In response to a question from US companies about competing with Singapore and expanding in the region, he said: “Hong Kong is much more entrepreneurial. I think Hong Kong is more interesting in terms of entrepreneurship and innovation. [also] It's more open and diverse. Lifestyle-wise, Hong Kong is much more interesting.
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He said the city is an ideal destination for companies planning to expand into North Asia and mainland China, with connectivity that allows travellers to reach more than half the world's population within a five-hour flight time.
Chan also highlighted the strength of Hong Kong's stock market and touted its advantages over Singapore's, which he said was “incomparable in terms of depth and breadth.”
The market capitalization of companies listed on the Hong Kong Stock Exchange is HK$32.1 trillion, while the Singapore Stock Exchange has a market capitalization of HK$7.4 trillion, but Hong Kong's economy is considered larger and more diversified.
The luncheon was co-hosted by the Hong Kong Economic and Trade Representative Office in San Francisco and the Bay Area Council, a California-based business association with more than 300 member companies, and took place in the dining hall of a luxury hotel in downtown San Francisco.
Attendees included about 100 representatives from California-based companies, startups and industry groups, but no U.S. officials were in attendance.
In a speech titled “Hong Kong's New Chapter: Fostering Growth Through Innovation and Sustainability”, Chan said Hong Kong remains attractive as a “springboard” for access to mainland China and Asian markets.
“When you come to Hong Kong, on the one hand you get convenience and sometimes preferential access to mainland China,” he said. “At the same time, Hong Kong maintains its international character and international profile. Talent, goods and data are mobile.”
The MoU signed between InvestHK and the Bay Area Council included co-promoting investments with a focus on green finance and sustainable development.
San Francisco and Berkeley were the final destinations for the first-ever joint delegation of senior officials from Hong Kong, Macau and Guangdong province to promote business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area as part of Beijing's plan to develop Hong Kong, Macau and nine cities in Guangdong province into high-tech economic powerhouses by 2025.
The joint delegation wrapped up a four-day visit in Paris before heading to the United States, where they will be in California until Friday to attend a U.S.-China high-level meeting on subnational climate action. They will also take part in a Bay to Bay Dialogue event with California businesses.
This is Mayor Chan's second visit to San Francisco in six months, after he represented Mayor John Lee Curthow at the Asia-Pacific Economic Cooperation (APEC) summit in November last year.
Lee, who is under U.S. sanctions, declined the invitation, citing a clash with the planned agenda.
Chinese President Xi Jinping met with U.S. President Joe Biden during the summit, and the two agreed to work together to address the risks posed by artificial intelligence.
The meeting followed a brief stop in Hong Kong during California Gov. Gavin Newsom's visit to mainland China in October as part of a week-long trip to “advance climate change action,” according to the governor's office.
The San Francisco Bay area is known as the home to many tech giants, including Apple, Google and Facebook, and has long been a global hub for technological innovation.
The Hong Kong delegation's lobbying activities are also being carried out in mainland China, where the country is seeking foreign investment to revitalize its struggling economy, which has been hit by a downturn in the real estate market and other factors.
