The APEC China Business Council Hong Kong Forum kicked off on Monday focusing on discussions about stabilising and optimising global industrial and supply chains, as well as advancing sustainable development.

Around 300 delegates from political, business, and academic spheres of APEC economies participated in the forum. They highlighted that ongoing geopolitical tensions and increasing protectionism will inevitably affect global economic and industrial development, leading to new adjustments in global supply chains.

An increasing number of enterprises are transitioning from offshore outsourcing to nearshore outsourcing within global industrial and supply chains, indicating a trend towards regionalisation. 

Representatives noted that Hong Kong, as a "super-connector" between the Chinese mainland and the rest of the world, has much to offer in this regard.

Fernando Zavala, chairman of APEC CEO Summit 2024 and former prime minister of Peru, emphasised the significance of holding the forum in Hong Kong. He stated that Hong Kong's strategic location makes it an ideal place to discuss and decide how to further connect the Asia-Pacific region.

Meanwhile, Ning Gaoning, chairman of the APEC China Business Council, highlighted Hong Kong's economic vitality and professionalism, particularly in finance, foreign investment, and management. He stressed that Hong Kong's close connection to the world enables it to play a greater role in the sustainability of global supply chains.

Furthermore, Paul Chan, financial secretary of the HKSAR government, noted that Hong Kong holds a significant position as an international financial, trade, and shipping centre. Being a founding member of the World Trade Organisation and a member of APEC, Hong Kong benefits from the unique arrangement of "one country, two systems." 

This setup allows Hong Kong to facilitate the upgrading and transformation of both national and global industrial and supply chains, thereby enhancing their stability and resilience.

In addition, Jonathan Choi, chairman of the Chinese General Chamber of Commerce in Hong Kong, highlighted that Hong Kong and mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area are poised to become the hub of global sustainable supply chains. By strengthening cooperation, they can enhance their competitiveness and offer the world efficient, reliable, innovative, and sustainable supply chain solutions, he stated.

Set up in 2013, the APEC China Business Council provides institutional support for deeper engagement in shaping Asia-Pacific economic and trade rules.