APEC forum in Hong Kong highlights global supply chain cooperation

This photo taken on April 22, 2024 shows a view of the opening ceremony of the APEC China Business Council Hong Kong Forum in Hong Kong, south China. The APEC China Business Council Hong Kong Forum opened on Monday in Hong Kong with participants discussing the stabilizing and smoothing of global industrial and supply chains and promoting sustainable development. (Xinhua/Chen Duo)

HONG KONG, April 22 (Xinhua) -- The APEC China Business Council Hong Kong Forum opened on Monday in Hong Kong with participants discussing the stabilizing and smoothing of global industrial and supply chains and promoting sustainable development.

Around 300 representatives from the political, business and academic circles of APEC economies attended the forum. They pointed out that the current geopolitical tensions and rising protectionism will inevitably impact the global economy and industrial development, and there are new adjustments in global supply chains.

More and more enterprises are shifting from offshore outsourcing to nearshore outsourcing in the global industrial and supply chains, showing the development trend of regionalization of supply chains. Hong Kong has a lot to offer as a "super-connector" between the Chinese mainland and the rest of the world, according to representatives.

Fernando Zavala, chairman of APEC CEO Summit 2024 and former prime minister of Peru, said that it was of great significance the forum being held in Hong Kong, which is an ideal place to discuss and decide how to further connect the Asia-Pacific region because of its strategic location.

Ning Gaoning, chairman of APEC China Business Council, said that Hong Kong's economic vitality and professionalism, including finance, foreign investment, management and its position of being closely connected to the world, enabled it to play a greater role in the sustainability of global supply chains.

Paul Chan, financial secretary of the HKSAR government, said that Hong Kong is an international financial, trade and shipping center. It is a founding member of the World Trade Organization and a member of APEC. Under the unique arrangement of "one country, two systems," Hong Kong is capable of facilitating the upgrading and transformation of the national and global industrial and supply chains, enhancing their stability and resilience.

Jonathan Choi, chairman of the Chinese General Chamber of Commerce in Hong Kong, said that Hong Kong and mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area are well positioned to become the hub of global sustainable supply chains. Through strengthening cooperation, they can further enhance their competitiveness and provide the world with efficient, reliable, innovative and sustainable supply chain solutions.

Established in 2013, the APEC China Business Council provides institutional guarantees for deeper participation in the formulation of Asia-Pacific economic and trade rules.

Ning Gaoning, chairman of APEC China Business Council, addresses the opening ceremony of the APEC China Business Council Hong Kong Forum in Hong Kong, south China, April 22, 2024. The APEC China Business Council Hong Kong Forum opened on Monday in Hong Kong with participants discussing the stabilizing and smoothing of global industrial and supply chains and promoting sustainable development. (Xinhua/Chen Duo)

Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, addresses the opening ceremony of the APEC China Business Council Hong Kong Forum in Hong Kong, south China, April 22, 2024. The APEC China Business Council Hong Kong Forum opened on Monday in Hong Kong with participants discussing the stabilizing and smoothing of global industrial and supply chains and promoting sustainable development. (Xinhua/Chen Duo)

Fernando Zavala, chairman of APEC CEO Summit 2024 and former prime minister of Peru, addresses the opening ceremony of the APEC China Business Council Hong Kong Forum in Hong Kong, south China, April 22, 2024. The APEC China Business Council Hong Kong Forum opened on Monday in Hong Kong with participants discussing the stabilizing and smoothing of global industrial and supply chains and promoting sustainable development. (Xinhua/Chen Duo)