Hong Kong can drive ‘China Opportunity 2.0’ push for global growth: Paul Chan Hong Kong is uniquely positioned to add value to Beijing’s “China Opportunity 2.0” narrative, serving as a bridge and catalyst for the global expansion of mainland Chinese enterprises, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po also identified the Northern Metropolis megaproject in his weekly blog on Sunday as a destination that would empower mainland firms to commercialise their research outcomes and deepen technological development of both sides. “In the face of complicated global geopolitics, the country is creating ‘China Opportunities 2.0’ with its mega-sized market and innovation and technology,” he said. “Hong Kong’s international, financial, talent and institutional advantages under the ‘one country, two systems’ arrangement serve to transform these prospects into development opportunities that are more readily understood and accessible to overseas investors, thereby converting technological strength into asset value recognised by global capital.” Chan made the remarks after attending the World Economic Forum’s Annual Meeting of the New Champions, also known as Summer Davos, in the northeastern mainland city of Dalian last week. He also visited the northwestern city of Xian to attend an event on the commercial aerospace industry. At Summer Davos, Chinese Premier Li Qiang raised the concept of “China Opportunity 2.0” for the first time, which was reframed from “China Shock 2.0”, a term adopted in the West to describe the influx of Chinese goods into global markets after the pandemic, and its strategic reorientation to focus on self-sufficiency. At the event, Li said China’s technological and trade advancement represented an opportunity rather than a shock to the world, and could serve as a catalyst for global growth. Reflecting on his mainland trip, Chan said he had gained a deeper understanding of Hong Kong’s role in the country’s “dual circulation” strategy. “We are not only an important channel for attracting business and investment, but also a crucial link for mainland enterprises and products to go global, as well as a ‘super converter’ of standards and rules between technological innovation and international markets,” he said. Chan also highlighted Hong Kong’s role as a “super adapter”, in addition to its existing positions as a “superconnector” and a “super value-adder” to the country. First introduced in 2020, the dual circulation strategy refers to China’s strategy to focus on strengthening domestic demand while continuing to expand its export presence. Elaborating on his proposition, Chan said many mainland enterprises possessed strong research and development capabilities, but faced challenges in expanding client networks, branding and standards conversion when trying to enter overseas markets. These gaps were where Hong Kong could help, Chan said. “Currently, expansion into overseas markets has become a sustainable development strategy for mainland firms,” he said, adding that mainland entrepreneurs he spoke to generally had a strong desire to raise international funds to support their global expansion. “Other than the actual needs for funds, they are hoping to enhance their global visibility, credibility and attractiveness for talent by introducing international investors.” He also said the government’s Northern Metropolis megaproject, which will include a new university town, would become a launch pad for pooling global talent and enterprises, with the aim of creating a self-sustaining cycle of education, technology and industry. The megaproject involves developing 30,000 hectares (74,132 acres) of land bordering the mainland into a technological and housing hub. Terence Chong Tai-leung, executive director of the Chinese University’s Lau Chor Tak Institute of Global Economics and Finance, said Hong Kong could play a role similar to a “property agent”, acting as a bridge between foreign markets and mainland technological firms, when helping them go global. He added that Hong Kong could also help these firms enhance their brand reputation, while the local legal sector could benefit from providing services to these companies. https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3358643/hong-kong-can-drive-china-opportunity-20-push-global-growth-paul-chan?pgtype=live (ICE HONG KONG)

Fonte notizia: South China Morning Post