HK Economy- Highlight
12 Nov 2018
With more than 600 Australian companies having a presence in Hong Kong, the community unanimously pointed to the importance of Hong Kong’s role in helping Australian businesses excel in the Chinese market as well as in its wider expansion to Asia. This article features stories of four Australian companies from different industries using Hong Kong in different ways, illustrating Hong Kong’s strengths as an ideal hub for Australian businesses.
Since December 2015, the China-Australia Free Trade Agreement (ChAFTA) has entered into force. With staged tariff cuts, the value of Sino-Australia trade of goods jumped 20% in 2017 compared with 2015, while trade of goods between Hong Kong and Australia expanded even faster at 25%. Evidently, Hong Kong’s role as the key intermediary platform for mainland China’s trade with Australia has been reinforced rather than undermined.
Guangdong, Hong Kong and Macau are stepping up cooperation to establish the Greater Bay Area as an international technology and innovation centre. Hong Kong technology and services players can use Hong Kong’s advantages like free flow of information and capital to solicit partners in the Area. They can also help their partners acquire what they need in terms of international technology resources, IPRs and other professional services.