According to comprehensive news from WorldWay Investment: 8 August 4, the Hong Kong newspaper "Ta Kung Pao" reported that the Financial Secretary of Hong Kong, John Tsang, 3 published a blog summarizing his trip to Singapore last week. He stated that Hong Kong and Singapore are each other's major trading partners, with extensive trade cooperation and facing many common issues. Both sides often refer to each other's policies, including the special stamp duty introduced to address the risk of a property market bubble and the issue of an aging population. He also mentioned that promoting economic and trade cooperation between Hong Kong and the ten ASEAN countries is another focus of his trip, believing that the launch of negotiations for the "Hong Kong-ASEAN Free Trade Agreement" last month is a milestone in strengthening the economic partnership between Hong Kong and ASEAN.
During the visit, John Tsang met with Prime Minister Lee Hsien Loong and several senior officials, receiving a high-level reception. He stated that while Hong Kong and Singapore are in competition with each other, they are also each other's major trading partners. Not only do the governments of both places refer to each other's policies, but the exchanges between the people of both places are also very frequent. The monetary authorities of both places have also introduced several rounds of similar counter-cyclical measures to prevent excessive expansion of property market credit. He further stated that both places face public finance pressures brought about by an aging population. The Singaporean government recognizes that the aging population and rising medical expenses are difficult to reverse, which will bring heavy pressure on fiscal revenue and expenditure in the long term. Therefore, they have also made preparations, and Hong Kong needs to consider how to increase revenue to cope with the growth of social service and infrastructure expenditure.
Promoting Economic and Trade Cooperation with the Ten ASEAN Countries
John Tsang supports promoting economic and trade cooperation between Hong Kong and the ten ASEAN countries as another focus of his trip to Singapore. He stated that as ASEAN countries experience robust economic growth, their expanding middle class will provide numerous business opportunities for Hong Kong enterprises, while many enterprises from ASEAN countries are also investing in Hong Kong, maintaining a mutually beneficial relationship. He believes that Hong Kong, as a regional financing platform, can provide opportunities for enterprises and investors from ASEAN countries that require substantial funds to develop their economies to access the mainland market.
John Tsang also mentioned the launch ceremony of the internship opportunities for Hong Kong university students in ASEAN initiated by the Hong Kong Economic and Trade Office in Singapore. He stated that in the context of global economic integration, the younger generation in Hong Kong must possess the ability to adapt to different languages and cultures. He hopes that the internship program will help broaden the international perspective of Hong Kong university students and their understanding of different ASEAN countries.
WorldWay Investment Editor
