China prepares for worst as US considers closing trade offices

Secretary for Commerce and Economic Development Algernon Yau Ying-wah has said that Hong Kong is preparing for the worst as the US considers shutting down the city’s three trade offices in the country.

The official indicated that Hong Kong authorities are planning to reorganize their overseas operations in response to the increasing US-China tensions, Caliber.Az reports via foreign media. 

Currently, Hong Kong operates trade offices in Washington, New York, and San Francisco. In light of the uncertainty surrounding these offices, Yau Ying-wah assured the public that preparations have been made to reallocate resources efficiently should the closures occur.

"We have prepared for the worst in terms of how we should reallocate our resources to address this situation," the official said. Despite this challenge, Yau Ying-wah stressed that Hong Kong is committed to expanding its international trade network.

Efforts will be focused on signing more trade agreements with various economies and further developing e-commerce. The official also mentioned that one of the key goals is to assist small and medium-sized enterprises in scaling up globally, helping them navigate the challenges brought on by current geopolitical shifts. 

As part of these efforts, Chief Executive John Lee Ka-chiu is set to lead a delegation to the Middle East next month, accompanied by mainland Chinese companies. The trip is aimed at tapping into emerging markets in the Middle East and ASEAN, regions that have become increasingly important amidst the intensifying geopolitical tensions.

This trip highlights Hong Kong's ongoing efforts to diversify its international economic partnerships and explore new trade opportunities, especially in light of the changing dynamics between the United States and China. The delegation’s visit is part of Hong Kong's broader strategy to stay resilient and adaptive in a rapidly evolving global market.

By Naila Huseynova