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<Research>HSBC Global Research: HK Econ Faces ST Cyclical Challenges; LT Goal is to Strengthen Dev. of 8 Key Areas
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Hong Kong's economy still faces short-term cyclical challenges, but these will gradually subside, providing more room for discussion on medium-term growth, according to a report by HSBC Global Research. Hong Kong's long-term goal is to strengthen its development in 8 key areas, including international finance, innovation and technology, trade, shipping, aviation, international cultural exchanges, international legal and dispute resolution services (as a regional centre for APAC), and regional intellectual property. The broker identified 2 key opportunities for Hong Kong in the medium term amidst the headwinds of rising interest rates and the structural transformation of the Chinese economy, which involve leveraging its strengths in professional services to help Greater Bay Area (GBA) enterprises go global, and developing into a diversified funding centre to increase offshore RMB funding through loans or bonds. In terms of GBA opportunities, Hong Kong, with its high-quality human capital, has an edge in advanced production services, which are suitable for pre- and post-processing services in the manufacturing supply chain, such as R&D, design, financing and marketing. Hong Kong benefits from its role as the gateway to China and may utilise that to facilitate the global expansion of Mainland enterprises. To further strengthen its position, Hong Kong can provide a wide range of production services to manufacturers, and can work with Mainland government agencies to formulate policies to optimise and promote business processes in the GBA. In terms of a diversified funding centre, Hong Kong's main focus is on HKD and USD financing. Under the current macro environment, Hong Kong, as the largest offshore RMB financing centre, can develop and promote RMB-related business. AAStocks Financial News |
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