Speech by SCED at 11th Belt and Road Summit Thematic Breakout Session (English just)
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Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the 11th Belt and Road Summit Thematic Breakout Session: Chinese Mainland Enterprises Going Global: Driving Mutual Growth Across Belt and Road Economies today (September 10):
Differentiated visitors, women and gentlemen,
Great early morning. A hot welcome to all of you. I hope all of you have actually taken advantage of our productive programs on the first day. This breakout session is among the highlights of the Belt and Road Summit this year. For the very first time, we have actually consisted of a brand-new chapter on “go global” in the Belt and Road Summit, which is an appropriate time for our market leaders, business agents, and expert service specialists to share our strengths and insights, in addition to create cooperation with our Chinese Mainland and Belt and Road partners.
Today’s session concentrates on how Chinese Mainland business can drive shared development with Belt and Road economies by leveraging the special benefits of Hong Kong as a “super connector” and “super value-adder”
Due to the moving geopolitics, increasing trade protectionism and the improving of worldwide supply chains, services going worldwide is no longer just a choice; it is a progressively crucial technique for Chinese Mainland business to diversify threats, enhance strength and pursue brand-new development chances. According to the newest research study by the Hong Kong Trade Development Council (HKTDC), over 90 per cent of Chinese Mainland business are actively pursuing abroad growth, with a specific focus on Belt and Road markets such as ASEAN (Association of Southeast Asian Nations).
This broadening “go global” pattern covers varied markets, consisting of development and innovation, green energy, fintech, advanced production, building, and so on. It likewise takes numerous types, from conventional import-export trade and the optimisation of local supply chains, to the facility of production centers and organization operations overseas.
By doing so, “go global” business can bring sophisticated innovations, financial investment capital, and quality task chances to abroad markets, driving local financial co-operation and attaining a triple-win result for the Chinese Mainland, Hong Kong, and abroad economies. This is an important chance for the international organization neighborhood to collaborate, produce shared worth and pursue sustainable development amidst continuous financial unpredictability.
Hong Kong stands as the freest economy, a prominent global monetary centre, among Asia’s a lot of global cities, and among the world’s most competitive cities. Under the “one country, two systems” concept, we take pleasure in unequaled benefits as a “super connector” and a “super value-adder”These consist of the typical law system, the complimentary circulation of capital and info, an easy and low tax routine, first-rate expert services, and a comprehensive worldwide service network.
The fast advancement of the Northern Metropolis, which covers about one-third of the overall land of Hong Kong, has actually launched brand-new prospective and land resources to serve as Hong Kong’s brand-new engine for financial development. It uses considerable chances for Chinese Mainland business from different sectors, such as development and innovation, education, transportation and logistics, advanced production and product trading, to establish operations in Hong Kong, grow their companies and get expert services to get ready for their international growth.
All in all, Hong Kong acts as the perfect platform to support Chinese Mainland business throughout their “go global” journey, from establishing organization functions such as local head office and business treasury centres in Hong Kong, to raising funds, browsing abroad policies, and creating robust worldwide collaborations.
To turn this vision into action, I established the GoGlobal Task Force (Task Force on Supporting Mainland Enterprises in Going Global) last October to offer the Chinese Mainland business with one-stop customized services. This effort lines up with the nation’s 15th Five-Year Plan, which describes Hong Kong’s function in helping Chinese Mainland business to endeavor abroad by leveraging our first-rate expert services.
The GoGlobal Task Force is proactively supporting Chinese Mainland business through a three-step method: initially, we draw in business with strong development capacity to Hong Kong; 2nd, leveraging our strengths in expert services, we assist them establish worldwide business structures and satisfy regulative requirements for smooth worldwide growth; and lastly, we support them in developing an existence overseas.
Considering that the facility of the GoGlobal Task Force, I am happy to state that we have actually made significant accomplishments. We have actually helped over 300 Chinese Mainland business in establishing or broadening organizations in Hong Kong; arranged more than 20 advertising occasions and engaged over 5 000 agents of Chinese Mainland business; and developed the GoGlobal Cross-sectoral Professional Services Platform to supply assistance in 8 devoted locations, consisting of legal, accounting, monetary services, marketing and branding, along with screening and accreditation.
Thanks to the collective efforts of GoGlobal Task Force members, appropriate expert bodies and market associations, over 200 provider have actually currently been noted on this Platform, supervised by the HKTDC. The GoGlobal Task Force will continue to boost the functions of the Platform and improve the list of expert company to satisfy the growing service requirements of Chinese Mainland business.
The Chief Executive and I have actually led 2 top-level objectives to Central Asia and Malaysia previously this year to assist business much better comprehend abroad markets and check out co-operation chances. We have actually effectively catalysed connections and concrete partnership in between Chinese Mainland business and the regional company neighborhood.
To check out how such partnership produces a triple-win scenario for the Chinese Mainland, abroad markets and Hong Kong, the upcoming panel conversation of this breakout session combines leading company agents and professionals. I am positive that the conversation will stimulate originalities, create robust collaborations, and reveal interesting chances throughout the Belt and Road area.
Apart from this breakout session, there are lots of other “go global” aspects in this year’s Summit. These consist of a physical GoGlobal Connect Zone in the exhibit location, which shows value-added services that can be used to “go global” business by numerous expert sectors in Hong Kong, along with thematic roundtable conversations and organization matching conferences for Chinese Mainland business looking for to go worldwide and expert provider. In addition, the HKTDC will lead a company objective to Nansha, Guangzhou, offering individuals first-hand insights into the advancement and financial investment chances in the Guangdong-Hong Kong-Macao Greater Bay Area.
Moving forward, the Hong Kong Special Administrative Region Government will continue to step up its “go global” efforts and enhance the two-way circulation of financial investment in between Belt and Road economies and Hong Kong.
Ladies and gentlemen, I motivate you all to take today’s chance to find out more about the “go global” effort. To take advantage of this effort and other business-friendly policies such as tax rewards and the Northern Metropolis advancement, I highly suggest that business from the Chinese Mainland and abroad expert providers positively think about developing an existence in Hong Kong.
I want you all an extremely appealing and effective conversation. Before you leave Hong Kong, please make certain that you have actually extra time to explore our city’s scrumptious food, varied East-meets-West culture, and splendid countryside landscapes, and make your check out really unforgettable. Thank you.