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Thursday, Dec 26, 2024
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HK not lacking behind Singapore in economy as benefiting from mainland China: govt
Hong Kong should make better use of the strength of mainland China and integrate more into regional development of the Greater Bay Area for economic growth, especially in competition with Singapore, said Secretary for Commerce and Economic Development Algernon Yau Ying-wah.
In a radio programme on Monday, Yau said the Middle East countries are eager to strengthen economic and trade ties with Hong Kong, as they hold high hopes for access to the GBA through Hong Kong.
"Hong Kong should integrate more into regional development under the geopolitical and unilateralism environment," noted the commerce and economic development chief.
Yau also dismissed the question about Hong Kong losing advantages in the competition with Singapore, citing the Middle East is seeking business opportunities in Hong Kong, and the city enjoys solid economic ground with the support of the mainland.
"We are only temporarily behind rather than unable to catch up soon," he said, "foreign companies have regained confidence in Hong Kong."
In addition, Yau said the convention and exhibition industry has played an essential role in the economy, citing that around HK$50 billion in income was brought annually in the city in recent years.
In the government's annual budget blueprint announced last week, Financial Secretary Paul Chan Mo-po allocated an additional HK$200 million to lure more opportunities for international conventions and exhibitions in Hong Kong.
"Hong Kong should integrate more into regional development under the geopolitical and unilateralism environment," noted the commerce and economic development chief.
Yau also dismissed the question about Hong Kong losing advantages in the competition with Singapore, citing the Middle East is seeking business opportunities in Hong Kong, and the city enjoys solid economic ground with the support of the mainland.
"We are only temporarily behind rather than unable to catch up soon," he said, "foreign companies have regained confidence in Hong Kong."
In addition, Yau said the convention and exhibition industry has played an essential role in the economy, citing that around HK$50 billion in income was brought annually in the city in recent years.
In the government's annual budget blueprint announced last week, Financial Secretary Paul Chan Mo-po allocated an additional HK$200 million to lure more opportunities for international conventions and exhibitions in Hong Kong.
