Hong Kong tycoon Victor Fung briefed Chinese President Xi Jinping on supply chain centre vision for city ahead of third plenum
- Source says tycoon Victor Fung among nine business chiefs and experts who met Chinese President Xi Jinping to share suggestions ahead of key Communist Party meeting
- Fung outlined how Hong Kong could develop into supply chain centre for medium-sized, export-focused firms from mainland and overseas multinationals
The chairman of Hong Kong supply chain management conglomerate Fung Group was among nine business and expert representatives who offered suggestions to Xi at a meeting in Jinan during a visit to the eastern province of Shandong last Thursday.
A source said Fung explained global changes in the sector and how Hong Kong could develop into a supply chain centre for medium-sized, export-focused businesses from the mainland and overseas multinationals.
The representatives’ suggestions, including proposals over Hong Kong being better integrated into the country’s development and urban-rural plans, could be included on the agenda of a key Communist Party meeting in July, the third plenum, according to a report from state news agency Xinhua.
During the meeting, Xi stressed the importance of “pursing an approach that is both goal- and problem-oriented to solve problems” and “focusing on deep-seated institutional obstacles and structural issues” in efforts to address the country’s economic problems.
The comments were seen as the most pro-business message delivered so far by Xi ahead of the third plenum, when the country’s leaders are expected to map out new reform agendas and set the course for future growth.
The insider said Fung’s suggestions were based on a key research focus of Hong Kong University of Science and Technology and the Li & Fung Supply Chain Research Institute, the latter of which was launched on Friday.
Li & Fung is a member of Fung Group.
The institute aims to bring together the university’s research and Li & Fung’s industry expertise to spur change in the Greater Bay Area, elsewhere in China and the region, and the rest of the world, while also playing a part in the city’s development into a multinational supply chain management centre.
It also plans to develop business intelligence through industry research and policy studies, and nurture talent through education and partnership programmes.
Fung Group deputy chairman William Fung Kwok-lun said at the institute’s launch that it aimed to inspire and empower industry professionals and entrepreneurs through research and teaching, as well as ensure the next generation of business leaders could better grasp opportunities by more effectively overseeing supply chains.
He added the city had the capacity to offer full‑fledged and comprehensive professional support services to meet the business needs of such firms.
Commerce minister Algernon Yau Ying-wah also pointed to the role of the Covid-19 pandemic, climate change and natural disasters in exposing existing vulnerabilities in supply chains and the need for cooperation during a talk at the Asia-Pacific Economic Cooperation summit last year in the United States.
