Hong Kong and Singapore are cities that can bridge the gap between China and the rest of the world: Hong Kong Finance Minister
The rivalry between Singapore and Hong Kong as Asia’s business hub is a “sexy topic” that “always gets to be on the front page of the media”, but the two cities have to collaborate in order to benefit in the long term, says Hong Kong’s Financial Secretary Paul Chan Mo-po.
Chan was speaking at a public lecture at the Lee Kuan Yew School of Public Policy on March 29, on the topic of Hong Kong and Asean economic partnerships in the post-Covid-19 era. This is his first diplomatic trip since Hong Kong lifted its travel restrictions last December.
Chan began by saying that recent geopolitical tensions have suggested onshoring, reshoring and friendshoring, but regardless of the situation, a partnership with China cannot be ignored.
Citing Hong Kong and Singapore as cities that can bridge the gap between China and the rest of the world, he said the two countries can “be their connector, their advisor, their risk manager”.
“In that process, we are both rich in capital,” he says. “That is the value proposition for Singapore and for us.”
In his LinkedIn post on his meeting with Chan, Deputy Prime Minister Lawrence Wong alludes to the constant perception of rivalry between the two.
“We are not in a zero-sum competition. We embrace healthy competition which motivates both sides to excel,” says Wong, who is also Singapore’s finance minister.
“At the same we continue to collaborate in many areas, and we continually exchange notes to learn from each other,” he adds.
Energy spent, green ambitions
Chan, who has been the Financial Secretary of the Hong Kong Special Administrative Region Government since 2017, reflected on the effect of the 2019 protests and the last three years of Covid-19 on the city’s economy.
“A lot of our energy has been spent on internal political conflict, not productive,” he laments.
Highlighting the enactment of the National Security Law in 2021, Chan said that Hong Kong’s focus moving forward will be on economic development to try and catch up for lost time.
In his pitch to woo investments to Hong Kong, Chan touched on three areas of focus for the country moving forward — embracing digital transformations, better regulations for web3 developments, and green technology.
Hong Kong claims to be the leading city in Asia for green technology, having issued green bonds back in 2021 and 2022 worth some US$87 billion ($115.61 billion). But Chan stresses that this is not enough, and estimates that the funding gap in the coming 13 years will amount to US$33 trillion dollars.
Noting that Hong Kong now knows what it wants to achieve, but is unable to achieve it on its own. Reiterating business-friendly regimes and talent programs, Chan sends a strong message about the country’s commitment to courting strategic enterprises and top talents around the world.
“We would like to reconnect with our friends and partners in the region and around the world so that we can work together to benefit from the economic growth of this region and prosper together,” he says.
See Also:
Click here to stay updated with the Latest Business & Investment News in Singapore
Happy Hong Kong? Singapore’s gone laughing to the bank
Budget 2023: Enhanced schemes will help offset additional GST expenses by five years for most households
Budget 2023: CPF adjustments for gig workers and older workers
Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World
Get in-depth insights from our expert contributors, and dive into financial and economic trends
Follow the market issue situation with our daily updates
Or want more Lifestyle and Passion stories? Click here
For some, now might be the ideal time to try Marvel's Avengers for the first time
A Georgia mother and father say they are grappling with “indescribable pain” of losing custody of their five children — ages 7, 6, 3, 2 and 4 months — after a traffic stop by the Tennessee Highway Patrol that civil rights organizations have called “targeted.”
Germany’s Defence Minister has ruled out sending any further weapons or equipment to Ukraine, admitting that the Bundeswehr will already not be able to replenish its stocks by 2030.
The pound has surged to become the best performing currency among developed economies this year with the Bank of England expected to carry on raising interest rates.
Fights over increasing the nation’s borrowing authority have been contentious in Congress, yet follow a familiar pattern: Time and again, lawmakers found a way to step back from the brink before markets began to panic and the nation risked a dangerous default on its debt. Led by Speaker Kevin McCarthy, they have ruled out passing a “clean” debt ceiling increase even as the White House insists such legislation be passed without conditions. The political conditions are comparable to 2011, when a new Republican majority swept into power after a resounding election win and was determined to confront a Democratic White House and extract major spending cuts in return for a debt limit increase.
