Hong Kong moves to become trusted goods center

Will facilitate Hong Kong goods’ exports.

Financial Secretary John Tsang said the city can benefit from becoming a hub for exporting trusted goods since logistics is one of the four pillar industries.

He said the Customs & Excise Department’s Authorised Economic Operator Programme will align Hong Kong with new international standards for trade integrity and security.

The programme accredits local companies with sound internal safety and management systems, allowing them to liaise with other customs authorities to seek recognition, which facilitates the export of goods from Hong Kong and provides the advantage of convenient clearance.

Attracting more enterprises to form captive insurance companies in Hong Kong is another option to aid economic expansion and provide more job opportunities, he said. These would allow companies to insure against their business risks, helping those that have difficulty finding an insurer.

Tsang also noted Hong Kong lacks a mature bond market since people are not interested in buying retail bonds in the current low-interest rate environment in which return may be less than 1%. As the market matures, more organisations could issue bonds in Hong Kong.