By Marcella Cheung
The recently concluded National People's Congress has outlined a grand blueprint for national development and brought new opportunities for Hong Kong's import and export industry. The government work report further emphasizes the importance of promoting high-level openness and reaffirms the strategic goal of stabilizing foreign trade and foreign investment, proposing a series of policies to promote foreign trade, stabilize scale, and optimize structure.
Under the guidance of these policies, Hong Kong, as a bridge connecting the Chinese mainland and global markets, will play an irreplaceable role in facilitating import and export trade.
As a successful practice of "one country, two systems," Hong Kong not only enjoys the benefits brought by national policies but also possesses an independent and highly internationalized legal system, a free market economy, and a robust financial infrastructure. These advantages position Hong Kong as a crucial intermediary in international trade.
Particularly in the fields of legal and financial services, the professional services offered by Hong Kong provide strong support for import and export enterprises. Whether it is contract signing, arbitration, and dispute resolution in international trade, or trade financing, cross-border (boundary) settlement, and risk management, Hong Kong's legal and financial professional services are among the best in the world.
The vast production capacity and market demand of the Guangdong-Hong Kong-Macao Greater Bay Area provide strong support for Hong Kong's import and export trade. Hong Kong has world-class port and aviation facilities, and its efficient supply chain management and cargo clearance capabilities offer robust guarantees for enterprises to expand into international markets. As a significant container terminal globally, Hong Kong's port handled over 13 million standard containers last year, with 40% of transshipment goods coming from the mainland and 60% destined for the mainland.
Moreover, the booming cross-boundary e-commerce in recent years has become a new engine for foreign trade growth. National policies aimed at promoting cross-boundary e-commerce and digital trade have also provided Hong Kong enterprises with opportunities to explore new business models. Hong Kong businesses can leverage their advantages in digital infrastructure and international experience to actively participate in the construction of cross-boundary e-commerce platforms on the mainland, utilizing Hong Kong's international reputation and professional service strengths to help overseas brands enter the mainland market, while also assisting mainland brands in going global, further enhancing their position in the global supply chain.
In the current international economic environment, Hong Kong's import and export industry faces both challenges and opportunities.
On one hand, geopolitical uncertainties and the restructuring of global supply chains have impacted trade activities; on the other hand, the support of national policies and the deepening of regional economic cooperation inject new momentum into Hong Kong's import and export development.
In the face of new opportunities and challenges, the import and export industry in Hong Kong must remain confident, take proactive actions, and fully utilize Hong Kong's institutional advantages and the support of national policies to convert policy dividends into development momentum. They should actively cooperate with the mainland and international markets, seeking more collaboration opportunities under initiatives like the Belt and Road and the RCEP framework, promoting trade diversification, and continuing to solidify their position as an international trade hub.
By leveraging the advantages of legal and financial professional services, they can help enterprises enhance competitiveness and expand into international markets. Through the collective efforts of the industry, it is believed that Hong Kong's import and export industry will not only become an important window for the country's opening up but also an indispensable key node in the global market.
(Source: Wen Wei Po)
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