Deputy Secretary for Justice Highlights Hong Kong's Economic Resilience at Thought Leadership Conference

Speech by DSJ at conference on The Future of Hong Kong Economy

Following is the keynote speech by the Deputy Secretary for Justice, Dr Cheung Kwok-kwan, at the Thought Leadership Conference Series: The Future of Hong Kong Economy organised by the University of Hong Kong (HKU) Business School today (January 21):

Professor Wong (the Provost and Deputy Vice-Chancellor of HKU and Director of the Hong Kong Institute of Economics and Business Strategy, Professor Richard Wong), Professor Cai (the Dean and Chair of Economics of the HKU Business School, Professor Cai Hongbin), Professor Mokyr (the recipient of the 2025 Nobel Prize in Economic Sciences, Professor Joel Mokyr), distinguished guests, ladies and gentlemen,

Good morning. I am most pleased to address such a distinguished audience today at the conference on The Future of Hong Kong Economy 2026.

The year 2026 unfolds against a global backdrop of complexity and uncertainty. Issues like geopolitical tensions, supply chain shifts and tariff disputes are reshaping the flow of capital and the operation of businesses. Yet history shows that Hong Kong's prosperity has always been fuelled by embracing changes, and by turning challenges into opportunities.

This leads me to the theme today - how Hong Kong can continue to serve as a trusted platform for business growth in the region and beyond. Please allow me to structure my remarks around three "C"s: Certainty, Capability, and Connectivity.

Certainty - rule of law as economic bedrock

The first and most fundamental "C" is Certainty.

For businesses to thrive and economies to flourish, we need above all a predictable environment: certainty in contracts, in dispute resolution and in the enforcement of rights and obligations. In short, certainty is underpinned by the rule of law.

Hong Kong's success as an international financial, trading, and legal services centre is inseparable from its solid rule-of-law foundation. Our common law system, constitutionally guaranteed under the Basic Law, has been operating with integrity for over 180 years here. Judicial independence, equality before the law, and respect for contractual freedom are core values that we all treasure.

In an era when businesses must navigate multiple jurisdictions and political risks, Hong Kong offers something unique: a stable, bilingual, and internationally trusted legal environment. As the only common law jurisdiction within China, and the only one operating fully in both Chinese and English, Hong Kong provides unparalleled credibility and convenience for cross-border transactions.

Under the Basic Law, free flow of capital is guaranteed. Investments and properties in Hong Kong are protected by a robust regulatory regime administered by bodies including the Securities and Futures Commission and the Independent Commission Against Corruption.

The jurisprudence of the Hong Kong courts commands high respect in other common law jurisdictions. In a recent judgement, the Judicial Committee of the Privy Council sitting in London referred to and discussed no fewer than six Hong Kong decisions from the past few years when determining insolvency issues raised in an appeal before it. This credibility is reflected in our consistent global standing - Hong Kong ranks among the top jurisdictions globally for business legislation and dispute resolution, making us the world's second-most preferred seat for arbitration and number one in the Asia-Pacific region.

Legal certainty is also a strategic enabler that allows businesses to plan long term, deploy capital with confidence, and innovate without fear. This foundation makes Hong Kong the ideal international legal hub for proactive collaboration in an era where "safe passage" for capital is more critical than ever.

Capability - professional services powering economic growth

Building on certainty comes the second "C": Capability.

Hong Kong's professional services ecosystem - spanning across legal, finance, accounting, tax, risk management, and dispute resolution - is one of our most powerful strengths. Their quality services are integral to value creation - by empowering businesses to manage risks effectively, tackling compliance issues skilfully, structuring transactions securely, and resolving disputes efficiently.

Our legal profession is international in outlook and local in insight. Our financial and accounting professionals operate to global standards while understanding regional realities. Together, they provide end-to-end support across the entire business lifecycle - from market entry and project financing, to management of an intellectual property rights portfolio, regulatory compliance, restructuring, and cross-border dispute resolution.

In a world of tariff disputes, sanctions, and regulatory divergence, companies increasingly rely on professional services to navigate complexity. Whether expanding into ASEAN (Association of Southeast Asian Nations), the Middle East, Africa, or other markets, businesses require bespoke solutions - solutions that are legally sound, commercially viable, and culturally informed.

This is precisely where Hong Kong excels. We are home to a deep pool of professionals, recently ranked first in Asia and fourth globally under the IMD (International Institute for Management Development) World Talent Ranking.

