Hong Kong will navigate trade war with new strategies, Paul Chan says in US
Finance chief Paul Chan concludes his first visit to Washington since 2019, as a new phase of the US-China trade war looms
Hong Kong will successfully navigate protracted geopolitical tensions, serving as a supply chain hub while providing financial services and innovation, the finance chief has said after a visit to the United States where he promoted the city.
Financial Secretary Paul Chan Mo-po offered the upbeat assessment in an interview with the Post at the end of his first visit to Washington since 2019, with a fresh phase of the US-China trade war looming and Hong Kong caught up in the rivalry.
“Geopolitical tensions will continue to be there for quite some time,” he said on the sidelines of the annual meetings of the World Bank and International Monetary Fund (IMF) in the US capital.
Tensions between the world’s two largest economies flared up again last week over new rare earth restrictions and reciprocal port fees, which prompted US President Donald Trump to threaten a new 100 per cent tariff increase on Chinese goods starting in November.
Hong Kong companies have also been targeted. On Wednesday, a US regulator, the Federal Communications Commission, moved to revoke HKT International’s licence to operate in the United States, citing national security concerns. HKT International is a subsidiary of Hong Kong-based PCCW.
“Trade war tariffs are not good for anyone, even for the American people … from Hongkongers’ perspective, we need to find a way to navigate this challenge,” Chan said.