Hong Kong must “gear up to fight a long battle” in the escalating trade war with the US by diversifying risks and accelerating brand upgrades, the city leader has said, citing views from local delegates to China’s top legislature and political advisory body.
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Chief Executive John Lee Ka-chiu hosted a closed-door seminar on Thursday at the government headquarters, where he engaged with local deputies of the National People’s Congress (NPC) and representatives from the Chinese People’s Political Consultative Conference on US President Donald Trump’s tariffs on Chinese imports.
The seminar took place two days after the White House warned in a fact sheet that China could face up to a 245 per cent tariff on imports to the US as a result of its retaliatory actions. Washington also planned to charge tariffs on small-value parcels from Hong Kong from May 2, ending a customs exception.
Lee on Thursday said US measures showed the “true face of its hegemonic barbarism” and noted that attendees proposed strategies to mitigate risks and “fight side by side” with the country.
“[Suggestions] included gearing up to fight a long battle, diversifying risks through expanding domestic demand and new overseas markets, accelerating upgrading and transformation and brand enhancement,” Lee wrote on his social media page.
“Increasing the diversification of production and sales networks, shifting from processing to independent brands, and upgrading from ‘Made in China’ to ‘Famous Brands in China’ [are also among the suggestions].”
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