Hong Kong primed to proliferate in New Year

Hong Kong has been recognised as the world's free-est economy, the world's third global financial centre and the fifth most competitive economy, according to Emily Mo, director of Hong Kong Economic and Trade Office in Toronto (HKETO).

Mo made the comments at a Chinese New Year reception jointly hosted by HKETO and the Hong Kong Tourism Board (HKTB) on January 19, in Toronto.

"Over the past couple of months, Hong Kong has been on the path of an orderly and progressive reopening. We completely cancelled the hotel quarantine requirement, are hosting major business, sports and cultural events, and have begun to resume normal travel with the mainland," Mo said.

Mo noted that global forecasts are not optimistic in the short term. However, with Hong Kong's institutional strengths and core competitiveness, and the continuing and wide-ranging support from Chinese mainland, Hong Kong's strengths as an international financial centre linking the mainland and the rest of the world are primed to proliferate.

"Under the clear direction of the National 14th Five-Year Plan, we are actively enhancing our strength as an international financial centre. That means boosting our niche as a global offshore renminbi hub, and an international asset management and risk management centre," she continued.

Mo mentioned that Hong Kong as an international financial centre will continually expand the mutual access between the financial markets of the mainland and Hong Kong, to the great benefit of its capital market. The Guangdong-Hong Kong-Macao Greater Bay Area development also enhances Hong Kong's role in fostering economic growth and competitiveness of the economy.

Turning to strategic enterprises and human capital, Mo highlighted that the Hong Kong Special Administrative Region Government has launched new institutional setups and implemented an array of new initiatives to attract enterprises, investments and talent to enhance Hong Kong's competitiveness.

On Hong Kong-Canada relations, Mo noted that business association and venture capitalist in Canada have signed a Memoranda of Understanding with their Hong Kong counterparts in the last quarter.

"This signifies the further advancement of a collaboration in business, investment and international trade between the two places," she added.

Hong Kong has reopened to visitors after the pandemic. Returning visitors will have new travel experiences and have the opurtunity to see new attractions, including the iconic M+ Museum, the West Kowloon Cultural District and the upgraded Peak Tram. There are big plans in the pipeline to welcome back travellers, according to Michael Lim, director for Canada, Central and South Americas of the HKTB, who revealed the tourism marketing plans for Canada in 2023 during the function.

"We will soon launch a global promotional campaign, 'Hello Hong Kong', which will showcase Hong Kong's iconic appeal and new experiences. In addition, we're working closely with the travel trade to develop new and exciting travel packages. Visitors can also expect mega-events to return. We already have more than 200 events and happenings for 2023. We look forward to welcoming back Canadian visitors," he said.