'Dual-circulation strategy offers HK opportunities'

The executive director of the Trade Development Council (TDC) has said Beijing's "dual-circulation strategy" to spur consumer demand and enhance global trade will offer significant opportunities for Hong Kong businesses. Under the country's 15th Five-Year Plan, policymakers have made it clear that the nation strives to transform its growth model into one that is increasingly led by consumption, instead of exports. Centre to this transition is the strategic framework known as the "dual-circulation" model that prioritises spurring domestic demand to allow products to circulate in domestic markets and achieve "internal circulation". Meanwhile, the country will also seek to further open up to global markets and investments to enhance what they call "external circulation". Speaking on RTHK's "Vision 15: Hong Kong's Chapter", Sophia Chong said local companies can seize the chance to tap into the mainland market as more consumers opt for quality products and stop blindly chasing after major global brands. "They're keen to learn more about the stories behind the brands, which will create growth potential for many independent brands or even emerging brands," she said. "Additionally, Hong Kong excels in product safety and adherences to international standards. "This presents a business opportunity for Hong Kong as local companies can leverage on its strengths in...