Hong Kong to deepen economic ties with Global South and Middle East

Hong Kong will expand its economic and institutional connections with the Global South and Middle East, building what Financial Secretary Paul Chan Mo-po describes as "networked and institutionalised" links that span green finance, research and development, and innovation sectors.

The Global South encompasses developing less-industrialised nations primarily located in Africa, Asia and Latin America. Chan said the city will deepen ties with emerging economies worldwide, extending partnerships with Middle East and belt and road countries across finance, innovation and technology.

National Blueprint Underpins Regional Push

Writing in his weekly blog post, Chan invoked the country's 15th five-year plan, stating: "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 commits 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.

Green Finance Standards Take Centre Stage

Chan identified green transition as a priority domain for cross-regional cooperation, one that "requires alignment of standards and rules". He emphasised that climate change impacts the Global South most directly, while the substantial financing gap in green transition demands credible standards that enable investors to deploy capital with confidence and precision.

Hong Kong arranged green and sustainable bond issuance totalling US$20.2 billion in the first half of this year, a performance that ranks first in Asia for eight consecutive years, Chan noted.

The finance chief's remarks signal Hong Kong's ambition to position itself as a gateway for capital flows and technological collaboration between developed markets and emerging economies, leveraging both national policy support and its established role in sustainable finance infrastructure.

Source: South China Morning Post