HK to build new logistics centre and park to boost intermediary trade

18-Oct-2021 Intellasia | Global Times | 5:02 AM Print This Post

Hong Kong will build a new logistics centre at Hong Kong airport and in Dongguan in Hong Kong’s neighbouring province Guangdong in South China, targeting high value third-party logistics services and facilitating intermediary trade, said the Finance Secretary of the Hong Kong Special Administration Region (HKSAR) on Friday.

The new logistics centers are believed to be able to boost the intermediary trade in Hong Kong and to strengthen Hong Kong’s status as the international aviation hub of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

A high-end logistics centre will be built in the cargo area of Hong Kong International Airport (HKIA) to facilitate high value-added third-party logistics services, which is expected to be put into use by 2023, said Paul Chan Mo-po, finance secretary of the HKSAR, on Friday at a sub-forum focusing on the development of the GBA under the Pearl River International Trade Forum held in Guangzhou.

The Pearl River International Trade Forum was held for the first time during the Canton Fair. It was also the first time in the history of the Canton Fair that a national-level international trade forum was held.

Chan also said that the Airport Authority of Hong Kong (AA) is actively developing a multi-modal cargo transport service to enable seamless transfer of mainland exports through the HKIA to other parts of the world.

According to Chan, the AA is planning to set up a “Hong Kong International Airport Logistics Park” in Dongguan, where mainland exports can complete customs clearance, security checks and other procedures and be transported by sea to the cargo terminal in the restricted area of the HKIA for direct transshipment to the rest of the world. Dongguan is about 100 kilometers away from the Hong Kong airport.

Air cargo imports for the Chinese mainland can go through the same channel for fast custom clearance.

Trade between the Chinese mainland and Hong Kong in 2020 stood at HK$4.25 trillion ($546 billion), and the total trade was HK$8.20 trillion, which means that the trade with the mainland accounted for nearly 52 percent of Hong Kong’s total trade, according to statistics from the Census and Statistics Department of the HKSAR.

In the first half of 2021, a total of 61.8 percent of Hong Kong’s re-exports of goods originating in the Chinese mainland to other places used outward processing in the mainland, according to statistics released in September by Hong Kong’s statistics department.

As Hong Kong enjoys close economic and trade relations with the mainland, experts attending the forum and many exhibitors and buyers told the Global Times at the Canton Fair that Hong Kong should be more integrated into the country’s development.

Ying Xiuzhen, a veteran trader from Ningbo in East China’s Zhejiang Province who has attended all the 55 offline Canton Fairs since her first participation in 1992, told the Global Times that Hong Kong was integrated into the mainland economy very early, dating back to the 1980s in the early days of reform and opening-up.

“At that time, most of our customers were Hong Kong intermediaries who had many customers all over the world and placed orders to mainland enterprises. Now that the mainland is developing at a fast pace, Hong Kong should be more integrated into the country’s economic development,” Ying said.

China’s booming economy is bringing more domestic buyers to the Canton Fair, several exhibitors from Macao told the Global Times on Friday.

“I have participated in nearly every Canton Fair for 10 years. And surprisingly, this year I saw many ‘new faces’ among the buyers. Many international buyers still choose to participate in the carnival online. But we can see an increasing number of domestic buyers. I am so confident that our orders will boom this year,” a staff member of a Macao-based international trading company told the Global Times.

The 130th Canton Fair, which kicked off on Thursday, for the first time focuses on promoting dual circulation domestic and international.

“Amid the pandemic that severely hit global trade, the participation of domestic buyers really gives us confidence,” an exhibitor representing Malaysian products told the Global Times on Friday.

China’s huge market will surely drive the world economy and post-pandemic development, Huang Qifan, vice president of the China centre for International Economic Exchanges, said Friday at the Pearl River International Trade Forum.

“As the country is increasing its imports, in the next decade, China’s cumulative imports of goods and services are expected to reach $27 trillion, with goods imports reaching $22 trillion and service imports totalling $5 trillion,” Huang said.

Chan also said that Hong Kong will be more active in the nation’s overall development, as well as cooperating and coordinating with cities in the GBA to promote the development of trade, shipping and logistics, as well as the sustainable development of Hong Kong’s economy.

“We also plan to rebuild the Air Mail Centre at HKIA to enhance its efficiency and capacity. With the opening of the third runway in 2024, HKIA will handle more than 9 million tonnes of air cargo annually, which can meet the demand for more than 10 years in the future and facilitate the rapid development of e-commerce trade in the region,” said Chan.

https://www.globaltimes.cn/page/202110/1236459.shtml

 

Category: Hong Kong

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