Hong Kong should stick to China’s economic blueprint amid uncertainty over US ties, finance chief says
- Quoting analysts, Paul Chan says US policy on China likely to remain the same, no matter who becomes the next American president
- Hong Kong will benefit the most by seizing opportunities in mainland’s ‘internal circulation’ economic strategy and the Greater Bay Area, he adds
If [Hong Kong economy] faces obstacles [in its exchange] with Europe and the US, then it’s very natural that we have to stay closer to the economic development on the mainland
With the US presidential election looming on Tuesday, Chan told a Saturday radio programme it was uncertain if the election results would change the country’s diplomatic and economic policies.
“But there is one point that seems to be quite clear. When we talk to various business friends and think tanks, they all share with us that they feel no matter who is elected as the next US president, the general direction on China policy will not change,” he said.
“That means the complex and unfavourable environment will continue … If [the Hong Kong economy] faces obstacles [in its exchange] with Europe and the US, then it’s very natural that we have to stay closer to the economic development on the mainland.”
In May, as the country’s bilateral ties with the US deteriorated, Xi introduced a new economic strategy that relied more on domestic sectors. The strategy focuses on internal circulation – a domestic production and consumption cycle supported by innovation. Trade with other countries and regions, or external circulation, meanwhile, is regarded as secondary for economic growth.