Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
“Hong Kong and ASEAN countries have strong economic and trade relations, and the Chinese community in Southeast Asia is closely connected with the Greater Bay Area.” Cai Guansheng, a member of the Standing Committee of the CPPCC National Committee and Chairman of the China Chamber of Commerce and Industry in Hong Kong, described Hong Kong’s unique position as follows: “The left hand is the Greater Bay Area, the right hand is ASEAN.” He added: “Companies from other cities in the Greater Bay Area can team up with Hong Kong entrepreneurs and enter the global market together.”
Since early April, the US has been wielding its tariff baton without authorization, and Hong Kong, a free port, has been subjected to groundless attacks. In the past few years, Hong Kong has been actively integrating into China’s national development strategy by participating in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area; on the other hand, it has been strengthening trade and economic ties with overseas markets, including ASEAN countries, using its unique advantages to overcome the crisis and explore new opportunities for growth.
Building the Guangdong-Hong Kong-Macao Greater Bay Area is Hong Kong’s Major Opportunity
Against the backdrop of the US tariff abuse, Hong Kong SAR Chief Executive Li Jiachao stressed that the Guangdong-Hong Kong-Macao Greater Bay Area has a population of about 87 million and a regional GDP of over 14 trillion yuan. “The state is the greatest opportunity and the greatest certainty for Hong Kong,” he said.
HKSAR Secretary-General Chen Guoji added that the Hong Kong government actively supports local companies and talents to tap into the boundless business opportunities in the Greater Bay Area, and encourages Guangdong enterprises to leverage Hong Kong’s comprehensive advantages and professional services to accelerate their entry into the global market.
Expanding Trade Share with ASEAN: Finding New Partners and Markets
In addition to actively integrating into the Greater Bay Area, Hong Kong is actively exploring the ASEAN market, taking advantage of the “one country, two systems” system, free and open economy, and advantageous geographical location. All this allows it to play an important role in rebuilding global supply chains. Hong Kong and ASEAN countries have broad cooperation opportunities and common interests,” Li Jiachao said.
According to data released by the HKSAR government, ASEAN countries’ share of Hong Kong’s market has grown from 7.4% in 2018 to 8.7% in 2024, second only to China’s hinterland. Since 2019, ASEAN has overtaken the United States to become Hong Kong’s second-largest export market.
Accelerated adoption of various measures and expansion of development prospects
In addition to strengthening trade ties with China’s hinterland and ASEAN countries, Hong Kong has taken a range of measures, including firmly adhering to free trade policies, promoting industrial transformation and upgrading, actively pursuing scientific and technological innovation, and advancing international financial cooperation.
Hong Kong SAR Financial Secretary Chen Maobo recently said that many multinational enterprises are investing in Hong Kong, viewing it as a bridge between China’s hinterland and the world. Hong Kong has always adhered to the rule of law, an internationalized and friendly business environment, an inclusive culture, and provides access to the world’s most dynamic consumer and innovation market – China’s hinterland.