HK economy able to overcome challenges: Official


DM Monitoring

HONG KONG: Hong Kong economy will be able to overcome the challenges and remain on track for sustainable development with its resilience and sound fundamentals even if the United States takes unilateral actions to potentially cause disturbances to business sentiment in the near term, Hong Kong Special Administrative Region (HKSAR) government Secretary for Commerce and Economic Development Edward Yau said.
Yau said in a written reply to HKSAR Legislative Council lawmakers that the United States has gained much from the economic and trade activities with Hong Kong.
Over the past decade starting from 2010, the aggregate merchandise trade surplus the United States enjoyed over Hong Kong has reached around 310 billion U.S. dollars.
In 2019 alone, the United States enjoyed a merchandise trade surplus of over 26 billion U.S. dollars with Hong Kong, the highest among its trading partners, Yau noted.
Yau said that in recent years, the HKSAR government, local industry and commercial sectors have been doubling efforts in diversifying markets, including focusing more on the fast-growing Association of Southeast Asian Nations economies, and economies along the Belt and Road.
Further to the Mainland and Hong Kong Closer Economic Partnership Arrangement, Hong Kong has signed seven free trade agreements with different economies.