HKGCC chief tells Hong Kong to develop digital trade

Hong Kong General Chamber of Commerce chief executive George Leung Siu-kay said the contribution of international trade to the economy has been declining amid continuing high inflation, geopolitical risks, and anti-globalization trends. Leung made the remarks as he told Hong Kong to invest more in technology as globalisation benefits to the SAR diminish, which could hurt its role as an international centre. Leung said Chinese-US tensions have led to outflows of foreign capital from the city even as fewer international companies were using Hong Kong for their headquarters. David Liao Yi-chien, the co-chief executive of HSBC in the Asia Pacific, said that he believes Hong Kong will play a greater role in connecting the mainland to the world, though China is facing short-term challenges to its economy.