Chan hopes US ruling brings reason to tariff chaos
Chan hopes US ruling brings reason to tariff chaos
Financial Secretary Paul Chan has expressed hope that a US federal court ruling against recent tariff measures would bring President Donald Trump back "to reason".
Chan's comments came soon after a US trade court blocked Trump's "Liberation Day" tariffs on Wednesday, ruling that the American president exceeded his authority by imposing blanket duties on imports from countries that export more to the United States than they import.
Speaking at a fireside chat during the Capital Markets Forum, Chan stressed the importance of countries maintaining an open mind in new trade negotiations.
"We have our value to bring to the negotiation table," he said.
"Say, for example, the mainland is the only country in the world that has the whole complete manufacturing chain.
"Also, it is not just about low cost, no more, but it is about the quality of the products and the capacity to serve huge overseas markets and the responsiveness to the change in market taste and style.
"So I think this is a core competitiveness of the mainland."
Chan also noted that mainland companies are increasingly relocating parts of their supply chains to southeast Asia, a shift he said that could significantly alter the international trade landscape.
He also said the SAR's IPO market is experiencing a resurgence, solidifying its position as a global leader in new listings.
The city has raised around US$10 billion through initial public offerings so far this year, equivalent to approximately 90 percent of the total funds raised in all of 2024.
Chan said more than 100 major companies are currently in the IPO pipeline.
"We welcome both mainland and international companies," he said.
"I think only we welcome them with open arms.
"So there is also a process for people to do some pre-IPO consultation on a confidential basis with the stock exchange, and going back to the earlier point about the vibrancy of this market, truly the valuations have been quite reasonable.
"So people are looking for bargains.
"In my engagements with overseas fund managers, I think they have underweight their allocation to this part of the world. So they need to catch up. That gives this additional liquidity.
"And also given the current geopolitics, Hong Kong is a safe haven for international capital. So all the more the reason to support the coming IPOs here."
Chan further added that Hong Kong continues to attract both mainland and foreign companies, pointing to growing collaboration between the SAR and Middle East markets.
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Asia Times
5 hours ago
- Asia Times
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Asia Times
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The attempt to suppress Huawei – which today is not only a world leader in telecom equipment but also has a growing presence in AI, IC design, autonomous driving and even enterprise software – has, by any measure, failed. And that will likely be the case for many Chinese companies targeted by the latest round of US sanctions. At the Reagan National Economic Forum held in California at the end of May, JP Morgan Chase CEO Jamie Dimon said, 'I would engage with China. I just got back from China last week. They're not scared, folks. This notion they're going to come bow to America, I wouldn't count on that. When they have a problem, they put 100,000 engineers on it. They've been preparing for this for years.' Follow this writer on X: @ScottFo83517667
RTHK
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Boao innovation forum set to make debut in HK
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