LegCo Secretariat releases Policy Pulse on "Expanding global economic and trade network"
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The 10th Belt and Road Summit, jointly organised by the Hong Kong Special Administrative Region (SAR) Government and the Hong Kong Trade Development Council, will be held in Hong Kong tomorrow and Thursday (September 10 and 11). The Summit brings together senior government officials and business leaders from various countries to explore business opportunities, serving as a key platform for deepening Hong Kong's economic and trade ties with countries and regions along the Belt and Road (B&R). As the Summit approaches, the Legislative Council (LegCo) Secretariat today (September 9) released the latest issue of the Policy Pulse on "Expanding global economic and trade network".
The Policy Pulse provides an overview of Hong Kong's latest developments as an international trade centre under the support of the National 14th Five-Year Plan. It highlights Hong Kong's unique advantages in economic and trade, demonstrating how the city leverages its roles as a "super connector" and a "super value-adder" to continuously expand the economic and trade network, while also summarising relevant discussions in LegCo.
The Policy Pulse points out that, with its four "success factors", namely free trade policies, world-class infrastructure, the common law system and sound rule of law, as well as the institutional strengths of "one country, two systems", Hong Kong becomes one of the world's most competitive trading hubs. The SAR Government has also been adopting a multipronged approach to expand Hong Kong's global economic and trade network.
The publication highlights Hong Kong's active expansion of trade and investment agreements network, having signed Free Trade Agreements (FTAs) with 21 economies and Investment Promotion and Protection Agreements (IPPAs) with 33 economies, with negotiations on an IPPA with Qatar largely concluded. LegCo Members urge the Government to strive to forge FTAs and IPPAs with more economies, with particular focus on emerging markets in the Association of Southeast Asian Nations (ASEAN) and the Middle East, while supporting Hong Kong enterprises in market expansion to Latin America.
The Policy Pulse also introduces the SAR Government's proactive efforts to join the world's largest FTA – the Regional Comprehensive Economic Partnership (RCEP) – with the goal of reducing international trade costs and barriers. It points out that Hong Kong's accession to RCEP will help deepen trade ties among RCEP members, assisting them in participating in the B&R Initiative and facilitating their access to the Mainland market. LegCo has been actively rallying support from various parties for Hong Kong's early accession to RCEP. For instance, the President of LegCo led duty visits to three ASEAN countries (Malaysia, Indonesia and Singapore) and Japan respectively, and met with Consuls-General in Hong Kong and parliamentarians from various countries to explain how Hong Kong's accession to RCEP would be conducive to achieving mutual benefits and win-win outcomes. Members also suggest that the Government should focus on promoting related supporting industries that can benefit from RCEP when planning the Northern Metropolis.
Furthermore, the Policy Pulse details multiple initiatives by the SAR Government to attract enterprises and investment, including the development of a multinational supply chain management centre, attracting Mainland enterprises to set up international or regional headquarters in Hong Kong to manage offshore trade and supply chains, and supporting Mainland enterprises in "going global". Through the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), Hong Kong's access to the Mainland's goods and services markets has further opened up, enhancing the attractiveness of Hong Kong to overseas investors, and positioning Hong Kong as a perfect springboard for Mainland enterprises to "go global". The Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services signed last year further facilitates Hong Kong service suppliers in establishing and developing businesses on the Mainland.
The Policy Pulse notes that the B&R Initiative is a far-reaching national development strategy. Leveraging Hong Kong's distinctive advantages, the city has become the prime functional platform for the B&R Initiative. The SAR Government has been proactively expanding presence in emerging markets, with recent key initiatives including the Chief Executive's visit to the Middle East to strengthen economic and trade ties, the expansion of Hong Kong's global office network particularly in emerging markets, and the enhancement of the Dedicated Fund on Branding, Upgrading and Domestic Sales to assist enterprises in developing non-local markets.
The Policy Pulse summarises various recommendations made by Members for expanding Hong Kong's global economic and trade network. These include comprehensively co-ordinating and strengthening efforts in attracting enterprises and investment; reviewing and enhancing the division of responsibilities and functions among relevant government departments and public organisations to avoid duplication of resources; establishing sound industry and supply chains to assist enterprises in "going global and attracting foreign investment"; formulating and promoting the Guangdong-Hong Kong-Macao Greater Bay Area standards in more different areas, with a view to assisting Hong Kong businesses in utilising the preferential measures under CEPA to tap into the Mainland market; encouraging local airlines to operate more international flights between Hong Kong and Middle East cities in order to facilitate business and tourism; and attracting enterprises and family offices from B&R countries to set up or expand their businesses in Hong Kong.
The detailed content of "Expanding global economic and trade network" is available on the LegCo website. The Policy Pulse, published by the Council Business Divisions of the LegCo Secretariat, covers specific topics and offers a comprehensive overview of related policy developments and summarised discussions in LegCo.
Ends/Tuesday, September 9, 2025
Issued at HKT 20:08
Issued at HKT 20:08
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