HK's status as global trade, shipping center being consolidated

During the past 25 years, Hong Kong's status as a global trade and shipping center has been through both ups and downs, but the city has repeatedly reemerged with the strong support from the Chinese mainland.

Despite the social unrest in 2019 and the COVID- 19, Hong Kong's status as international trade hub has not been weakened, buoyed by its excellent connectivity with the mainland. According to the WTO, Hong Kong became the world sixth- largest exporter of merchandise trade in 2020, up two places over the previous year. In terms of container throughput, Hong Kong ranked 9th globally.

Back in 2004, Hong Kong was the world's top container port and had held that title for several years prior. As the economic structure of Hong Kong evolves and mainland- based cities rapidly grew following WTO entry, Hong Kong ceded that title to Singapore in 2005 and then was surpassed by Shanghai in 2007. In 2021, Hong Kong's container throughput was 17.79 million TEUs ( twentyfoot equivalent unit), compared with 47 million TEUs handled by Shanghai, the world's largest port.

Gary Lau, chairman of the Hong Kong Association of Freight Forwarding and Logistics, told the Global Times on Monday that the incidents of instability in recent years have left many global investors doubting on Hong Kong's future. “But it should be made clear that many businesses still hold firm confidence in Hong Kong's prosperity as many companies still believe in the close bond of the city and the mainland, its potential and advantages,” Lau said.

“Although Hong Kong has ceded the title of the world's top container port, and has no chance to retake that title in the foreseeable future, the city is banking on its quality service and expertise in special and dangerous cargo, e- commerce goods and coldchain logistics to compensate for the loss in the volume of goods,” Lau said, noting that air freight logistics have become a highlight in recent years.

Leveraging the development of the mainland, Hong Kong was able to develop marine services by making full use of its inherent advantages.

In a statement sent to the

Global Times, China Merchants Port said its stakes in many leading ports in the mainland and the businesses connection will continue to contribute to Hong Kong's status as global shipping center, noting that Hong Kong should seize opportunities stemming from the development of the Greater Bay Area, intensify cooperation with nearby ports and focus on developing high- end services to consolidate its standing as a global shipping center.

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