HONG KONG (Xinhua): Representatives of APEC economies at the APEC Finance Ministers' Meeting held in Hong Kong have called for removing tariffs and other barriers hindering regional cooperation, Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said after attending the gathering.
"We learned to appreciate openness, innovation and cooperation even more upon conclusion of the meeting," Chan told Xinhua. He said representatives of APEC economies agreed on fostering investment and industrial chain cooperation in the region.
Many ASEAN economies like Malaysia and Vietnam, for example, welcome investment from Chinese mainland firms for their potential to help power local economic upgrade and create more jobs, said Chan, adding that when those companies do decide to expand their global footprint, Hong Kong's strengths in professional services can facilitate the process.
Hong Kong's access to global capital also comes into play in other areas of APEC cooperation. APEC economies can seek financing for their large-scale infrastructure projects in Hong Kong, while companies can list in both their local capital market and the Hong Kong bourse, said Chan.
On that note, Chan said he had piqued the interest of many representatives when he shared plans to deepen securities regulatory cooperation with APEC economies.
In terms of promoting financial access and opportunity for all, which was one of the major topics at the Oct. 20-21 meeting, Chan brought to the table Project CargoX spearheaded by the Hong Kong Monetary Authority for case study.
The digital platform integrates logistics and supply chain data, which are proof of business activities, to enable small and medium-sized companies to receive bank loans without collateral.
"The ultimate goal of development is always ensuring well-being for all," said Chan. -- Xinhua
