Under the country’s 15th Five-Year Plan, policymakers have made it clear that the nation strives to transform its growth model into one that is increasingly led by consumption, instead of exports.
Centre to this transition is the strategic framework known as the “dual-circulation” model that prioritises spurring domestic demand to allow products to circulate in domestic markets and achieve “internal circulation”.
Meanwhile, the country will also seek to further open up to global markets and investments to enhance what they call “external circulation”.
Speaking on RTHK’s “Vision 15: Hong Kong’s Chapter”, Sophia Chong said local companies can seize the chance to tap into the mainland market as more consumers opt for quality products and stop blindly chasing after major global brands.
“They’re keen to learn more about the stories behind the brands, which will create growth potential for many independent brands or even emerging brands,” she said.
“Additionally, Hong Kong excels in product safety and adherences to international standards.
“This presents a business opportunity for Hong Kong as local companies can leverage on its strengths in product quality and safety assurance to make mainland consumers feel at ease,” she said.
Noting that the mainland’s online market has ranked as the world’s largest for 13 years in a row, Chong urged local online retailers to be fully prepared before tapping into the fiercely competitive market, where the total scale has reached 23.8 trillion yuan over the past five years.
She added that the TDC’s E-Commerce Express programme could help local small and medium-sized enterprises expand their online sales across the border.
On enhancing global trade, Chong said that while a rising number of mainland companies are going global, some of them have reported difficulties in aligning with overseas markets’ legal and admittance standards.
The SAR, she added, can offer professional services to help them navigate issues related to finance, accounting, legal differences, or even infrastructure and property development overseas.
A new office, meanwhile, will open in Egypt to expand connections in North African markets.
“So if [the mainland companies] can build up connections with Hong Kong’s services sector before they expand into the overseas market, it can have a positive impact for them to mitigate risks during their management and implementation phases.
“That’s why we strongly encourage them to have a solid plan in place before taking actions,” she said.
First introduced in 2020, the national strategy also aims to reduce the country’s trade dependence on the West by bolstering domestic markets.
