Tariff war ‘not the end of the world' for Hong Kong companies: trade council chief
The US-China tariff war is 'not the end of the world' for Hong Kong businesses, the new head of the city's Trade Development Council has said, as he outlined strategies to help them capitalise on geopolitical uncertainties.
Chairman Frederick Ma Si-hang, who took office on June 1, also said on Monday the council would explore setting up more offices in new markets and rebranding the Asian Financial Forum to include more industry elements.
The council has 51 offices around the world, including three in the United States and 13 in mainland China.
'We need to reposition our global presence based on the latest geopolitical situation and the need to explore business opportunities in new markets,' Ma, a former commerce chief, said.
'Our global network will be put under review, some new offices might be opened and some existing ones might get more resources … for example, we might consider Peru after a free-trade agreement was signed recently.'
Ma said the tariff war had brought uncertainties to businesses and impacted investors' confidence, but he remained optimistic.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
32 minutes ago
- South China Morning Post
US vows reprieve on some tech export restrictions as talks with China begin in London
Top economic officials from Washington and Beijing have launched a high-stakes round of trade talks in London, with a senior White House official signalling soon after the start that the US will ease some tech export restrictions on China, adding that he expected the Chinese government to ramp up rare earth mineral exports to American markets. Advertisement The Chinese and American delegations – led by China's vice-premier, He Lifeng, alongside US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer – met Monday afternoon, local time, according to Xinhua. In an interview with American outlet CNBC, Kevin Hassett, director of the National Economic Council at the White House, on Monday said that the US expectation was that 'immediately after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters.' Any agreement on rolling back their controls over critical minerals and advanced technologies would mark a turning point in the tense economic and tech competition between the world's two global powers. In recent years, Washington has tightly restricted China's access to cutting-edge US technology in semiconductors, artificial intelligence and manufacturing, citing concerns over the potential use of these innovations in bolstering China's military capabilities. Advertisement When asked about the concerns over China using US technology for military advancement, Hassett added: 'It depends, like the very, very high end Nvidia stuff is not what I'm talking about. I'm talking about possible export controls on other semiconductors, which are also very important to them'.
South China Morning Post
2 hours ago
- South China Morning Post
Hong Kong tourism sector urged to provide packages, discounts for National Games
Hong Kong's tourism sector should consider offering promotional packages including hotel discounts to spectators at the coming National Games, which the city will co-host in November, authorities have said. Secretary for Culture, Sports and Tourism Rosanna Law Shuk-pui said on Monday that a unified ticket sales platform would be used for all Games events to be held in Guangdong province, Hong Kong and Macau, with more details to be announced soon. She said once the Guangdong Provincial Executive Committee had finalised ticketing policies, her bureau would encourage the tourism sector to develop various packages, with a view to attracting mainland Chinese and overseas visitors to attend the Games and explore Hong Kong. 'We have already got in touch with the tourism sector and hope that it can introduce some packages or discounts,' Law told a meeting of the Legislative Council's home affairs, culture and sports panel. 'When the ticketing arrangements are announced, all host cities will work together to tackle issues such as demand exceeding supply and scalping.' Tickets will be available via the official website and mobile applications, as well as offline channels such as official outlets and booths at venues.
South China Morning Post
3 hours ago
- South China Morning Post
US tariffs hit China's exports in May, but June seen as ‘a better month'
China's export growth slowed last month, weighed down by fewer US orders being made before the two countries came to a 90-day tariff truce. Advertisement And while June's prospects look poised to improve, China's manufacturing and trade sectors remain under strain, according to economists, who also point to lingering uncertainties over American tariffs. China's May exports were up by 4.8 per cent, year on year, to US$316.1 billion, customs data showed on Monday. The figure followed April's 8.1 per cent growth and fell short of the estimate of a 6.28 per cent increase in a market survey by Chinese financial data provider Wind. Exports to the United States plunged by 34.52 per cent, sharper than the 21 per cent drop seen in April, owing to the trade war between the two countries. Advertisement
