Hong Kong will play leadership role in global sustainable development: U.S. economist Jeffery Sachs
At an event hosted by the Hong Kong Association of External Friendship, Sachs said Hong Kong can leverage its robust common law framework, deep integration with the international financial and trading systems, and its partnership with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area.
"The Greater Bay Area is a world-leading production, education and financial center," said the professor at Columbia University, adding that the region is unique in the world in terms of its sizable population and transportation connectivity.
"The Belt and Road Initiative is my favorite foreign policy initiative in the area of sustainable development," said Sachs.
Backed by the production prowess of the Greater Bay Area, Hong Kong can seize opportunities provided by the Belt and Road Initiative to help finance green development projects in developing countries, he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
6 hours ago
- The Star
U.S. stocks close higher as investors buy dip
NEW YORK, Aug. 4 (Xinhua) -- U.S. stocks rebounded Monday as investors looked to recover from sharp losses at the end of last week, which were triggered by growing concerns about the U.S. economy and the impact of new tariffs. The Dow Jones Industrial Average rose 585.06 points, or 1.34 percent, to 44,173.64. The S&P 500 added 91.93 points, or 1.47 percent, to 6,329.94. The Nasdaq Composite Index increased by 403.45 points, or 1.95 percent, to 21,053.58. Ten of the 11 primary S&P 500 sectors ended in green, led by communication services and technology, which rose 2.59 percent and 2.15 percent, respectively. Meanwhile, energy bucked the trend by dropping 0.44 percent. Friday's sell-off followed a disappointing jobs report that included substantial downward revisions to employment figures for May and June. The report also led to U.S. President Donald Trump firing the head of the Bureau of Labor Statistics. With a relatively quiet week ahead for economic data, market attention has turned to international trade. Technology stocks led Monday's rebound, with Nvidia, Broadcom, Alphabet and Meta Platforms each gaining more than 3 percent. Microsoft and Tesla added over 2 percent. Amazon fell 1.44 percent, extending its losses from Friday, while Apple added slightly. "Today is sort of a bounce-back day," said Sam Stovall, chief investment strategist at CFRA Research. "Stocks tend to pop after a drop, so that's what's happening." "S&P 500 gained ground as traders rushed to buy the dip after Friday's sell-off. Traders bet that weak job market data will force the Fed to cut rates, which will be bullish for stocks," said Vladimir Zernov, analyst with market information supplier FX Empire. Still, analysts warned that further economic disappointment in upcoming reports could weigh on stocks in coming weeks. Chris Senyek, chief investment strategist of Wolfe Research, cautioned that the market remains vulnerable to any negative surprises. "While market expectations are rising for the Federal Reserve to restart its easing cycle in September, weaker economic data is beginning to worry investors that the central bank is far behind the curve at the same time as tariff-induced inflation (whether transitory or not) hits," Senyek said.
The Star
11 hours ago
- The Star
Cambodian economy grows 5.9 pct in H1
PHNOM PENH, Aug. 4 (Xinhua) -- Cambodia's economy grew 5.9 percent in the first half of 2025, boosted by manufacturing sector, tourism, and agriculture, the National Bank of Cambodia (NBC) said on Monday. The Southeast Asian nation's economy heavily relies on garment, footwear, and travel goods exports, tourism, agriculture, and real estate and construction. The real estate and construction sectors continued to experience sluggish growth during the January-June period this year. "Growth in the first half of this year has not been significantly affected due to the strength of Cambodia's economic base, as the impact of U.S. reciprocal tariffs and Cambodia-Thailand border dispute still has limit," NBC Governor Chea Serey said in a report. "The impact may occur in the second half of 2025," she said. According to the report, the kingdom's inflation stood at 3.5 percent in the first half of this year due to a rise in food prices. However, oil price declined during the period. The report also said that Cambodia's international reserves increased to 24.8 billion U.S. dollars as of June 2025, securing imports of goods and services for the next 7.5 months.
The Star
11 hours ago
- The Star
Gold purchase by Mongolia's central bank down 24.1 pct
ULAN BATOR, Aug. 4 (Xinhua) -- Mongolia's central bank purchased seven tons of gold from legal entities and individuals in the first seven months of 2025, marking a 24.1-percent decrease compared to the same period last year, according to the Bank of Mongolia on Monday. As of July, average price of gold purchased by the Bank of Mongolia was 384,712.91 Mongolian tugriks (about 107.1 U.S. dollars) per gram. Purchasing gold is one of key ways for the central bank to ensure the country's economic stability by consistently increasing foreign currency reserves, said the bank. Mongolia's foreign exchange reserves have risen to 5.206 billion dollars in the first half of 2025.
