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Commerce and economic development chief says challenges caused by US-China trade tensions and Ukraine war mean Hong Kong, mainland must adapt
In a wide-ranging interview on Friday, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said challenges in the global economy caused by US-China trade tensions and the war in Ukraine meant that both the Hong Kong and mainland China economies must transform and adapt.
“The biggest challenge is there are many uncertainties, because the US and China trade negotiations are ongoing. Not until the time when everything is settled, [will] the case become clearer,” he said.
“And then the war in Ukraine, whether that will be settled quickly, will bring some other implications to the global economy. There are areas facing different challenges, and it’s time for transformation of the economy, both in Hong Kong [and] in [mainland] China as well.”
Yau said the city was seeking overseas opportunities from the 10 countries of Asean, the Gulf Arab states, Eastern Europe, Central Asia and Latin America, while being backed by the mainland’s robust economy.
Following a trade visit to New Zealand and Australia earlier this month, Yau will next travel to Singapore on August 31.