A view of Hong Kong File Photo: VCG
Hong Kong Financial Secretary Paul Chan Mo-po on Monday denounced Washington's tariff moves as bullying and unreasonable and a violation of World Trade Organization rules,
MK sports CCTV news reported.
Chan said that the city's financial system remains sound, with trading proceeding smoothly and no abnormal activity threatening systemic stability. He added that the government will carry out round-the-clock, cross-market surveillance with multiple agencies to guard against potential risks.
Chan's remarks came as major stock indexes, including Hong Kong's benchmark Hang Seng Index (HSI) and US equity futures tumbled amid the sweeping US "reciprocal" tariffs, and volatility gauges jumped after US President Donald Trump showed no sign of retreating from sweeping tariff plans, intensifying recession fears, Reuters reported.
The HSI on Monday slid 13.2 percent to close at 19,828.30, its sharpest drop since October 1997 and the lowest close since January 23.
The Hong Kong Special Administrative Region government will keep monitoring market movements and continue support for local small and medium-sized enterprises, Chan said. He stressed that Hong Kong will maintain its free port status and unwavering commitment to free trade.
Writing in a blog post on Sunday, Chan said that he still firmly believed that openness and cooperation are the tide of history, and mutual benefit and win-win outcomes are what people aspire to. He pledged that the city will ensure the smooth flow of goods, capital and information.
Hong Kong remains a favored destination for global capital. Invest Hong Kong, the HKSAR department for foreign direct investment, said that it helped a record 539 overseas and Chinese mainland firms set up or expand in 2024, a 41 percent year-on-year jump.
Exporters have also shifted markets amid rising unilateralism. The US share of Hong Kong's total goods exports fell to 6.5 percent last year from 8.6 percent in 2018, while ASEAN's share as a main export destination rose to 8.7 percent from 7.4 percent, Chan noted. ASEAN has overtaken the US to rank as the city's second‑largest export market since 2019, he added.
Global Times
