Hong Kong continues to champion free trade unwaveringly: financial secretary

This photo taken on Sept 17, 2024 shows a container terminal in Hong Kong. [Photo/Xinhua]

HONG KONG — The Hong Kong Special Administrative Region (HKSAR) government will maintain Hong Kong”s status as a free port and ensure the free flow of goods, funds and information, said Financial Secretary of the HKSAR government Paul Chan on Monday.

Chan said the United States’ so-called “reciprocal tariffs” on imports from almost all its trading partners violated World Trade Organization rules, upended global supply chains and dealt a heavy blow to global economic recovery.

The sweeping tariffs are rejected by the international community and investment markets, and will harm the US economy, its companies as well as its consumers, Chan noted.

The tariffs have battered US stocks, which sank for two days in a row last week. European and Asian shares have also declined. Hong Kong’s benchmark Hang Seng Index tumbled over 3,000 points on Monday.

The Hong Kong dollar remains stable under the Linked Exchange Rate System, Chan said. Market trading went orderly and smoothly, and no irregularities have been observed that could exert systemic impacts on the Hong Kong market, he added.

Chan said the HKSAR government will remain on high alert to guard against financial risks.

Noting that Hong Kong, an international trade hub, is not immune in the short term to disruptions in the global trade climate, the financial secretary said the HKSAR government will continue to support local small and medium-sized enterprises by freeing up more funds and exploring new markets.

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