Hong Kong Commerce and Economic Council: Special Overseas Classes Use a Trilogy Strategy to Precisely Assist Mainland Enterprises to Go Overseas

The Zhitong Finance App learned that on July 22, the Secretary for Commerce and Economic Development of Hong Kong, Qiu Yinghua, pointed out in his speech at the “Federation of Industry Global Connectivity: New Milestones, Creating Opportunities” forum that under “one country, two systems”, Hong Kong has the unique advantage of supporting the motherland and connecting the world. As one of the freest and most competitive economies, the only place where common law is implemented in the country, and the largest offshore RMB business and cross-border wealth management center, Hong Kong has a highly open business environment, connected to the international financial system, first-class professional services, and a large number of high-end talents. It has the ability to “hand in hand” assist mainland enterprises to sail overseas via Hong Kong.

Qiu Yinghua said that at present, the global trade pattern is rapidly evolving, global supply chain restructuring, and geopolitics continue to change. The outlook for the world economy is full of variables, prompting domestic and foreign companies to find more stable and reliable business platforms to cope with the changes. Therefore, mainland enterprises often say “leave the market if you don't go overseas.” For Hong Kong, the new changes in the global economic and trade landscape are not only a challenge, but also a golden opportunity to reflect the value of Hong Kong's “super contacts” and “super value-added people”.

Qiu Yinghua explained that in order to better support mainland enterprises to “go global”, a special overseas class led by him was set up at the end of last year to help enterprises make good use of Hong Kong as an important platform for expanding the international market in a one-stop manner using a cross-agency, cross-departmental, and cross-agency model, while building Hong Kong's overseas service ecosystem.

The special overseas travel class is using a trilogy strategy to accurately assist companies. The first step is to actively introduce high-potential mainland enterprises to Hong Kong. Since the establishment of the special class, it has held more than 10 events in Hong Kong and mainland provinces and cities, met with more than 4,000 business representatives, introduced the advantages of going overseas via Hong Kong, and has successfully assisted more than 200 mainland overseas enterprises to set up or expand their business in Hong Kong.

In the second step, special classes assist enterprises that have already settled in Hong Kong to prepare for going overseas, set up business including regional headquarters and treasury centers in Hong Kong, and establish the necessary corporate framework and financing arrangements for going overseas. Furthermore, in April of this year, the special class set up a cross-sector professional services electronic platform to select more than 200 Hong Kong professional service providers with experience in serving mainland enterprises and an international network to provide enterprises with eight types of professional advice, including law, finance, accounting, testing and certification, and marketing.

The third step is to use Hong Kong's international network to help enterprises expand their business outward. Through the overseas offices of the HKSAR Government's Overseas Economic and Trade Office, the Hong Kong Investment Promotion Department and the Hong Kong Trade Development Council, the special class is leveraging the synergy of the three to help enterprises develop overseas markets. The special class also organized foreign study tours to find new business opportunities for mainland enterprises in overseas markets. Next, key officials of the SAR government will continue to lead mainland enterprises to explore different markets and expand emerging markets such as the Global South and the “Belt and Road”.

Qiu Yinghua stressed that promoting the overseas economy will not only help Hong Kong integrate into and serve the overall development of the country, but also inject new momentum into Hong Kong's various professional and commercial services, and even the overall economy. It is an important strategy for Hong Kong to cultivate new growth points and enhance long-term competitiveness. Facing the new situation and new opportunities, it is also necessary to actively use Hong Kong's advantages, work with the handmade business community to support more enterprises to establish themselves in Hong Kong and lay out the world, open up a new situation in the midst of change, and create new opportunities in the midst of challenges.