HK remains US' significant trade partner

In a testament to their enduring partnership, the Hong Kong Special Administrative Region and the United States have forged a "robust" trade relationship over the past year, said a Hong Kong official.

Jacko Tsang, director of the Hong Kong Economic and Trade Office in San Francisco, made the remarks during her office's celebration of the Year of the Dragon in collaboration with the Hong Kong Tourism Board on Wednesday in Los Angeles.

"Hong Kong remains a significant trade partner with the US," she said.

Last year, US export of goods to Hong Kong reached $28 billion. The US also enjoys one of its highest trade surpluses with Hong Kong, valued at over $23 billion.

The bustling metropolis hosts 1,300 US companies, and about 90,000 US citizens call it home.

As the economic momentum continues, Hong Kong remains a beacon of opportunity and collaborator on the global stage.

The American Chamber of Commerce in Hong Kong's recent business sentiment report stated that 75 percent of respondents view Hong Kong as a competitive global business hub.

Factors contributing to that sentiment include international connectivity, a free flow of capital, a favorable tax regime, and robust legal and regulatory systems, the report found.

"The economy continued to revive in the fourth quarter, with GDP growing by an estimated 4.3 percent. For 2023 as a whole, GDP resumed growth of 3.2 percent," Tsang said.

Hong Kong also excels in quality-of-life assessments, ranking fourth out of 191 places in the United Nations' Human Development Index, which assesses long-term progress in basic dimensions of human development.

"This favorable ranking explains why Hong Kong continues to attract top talent," Tsang said. "Looking ahead, Hong Kong is making strides to spur the city's economic development across sectors."

In financial services, Hong Kong maintains its position as Asia's premier asset and wealth management center.

"With vast opportunities for private equity and venture capital investors, Hong Kong's private equity sector ranks second in Asia, behind only the Chinese mainland," Tsang said, adding that the city's total capital under management exceeds $220 billion, constituting more than 15 percent of the region's total.

Innovation and technology are also thriving in Hong Kong, positioning the city as an emerging tech hub globally. The number of startups has surged to a record high of over 4,250, an increase of more than 60 percent compared to five years ago.