Building Stronger China-ASEAN Relations

Hong Kong has distinctive advantages and enjoys support from the central government in improving its position as an international financial, shipping and trading centre, keeping its business environment free, open and regulated, and maintaining the Common Law to expand and facilitate exchanges with the world.

Hong Kong is set to play a significant role in the deepening of relations between China and the ASEAN, which will benefit both markets immensely in three important ways: first, by securing mutual access to markets with sizeable populations; second, in facilitating and cultivating new ties and synergy in technology and innovation; third, in creating new windows for intercultural and people-to-people exchanges. These would attest to the city's international position.

Asia is one of the world's most dynamic regions, and the ASEAN, with its young and energetic population, is playing an increasingly significant role on the global stage. Combined, the ten-strong ASEAN is currently the world's fifth largest economy, and is on track to become the fourth by the end of this decade. The ASEAN is the world's third most populous bloc with a combined population of 660 million in 2020 – 8.5 percent of the world's total, and the median age of the population in the ASEAN region is 30.3. The World Economic Forum has predicted that in the next ten years, the ASEAN will add 140 million consumers to the global market, its GDP per capita will grow at an average annual rate of 4 percent.