Qiu Tenghua: The need to rebuild the confidence of foreign investors in Hong Kong is seeking to join the Regional Comprehensive Economic Partnership

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Written by: Li Enci

2020-11-28 09:44

Last update date: 2020-11-28 09:46

The Secretary for Commerce and Economic Development, Qiu Tenghua, stated on a commercial TV program this morning (28th) that Hong Kong is striving to join the Regional Comprehensive Economic Partnership Agreement (RCEP) and seek business opportunities with 15 major ASEAN countries. The benefits include tariff reductions and sources of origin. Unification etc.

He also said that last year's social unrest, as well as this year's epidemic and the implementation of the National Security Law have caused some foreign investors to worry about the need to rebuild the confidence of overseas companies in Hong Kong.

Qiu Tenghua, Director of the Bureau of Commerce and Economic Development.

(Profile picture / Photo by Liang Pengwei)

The Secretary for Commerce and Economic Development, Yau Tenghua, said that everyone should start again after the epidemic. It is time to look farther, integrate into the Greater Bay Area and connect with the world, and look for business opportunities.

He said that Hong Kong is striving to join the Regional Comprehensive Economic Partnership (RCEP).

15 countries dominated by ASEAN have participated, including China, Japan, South Korea, Singapore, Australia, etc.

Hong Kong itself has signed free trade agreements with 13 of these countries, but Qiu Tenghua described that RCEP has a legal basis and certainty and is very important to Hong Kong in the coming days and hopes to join in the shortest time.

He pointed out that its benefits include 90% tariff reduction, which is particularly important with Japan and South Korea; in addition, there are advantages such as unified sources of origin, relaxation of trade barriers, and establishment of e-commerce platforms.

He also said that RCEP members now account for 30% of global trade, and they are expected to increase to half in the future. He believes that international relations are based on mutual benefit and hope that common interests will make the world more respectful of trade relations.

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Qiu Tenghua continued that the confidence of overseas companies in Hong Kong needs to be rebuilt.

Hong Kong experienced social turmoil last year, and foreign politicians and multinational companies were worried about safety; this year's new crown pneumonia epidemic and the implementation of the Hong Kong National Security Law also caused foreign investment concerns. The Security Bureau and the Department of Justice have explained to them.

Yau Tenghua believes that it is necessary for Hong Kong to have a national security law. Without a stable constitution and a society under the rule of law, foreign investment will also suffer.

When asked whether Western countries have lost confidence in Hong Kong, Qiu Tenghua said that each company's decision is different. He pointed out that some foreign-funded companies planned to expand in Hong Kong last year and needed to adjust their strategies due to social unrest and the epidemic.

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Qiu Tenghua Business and Economic Development Bureau