Hong Kong Must Grow Despite Persistent US-China Trade Tensions, Says Paul Chan
Hong Kong’s Finance Chief Paul Chan stresses the need for growth amid ongoing US-China trade tensions. He aims for economic diversification and for the city to become the largest wealth management hub, despite anticipated volatility in geopolitical relations. Chan cautions that challenges will persist, even following recent trade agreements.
Hong Kong must pursue growth even in light of ongoing trade tensions between the United States and China, according to Finance Chief Paul Chan. In his recent remarks, he emphasized the need for a diversified economy, pushing for Hong Kong to establish itself as the leading wealth management hub globally, surpassing even Switzerland.
Recent discussions in mid-June saw the US and China reaching a framework, described as a trade truce, after negotiations in London. Despite some progress, Chan foresees that challenges and volatility will remain constants for Hong Kong amidst this backdrop. US President Donald Trump noted that American tariffs will align with a significant 55 percent on China, compared to the latter’s 10 percent.
Chan expressed his concern that the geopolitical landscape will continue to pose difficulties. He remarked, “The geoeconomic segmentation and the US-China relationship will continue to be challenging in the coming years.” Despite any newly reached agreements, he cautioned that fluctuations are to be expected. He added, “We won’t underestimate the challenges arising from this tense relationship,” highlighting the importance of strategic preparedness moving forward.
In summary, Paul Chan emphasizes the necessity for Hong Kong to adapt and thrive, despite the backdrop of ongoing US-China trade tensions. His call for economic diversification and the ambition to surpass Switzerland in wealth management reflect a proactive stance. However, he remains realistic about the challenges posed by persistent geopolitical uncertainties.
Original Source: www.scmp.com
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