Hong Kong is more entrepreneurial, open and diverse than Singapore, finance chief Paul Chan tells US businesses

Financial Secretary Paul Chan addresses business lunch attendees in San Francisco as part of first joint Greater Bay Area delegation

‘One country, two systems’ governing principle ‘still alive’, he tells corporate leaders, touting city’s advantages over rival Singapore in bid to lure companies

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Finance minister Paul Chan has told US business leaders Hong Kong remains attractive as “a springboard” for accessing the mainland and Asian markets. Photo: Natalie Wong

Published: 9:14am, 29 May 2024Updated: 5:33pm, 29 May 2024

Hong Kong is more entrepreneurial, open and diverse than Singapore, the city’s finance chief has told US business leaders during his visit to the country as he looks to lure companies eyeing expansion to mainland China and North Asia markets.

Financial Secretary Paul Chan Mo-po also witnessed the signing of a deal between the Hong Kong government arm dedicated to attracting investment and a United States business association to promote bilateral trade between the city and the San Francisco Bay Area at a lunch on Tuesday.

Chan assured attendees at the first function during his visit to San Francisco that the “one country, two systems” governing principle was “still alive” and “working very well”, hours after Hong Kong police made their first arrests under the domestic national security law enacted two months ago.

Addressing competition with Singapore and questions from US firms about expanding in the region, he said: “Hong Kong is a lot more entrepreneurial. When it comes to the entrepreneurial spirit and innovation, I think you’ll find it more interesting … Hong Kong is [also] more open and diverse. On lifestyle, Hong Kong is a lot more interesting too.

“Come talk to us. Depending on the scale of the investment, the size of operation, the stage of the technology that you’re bringing, we can tailor-make specific packages for you.”

He said the city was an ideal destination for businesses planning to expand into North Asia and the mainland, citing the connectivity that allowed travellers to reach more than half of the world’s population within five hours’ flight time.