Exclusive | Carrie Lam to offer boost for Hong Kong shipping industry in policy address as it battles Singapore and mainland Chinese ports
City has dropped out of global top four in terms of tonnage, and lost major carriers to the Lion City
Hong Kong is set to fight against its rival Singapore in the hope of reclaiming its place among the world’s top four container ports, with the city’s leader expected to announce new measures in her policy address next week.
Officials are considering tax sweeteners to lure back big firms, among other incentives, a source said.
Hong Kong is the world’s fifth-largest port in terms of total containers shipped, down from fourth in 2014. It lags Singapore and three mainland Chinese ports: Shanghai, Shenzhen and Ningbo-Zhoushan.
Although the city has more registered ships than Singapore, more fleets in the Lion City are locally owned. According to a report from May by the Hong Kong Financial Services Development Council, Singaporean companies owned 48 per cent of the tonnage registered in their city. In Hong Kong, locals owned just 24 per cent.
“It is a bit late to take action now. A lot of business opportunities have gone to Singapore,” the source said. “Yet, the city should still find ways to enhance its competitiveness.”