released October 17, 2020
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A view of the Victoria Harbor of Hong Kong. [Photo/VCG]
Hong Kong trade leaders slammed US President Donald Trump's comments about Hong Kong's market as "self-delusion" and out of touch with reality.
Secretary for Commerce and Economic Development Edward Yau Tang-wah on Friday refuted Trump's televised comments on Thursday that Hong Kong's mar kets will fail.
Yau said that many people have made ill-intentioned criticism on Hong Kong's affairs, clinging to their self-delusion.
The commerce chief pointed out that Hong Kong is an international metropolis; the special administration region would never impose trade barriers with a "bully mentality". Yau said that although cities such as London and New York are regarded as Hong Kong's competitors, he believed there is ample room for fruitful cooperation among the cities.
Against this globalization back drop, Yau said he believed all enter prises with a sharp global vision would agree that any uncivilized or irresponsible act would harm every economy, and not just Hong Kong.
Veteran political scientist Lau Siu-kai said, "Trump is completely ignorant to the fact that the United States has gotten much more from the so-called preferential treatment of Hong Kong than the other way around."
According to the Hong Kong government, the SAR is the third-largest US dollar trading center in the world. Thus, any move by the United States administration to rattle Hong Kong's financial system would only damage global confidence in US assets, he said.
Lau, vice-president of the Chinese Association of Hong Kong and Macao Studies, called Trump's remark "unpresidential" and nothing more than his "emotional outbursts".
He said that because of Trump's failure to contain the coronavirus, the US economy shrank and its unemployment rate soared, which have substantially dimmed his chances of being reelected in November.
"Trump clearly doesn't under stand Hong Kong's key to success," Lau said. "After Hong Kong's hand over in 1997, our GDP and economy have been growing in strength, under the full support of the central government."
Lau added that it is only Trump's wishful thinking that Hong Kong's market would fail with the central government exercising sovereignty over the SAR. "We have the resolute backing from our motherland, which is one of the fastest growing economies in the world," he said.
Tommy Wong Hiu-fung, a local garment manufacturer, agreed.
"Look at the fact that other Chinese mainland cities, such as Shenzhen and Shanghai, all have a booming economy," Wong said.
"How could anyone possibly believe that Hong Kong's economy would be doomed when we have our motherland's strong backing,"
Wong said, adding that Trump's remarks on Hong Kong economy were "shameless", and only serve the interests of his presidential campaign.
Responding to a new US rule that Hong Kong exports to the US cannot be labeled "Made in Hong Kong" announced earlier by Trump, Wong said he had long been collaborating with the mainland factories to produce his clothes, so the US new rule means "nothing to him".
Felix Chung Kwok-pan, leader of the probusiness Liberal Party, concurred. He believed this measure cannot do any harm to the city's manufacturing sector.
"We should all get the facts straight: This new rule is announced by US administration unilaterally. Our exports can still be labeled "Made in Hong Kong" to other foreign countries such as the United Kingdom or Japan," Chung said, adding that the effect is minimal and urging residents not to panic over it.
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