Chen Maobo: Hong Kong plays the role of a “superconverter”, the Middle East and Southeast Asia become the focus of developing new markets

The Zhitong Finance App learned that Hong Kong's Financial Secretary Chan Mao-po said that in addition to being a “super contact” and a “super value-added person,” Hong Kong can also play the role of a “superconverter” to help bring national standards to the international level. Using steel as an example, he said that many national standards are leading in the world. Hong Kong can help national standards go overseas, so that foreign countries can deepen their understanding of the country's innovation and technology. He revealed that the Hong Kong Development Council is carrying out related work and believes Hong Kong can play the role of a “superconverter”.

Chen Maobo also pointed out that as an international city, Hong Kong is fully connected to international standards and has a brand effect. Citing opinions from Middle Eastern partners, he said that matters approved by Hong Kong will also be recognized locally. He revealed that he plans to lead a delegation to visit Saudi Arabia again later this year to discuss further cooperation, and indicated that the Middle East and Southeast Asia are key new markets for Hong Kong to explore.

On the economic side, Chen Maobo said that retail sales in Hong Kong have been rising year on year for 13 consecutive months. Despite facing major challenges, the restaurant industry has stabilized and recorded an increase of about 1% over the past few months. He pointed out that consumption patterns and requirements have changed, and the government will help the industry upgrade and transform. For example, the retail industry can use artificial intelligence to track changes in consumption patterns to respond with innovative products.

In terms of inflation, he pointed out that the war in the Middle East affected the supply chain and brought uncertainty. Inflation is expected to rise in the second half of the year, but it is generally manageable. The inflation rate is expected to rise to around 2% by the end of the year. For sensitive energy-related industries, the Government has introduced support measures and will keep a close eye on changes and respond quickly.

Regarding market development, Chen Maobo said that in the past, Hong Kong's capital sources were dominated by the European and American markets, but it was necessary to develop new capital and new markets. The Middle East and Southeast Asia are the key areas for development. He pointed out that in addition to the petroleum industry, the Middle East also has ambitious diversified economic development plans, bringing business opportunities to Hong Kong's construction, surveying, accounting, law and other professional services and startups. Despite war and turmoil in the Middle East, the general direction of Hong Kong's investment and trade relationship with the region remains the same. Middle Eastern partners value friendship and trust, and the process requires a lot of effort.

On the capital market side, he revealed that there are currently more than 500 companies applying for listing in Hong Kong. Among them, the number of companies related to artificial intelligence and autonomous driving has increased. The Stock Exchange has increased manpower and resources to process listing applications to speed up approval, and will also check the quality of listed companies. He believes that thanks to the People's Bank of China's recent policy support for Hong Kong, international capital will continue to be optimistic about the Hong Kong market.

Finally, Chen Maobo also said that young people should pay more attention to green transformation and actively learn innovative and technological applications such as artificial intelligence, which will help improve their competitiveness in different positions.