Hong Kong to deepen ties with Global South and Middle East, finance chief says

Hong Kong will deepen ties with emerging economies worldwide, expanding connections with the Middle East and belt and road countries, from finance to innovation and technology, according to the finance chief.

Financial Secretary Paul Chan Mo-po also said the city aims to build “networked and institutionalised” connectivity with the Global South – a broad term for developing less-industrialised countries, primarily located in Africa, Asia and Latin America.

Belt and road countries are nations that have signed cooperation agreements or participate in the Belt and Road Initiative, Beijing’s plan to link global economies into a China-centred trading network.

In his weekly blog post on Sunday, Chan cited the country’s 15th five-year plan, writing: “The nation’s steadfast and all-round support [for Hong Kong] forms the foundation for Hong Kong to accelerate its engagement with the Global South.”

The 2026-30 national blueprint pledges support for Hong Kong to develop into an international innovation and technology centre, and to consolidate and enhance its status as a global hub for finance, shipping and trade.

“A broader domain of cross-regional cooperation also includes green transition, which requires alignment of standards and rules,” Chan said. “Climate change exerts the most direct impact on the Global South, and the substantial financing gap in green transition demands credible standards that allow investors to deploy capital with confidence and precision.”

He noted that green and sustainable bond issuance arranged in Hong Kong totalled US$20.2 billion (US$2.57 billion) in the first half of this year, ranking first in Asia for eight consecutive years.