Hong Kong Finance Chief Criticizes US Tariffs, Affirms Commitment to Free Trade
Paul Chan Mo-po condemns US tariff policies and reaffirms Hong Kong's status as a global financial hub.
Hong Kong's Financial Secretary, Paul Chan Mo-po, has publicly criticized the US government's recent tariff measures, labeling them as acts of bullying and fundamentally unreasonable, while asserting that these actions contravene the principles established by the World Trade Organization.
Chan made these remarks in response to a challenging financial landscape marked by downturns in major stock indexes, including a 13.2% drop in the Hang Seng Index, which closed at 19,828.30, marking its lowest point since January 23 and its largest one-day fall since October 1997.
Despite the stock market volatility, Chan emphasized the resilience of Hong Kong's financial system, stating that trading remains stable and there have been no indications of systemic threats.
To mitigate risks, the government has committed to continuous surveillance across markets, engaging multiple agencies in monitoring efforts.
In a blog post ahead of the market fluctuations, Chan expressed his belief in the importance of openness and international cooperation, advocating for mutual benefits as a key aspiration for the global community.
He highlighted Hong Kong's commitment to maintaining its status as a free port with a dedication to free trade, ensuring the uninterrupted flow of goods, capital, and information.
Statistics from Invest Hong Kong indicate that the city continues to attract significant foreign direct investment, with a record 539 overseas and mainland Chinese companies establishing or expanding operations in 2024, representing a 41% increase from the previous year.
Additionally, exporters in Hong Kong are adapting to the shifting global market, particularly as the US's share of the territory's total goods exports has decreased from 8.6% in 2018 to 6.5% last year.
In contrast, ASEAN has emerged as a more prominent trading partner, with its share of Hong Kong's exports increasing from 7.4% to 8.7% and surpassing the US to become the city’s second-largest export market since 2019.
Chan confirmed that the Hong Kong Special Administrative Region government will continue to closely monitor market developments and support small and medium-sized enterprises amidst these economic changes.
Chan made these remarks in response to a challenging financial landscape marked by downturns in major stock indexes, including a 13.2% drop in the Hang Seng Index, which closed at 19,828.30, marking its lowest point since January 23 and its largest one-day fall since October 1997.
Despite the stock market volatility, Chan emphasized the resilience of Hong Kong's financial system, stating that trading remains stable and there have been no indications of systemic threats.
To mitigate risks, the government has committed to continuous surveillance across markets, engaging multiple agencies in monitoring efforts.
In a blog post ahead of the market fluctuations, Chan expressed his belief in the importance of openness and international cooperation, advocating for mutual benefits as a key aspiration for the global community.
He highlighted Hong Kong's commitment to maintaining its status as a free port with a dedication to free trade, ensuring the uninterrupted flow of goods, capital, and information.
Statistics from Invest Hong Kong indicate that the city continues to attract significant foreign direct investment, with a record 539 overseas and mainland Chinese companies establishing or expanding operations in 2024, representing a 41% increase from the previous year.
Additionally, exporters in Hong Kong are adapting to the shifting global market, particularly as the US's share of the territory's total goods exports has decreased from 8.6% in 2018 to 6.5% last year.
In contrast, ASEAN has emerged as a more prominent trading partner, with its share of Hong Kong's exports increasing from 7.4% to 8.7% and surpassing the US to become the city’s second-largest export market since 2019.
Chan confirmed that the Hong Kong Special Administrative Region government will continue to closely monitor market developments and support small and medium-sized enterprises amidst these economic changes.
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