Summit spells out key connecting role Hong Kong can play for Asean
- Chief Executive John Lee makes it clear at event organised by the Post that city has what it takes to be value-added gateway to Greater Bay Area and beyond
Thanks to the city’s role as a super-connector to the Chinese economy, the Hong Kong-Asean summit this week cemented its place in the regional economic calendar. Inaugurated only last year, it is a window on a shift in the centre of global economic activity towards Asia. The summit gathers business leaders, entrepreneurs, officials and policymakers from Hong Kong, the mainland and other parts of Asia to discuss what the future holds for the city and the region.
Chief Executive John Lee Ka-chiu set the tone this year by vowing deeper regional cooperation with Asean countries. He underscored the city’s unique role as a value-added gateway to markets in the Greater Bay Area – an economic powerhouse of 11 southern Chinese cities including Hong Kong and Macau – and to the rest of China.
Lee said a stronger bond between Hong Kong and the 10-country Asean trade bloc would help both navigate the changing global economy. He left no doubt about the commitment of his government to the role of intermediary between Asean and the Greater Bay Area.
The summit, organised by the South China Morning Post, once again turned out to be a valuable platform for all sides as well as the city. For instance, the Indonesian panel discussed using development projects as a way to broaden the connection between Hong Kong and Asean. An example could be the city’s experience in urban development, and the kind of expertise needed, in terms of the ambitious plan by Jakarta to build a new capital.
Hailing what he called the rising economic power and expanding connectivity of Asean, Lee said the city was “committed to creating new prospects for regional cooperation and mutual prosperity”. The mainland, Hong Kong and Asean have a long history of business connections. Amid geopolitical tensions there is even greater focus on trade and the economic potential of Asia and the Middle East. This was reflected in the ministerial level representation of some nations, and the fact that the government and its guests went ahead with the event in the face of a No 8 typhoon signal, resolve cited by Lee as evidence of the city’s resilience and ability to make things happen.
When it comes to the city’s connector role, several factors weigh in its favour including its legal system, convertible currency, and essential professional services, such as accounting, insurance and financing. This could be a new chapter in the city’s role as a regional and global fintech hub, with Asean countries looking to an era of cooperation and collaboration in technology and new energy. Hong Kong can play its part by connecting them with the Greater Bay Area.
The city’s deep-rooted regional corporate and personal connections, including big investments in Asean countries, will stand it in good stead.
