Hong Kong officials aim to lure medium-sized firms in mainland China by touting city’s professional services: finance chief
- Paul Chan says geopolitical tensions have created pressure for mainland companies that sell to European and US markets and which might be considering relocating
- ‘We will provide them with one-stop services, eliminating the need for them to consider other places but catering to all of their overseas business needs,’ he says
Hong Kong officials will visit mainland Chinese cities with booming private economies to lure medium-sized firms by emphasising the professional services offered in the financial hub that can help them expand their reach in overseas markets, the finance chief has said.
“We will provide them with one-stop services, eliminating the need for them to consider other places but catering to all of their overseas business needs,” Chan told a TV programme.
In the budget unveiled on Wednesday, the government proposed developing the city into a multinational supply chain management centre by offering “full-fledged and comprehensive professional support services to enterprises to meet their overseas business needs”.
The facilities provided under the proposal include consulting services that cover business operations, production and supply chain solutions, trade financing which ranges from export credit insurance to sharing of market updates, and corporate training such as handling compliance and labour protection matters.
Chan said rising geopolitical tensions had created pressure for mainland companies that sold to European and US markets. As a result, some firms were planning to move their production lines overseas.
“We want these companies, especially the medium-sized ones, to go to Hong Kong for overseas market solutions before they relocate their production lines elsewhere,” he said, describing Hong Kong as a tool to help such enterprises explore foreign markets.