During a recent meeting with President Xi Jinping in Jinan, Hong Kong tycoon Victor Fung Kwok-king shared his vision for the city to become a multinational supply chain center for mainland Chinese companies amidst changing global trends. Fung, the chairman of the Fung Group, suggested how Hong Kong could develop into a supply chain hub for medium-sized businesses from mainland China and overseas multinationals.
Their suggestions, including integrating Hong Kong into the country’s development plans, could be discussed at the upcoming Communist Party meeting in July. Xi emphasized the importance of addressing institutional obstacles and structural issues to solve economic problems, signaling a pro-business stance ahead of the meeting.
Fung’s ideas were influenced by research from Hong Kong University of Science and Technology and the newly launched Li & Fung Supply Chain Research Institute. This institute aims to drive change in the Greater Bay Area and beyond, fostering business intelligence and talent through research and educational programs.
Overall, Hong Kong aims to become a hub for supply chain management, aligning with the trend of mainland companies expanding production internationally. This strategic move is crucial in mitigating vulnerabilities exposed by events like the Covid-19 pandemic and climate change, as highlighted by Commerce Minister Algernon Yau Ying-wah at a recent summit.