Financial Secretary Paul Chan Mo-po is currently on a five-day official visit to Australia, marking his first trip in six years. His primary goal is to expand trade relations between Hong Kong and Australia beyond traditional exports such as lobsters and wine. Chan is advocating for increased collaboration in sectors like biomedical technologies, green energies, and fintech [a5d3aa6e].
During his visit, Chan emphasized Hong Kong's strategic position as a gateway for mainland companies looking to enter international markets. He highlighted the city's robust academic research capabilities, noting that five of its universities rank among the top 100 globally [a5d3aa6e]. In 2023, Hong Kong imported approximately HK$14.8 billion worth of goods from Australia, with wine alone accounting for HK$1.4 billion [a5d3aa6e].
This push for diversification comes as Hong Kong's economy shows signs of resilience, with a reported GDP growth of 3.3% in the second quarter of 2024. The city is forecasting a full-year growth rate between 2.5% and 3.5% [a5d3aa6e]. Chan's visit aims not only to promote Hong Kong's logistics services but also to attract Australian companies that specialize in green technologies, aligning with global sustainability goals [a5d3aa6e].
In a broader context, Hong Kong's export performance has been on the rise, with a 12.2% growth recorded in the first half of 2024. This growth is attributed to key markets including Vietnam, Thailand, and the United States [626c47e0]. Chan has expressed optimism about the potential for further economic stimulation through upcoming mega events and possible interest rate cuts, although he remains cautious about the impacts of high interest rates and geopolitical tensions [626c47e0].
As Hong Kong navigates these economic challenges, its efforts to strengthen trade ties with Australia reflect a strategic move to enhance its economic landscape and ensure sustainable growth in the face of global uncertainties [a5d3aa6e].