Hong Kong’s Paul Chan hints at ‘goods news’ after Shanghai trip to woo top tech enterprises

Finance chief says start-ups and technology firms in Shanghai expressed enthusiasm about using Hong Kong as gateway to expand into global market
‘I believe that there will be some good news in the short term about attracting strategic enterprises, Chan says, but stops short of revealing details

Hong Kong economy

Ng Kang-chung

Published: 6:10pm, 9 Jul 2023

Why you can trust SCMP

Hong Kong’s finance chief has hinted at “some good news” after a recent visit over the border to entice leading technology companies, saying some businesses had expressed a strong interest in setting up shop in the city.

Financial Secretary Paul Chan Mo-po on Sunday said he had met some representatives of start-ups and technology enterprises on a trip to Shanghai and that the companies were considering expanding into global markets through Hong Kong.

“In terms of attracting enterprises and investment, we have received a lot of positive responses,” he wrote in his weekly blog.

Peak economic growth for Hong Kong dependent on external factors: Paul Chan

Chan also met senior city officials and spoke to the top management of the Shanghai-based New Development Bank on the three day-day trip, which ended on Sunday.

The bank was set up in 2015 by Brazil, Russia, India, China and South Africa, known as the BRICS countries, to finance infrastructure and development projects.

The trip was also Chan’s first visit to the city since the start of the coronavirus pandemic in 2020.

The visit included stop-offs at company offices and research centres, as well as sit-down exchanges. Chan said they had all helped him to gain a greater understanding of emerging start-ups and tech firms across the border.

“They recognised the advantages of Hong Kong’s ‘one country two systems’ and internationalisation, and expressed a strong interest in expanding their global markets with Hong Kong as their base,” he added, referring to the city’s governing principle.

“I believe that there will be some good news in the short term about attracting strategic enterprises.”

Hong Kong on track to become ‘world’s leading green finance centre’: Paul Chan

The finance chief did not identify the companies that had expressed an interest, but made special mention in his blog of trips to Chinese technology giant Huawei’s Shanghai Research Institute and an unnamed firm that specialised in cloud computing and making chips for artificial intelligence software.

Chan also gave a keynote speech at the World Artificial Intelligence Conference 2023 and addressed the Asian Logistics, Maritime and Aviation Conference.

“The visit shows that Hong Kong has been heading in the right direction to develop its innovation and technology,” he said.

But Chan warned the city should not become complacent and the financial hub needed to snatch opportunities to “stay ahead” of the competition.

Chan spoke at several events during his three-day trip in Shanghai. Photo: Handout

City leader John Lee Ka-chiu used last year’s policy address to propose the creation of the Office for Attracting Strategic Enterprises in a bid to “proactively and aggressively” lure investments and business to Hong Kong.

The office launched in December and focuses on strategic industries such as life and health technology, artificial intelligence and data science, as well as financial technology, advanced manufacturing, and new energy technology.

Authorities said the office had contacted more than 150 enterprises within its first six months.

Chan on Sunday also devoted part of his blog to domestic efforts to boost consumption first outlined in February’s budget speech, vowing that developing the economy was the government’s “core mission”.

Hong Kong harbour concerts make splash, but some say floating stage too far away

He encouraged residents to enjoy the Harbour Chill Carnival, a series of concerts under the government’s “Happy Hong Kong” drive to boost spending and get people smiling after the pandemic.

The series of live music shows and street performances features top entertainers, sports displays and lights shows.

The concerts, which started on Saturday, will be held along Wan Chai’s harbourfront over five weekends.

Chan also appealed to the public to take advantage of the next round of consumption vouchers, which will be released on July 16, by going for a meal with loved ones to support the economy.

Post