Hong Kong deepens ties with Global South in finance, I&T, says HKSAR financial chief

Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said on Sunday that Hong Kong has continued to broaden and deepen its ties with Belt and Road regions and the Global South over the past week, spanning the Middle East to Central Asia across finance, innovation and technology (I&T), and the green transition.

Backed by the national 15th Five-Year Plan (2026-2030), which supports the city's drive to become an international I&T hub while consolidating its status in finance, shipping and trade, Hong Kong has drawn solid momentum from the central government to accelerate partnerships with the Global South, Chan wrote in his blog.

From the Middle East to Central Asia, mutually beneficial collaborations under the Belt and Road Initiative are evolving from standalone projects into a networked, institutionalized framework, he said.

This cross-regional cooperation has extended deeply into I&T, powered by Hong Kong's robust research and development capabilities and close integration with the Guangdong-Hong Kong-Macao Greater Bay Area's tech and industrial supply chains, he added.

Last week, the 11th Belt and Road Summit was held in Hong Kong, bringing together over 6,000 officials and business leaders from more than 70 countries and regions. Over 60 cooperation agreements and memoranda of understanding were reached during the summit.

Hong Kong's merchandise trade with Belt and Road partner countries rose by nearly 17% last year to about $323 billion. So far, more than 100 enterprises from Belt and Road partner countries have listed on the Hong Kong bourse, with a combined market capitalization exceeding HK$340 billion (about $43.4 billion), official data showed.

Hong Kong's own I&T foundation continues to expand, with the number of startups growing from around 1,500 in 2015 to over 5,200 in 2025, while the Science Park and Cyberport have nurtured around 20 unicorn enterprises.

(With input from Xinhua)