Pakistan's year-on-year inflation hit 35.37 percent in March — the highest in nearly five decades — as the government scrambled to meet International Monetary Fund (IMF) conditions to unlock a desperately needed bailout. Month-on-month inflation was 3.72 percent, according to government data released Saturday, while the average inflation rate for the past year was 27.26 percent.
The Federal Reserve's favored inflation gauge slowed sharply last month, an encouraging sign in the Fed's yearlong effort to cool price pressures through steadily higher interest rates. Friday’s report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a 0.6% increase from December to January. Excluding volatile food and energy prices, so-called core inflation rose 0.3% from January and 4.6% from a year earlier.
Beneath a veil of silence, a hugely dramatic and powerful episode of financial repression is ongoing
Many benefits and the state pension are rising by 10.1% in the new tax year.
U.S. stocks have soldiered on through a banking mess to notch solid first-quarter gains. The benchmark S&P 500 posted a 7% gain for the first quarter, which ended on Friday, rebounding after a nearly 20% drop in 2022. Wary investors say those gains leave stocks more vulnerable to an economic downturn, which may have been brought closer by tumult in the banking sector following this month’s collapse of Silicon Valley Bank.
FRANKFURT (Reuters) -Inflation in the euro zone dropped by the most on record in March but "core" price growth accelerated, which is likely to strengthen the case for more interest rate hikes by the European Central Bank. After a record streak of rate rises, the ECB has refrained from committing to more, saying this will depend on whether the current turmoil in the banking sector subsides and on data including underlying inflation, which excludes volatile prices such as food and energy. "The pressure on the ECB to continue raising interest rates remains high," Commerzbank economist Christoph Weil said.
WASHINGTON (Reuters) -The U.S. Treasury Department unveiled stricter electric vehicle tax rules on Friday that will reduce or remove tax credits on some zero-emission models but grant buyers another two weeks before the new requirements take effect. The rules are aimed at weaning the United States off dependence on China for EV battery supply chains and are part of President Joe Biden's effort to make 50% of U.S. new vehicle sales by 2030 EVs or plug-in hybrids. The EV battery sourcing guidance issued on Friday triggers new requirements for critical minerals and battery components and takes effect for vehicle purchases starting April 18.
U.S. consumer spending rose moderately in February, likely payback after surging the prior month, and while inflation showed signs of cooling it remained elevated, which could see the Federal Reserve raising interest rates one more time this year. The personal consumption expenditures (PCE) price index increased 0.3% last month after accelerating 0.6% in January. In the 12 months through February, the PCE price index advanced 5.0% after rising 5.3% in January.
Average property drops 3.1% to £257,122 over year to March, says Nationwide
Greek Prime Minister Kyriakos Mitsotakis on Friday called on the European Union to "seriously consider" providing financial aid to help extend an anti-migrant steel fence along the border with Turkey. Athens has decided to extend by 35 kilometres (21.7 miles) a five-metre high steel fence which runs along the Evros river marking the border with Turkey.
Russia's economy is set for a shallower contraction this year than previously thought, a Reuters poll showed on Friday, but above-target inflation will prevent the central bank from trimming its key rate, squeezing growth prospects. Russia's economy proved resilient in the face of tough Western sanctions imposed after Moscow sent tens of thousands of troops into Ukraine in February last year, but a return to pre-conflict levels of prosperity may be far off as more government spending is directed towards the military. Sergey Konygin, chief economist at Sinara Investment Bank, expects GDP growth of 0.5% in 2023, above the consensus forecast and in spite of deteriorating domestic demand.
Western armour has begun to arrive – but many troops will still have to make do with old Soviet machines in the long-awaited counteroffensive
"Silver lining? You see him for what he is and can aim for better."
These conversation starters will help you get to know each other on a deeper level, sex experts say.
While Don Trump Jr and Eric Trump both raged about the indictment as soon as it landed, Ivanka – who worked as a top adviser in Mr Trump’s White House – had been silent for many more hours
