but at the same time, encourage them to open up new markets.
01:48With funding support, with government-led delegations, and also encouraging the different chamber of commerce to organize delegations on their own.
01:58And we provide the support and logistics.
02:02Now, you spoke of ASEAN countries there, the cooperation more regionally, building that up, strengthening that.
02:08What could Hong Kong offer the ASEAN countries, and what could they offer Hong Kong?
02:14With the tariff situation, as you mentioned, regional collaboration is closer and closer.
02:20So what we can bring to the table to our ASEAN partners is that, hey, for those companies, if they want to open up the new markets, say, for example, China, North Asia,
02:33naturally come to Hong Kong, separate companies, use Hong Kong as a platform, get convenient access to this market,
02:41and you can raise the necessary funding from Hong Kong to support your operations.
02:45And number two, we offer more scholarships to ASEAN students coming to Hong Kong to study, to learn more about this part of the world.
02:56And this has become our ambassadors.
02:58And this is important for our long-term relationship, understanding, mutual trust.
03:05I think Hong Kong being Hong Kong, we remain open.
03:09We welcome people from different parts of the world, equal opportunities.
03:13And at the same time, very convenient access to China and North Asia.