Our professionals speak the universal language of business, with clear understanding of the nuances of different legal systems, market practices, and risk profiles. We have over 13 000 local lawyers and over 1 500 foreign lawyers from over 30 jurisdictions, including some 500 from the Chinese Mainland as well as more than 80 foreign law firms. Furthermore, we have a unique asset - over 600 lawyers with dual qualifications to practice in both Hong Kong and the Mainland cities of the Greater Bay Area.

In my view, an enterprise expanding globally is like a gentleman visiting a tailor shop for an impeccable suit. An off-the-rack solution simply does not work. What businesses need, and Hong Kong can offer, is a bespoke experience - professional services that cater to the client's needs and execute with precision to ensure a perfect fit for every occasion.

Connectivity - GoGlobal and Hong Kong's strategic role

This brings me to the third "C": Connectivity.

Hong Kong has long been described as a "super connector" and a "super value-adder". It highlights Hong Kong's crucial role under the "one country, two systems" in connecting the Chinese Mainland with the rest of the world.

In recent years, the Government has taken proactive steps to strengthen this role by supporting enterprises, particularly Mainland enterprises, to use Hong Kong as a launch pad for global expansion.

Under the Chief Executive's 2025 Policy Address, I have been tasked to promote our legal services and co-ordinate with other professional sectors to meet the going global needs of Mainland enterprises.

To this end, we launched the Hong Kong Professional Services GoGlobal Platform last December. It serves two major functions:

(1) Information integration: We make information on professional services providers and their capability easily accessible to enterprises. At the launch ceremony of the Platform, we published a collection of over 50 success stories covering a wide range of sectors and extensive markets including Asia, Middle East and Africa.

(2) Needs matching: We enhance co-ordination to meet the specific needs of enterprises. For instance, I recently led a cross-professional delegation to Shenzhen for a direct exchange between our experts and Mainland enterprises. This initiative was well-received.

Earlier this month, we also established the Expert Committee on Professional Services for Going Global, comprising experts from relevant fields, to advise me on our strategy to promote Hong Kong as the premier two-way platform for attracting investment and going global.

Looking ahead

Ladies and gentlemen, as we consider Hong Kong's economic outlook in 2026, we should neither be complacent nor pessimistic. The challenges are real. But so are our strengths.

The certainty under our rule of law infrastructure instils trust. The capability of our professional services delivers solutions. The connectivity through our GoGlobal initiatives provides opportunities.

The relationship between law and the economy is practical, dynamic, and deeply intertwined. A resilient economy requires a credible legal system. A modern legal system must serve real economic needs. In Hong Kong, these two have grown together - and they will continue to do so.

With continued collaboration among the Government, businesses, and the professional community, I am sure that Hong Kong will not only navigate the present uncertainties, but emerge stronger, more relevant, and more connected to the world.

On that note, I wish you all a fruitful conference today and continued success in your endeavours. Thank you very much.

Speech by DSJ at conference on The Future of Hong Kong Economy Source: HKSAR Government Press Releases

DH convenes 14th Meeting of International Advisory Board on Hong Kong Chinese Materia Medica Standards

The Department of Health (DH) today (July 14) convened the 14th Meeting of the International Advisory Board (IAB) on Hong Kong Chinese Materia Medica Standards (HKCMMS) to review the reference standards for 16 types of Chinese Materia Medica (CMM) commonly used in Hong Kong, and to discuss the future development of the HKCMMS. Over 60 experts from the Chinese Mainland, overseas and Hong Kong attended the meeting.

Since 2002, the DH has been implementing the HKCMMS project in phases to develop standards for commonly used CMM in Hong Kong to ensure their safety and quality.

In his opening remarks, the Director of Health and the Chairperson of the IAB, Dr Ronald Lam, said, "One of the key initiatives of the Government Chinese Medicines Testing Institute (GCMTI) under the DH is the implementation of the HKCMMS. With the publication of the Volume 12 of the HKCMMS, standards for 357 types of CMM have been established so far. They have become widely recognised international reference standards for Chinese medicine testing and certification, thereby promoting the high-quality scientific development of Chinese medicine. In addition, the work of GCMTI is closely aligned with national priorities. The National 15th Five-Year Plan made it clear that we need to 'advance the inheritance and innovation of Chinese medicine' and 'promote the integration of Chinese and Western medicine'. It also calls for us to 'strengthen the conservation and utilisation of Chinese medicine resources', 'improve the quality of Chinese medicine, and build up and strengthen the Chinese medicine industry'. These are exactly the goals that the HKCMMS Project is helping to achieve - by setting rigorous quality standards for CMM and conducting applied research and development on testing methods that underpin the entire industry, establishing the Hong Kong Special Administrative Region as a bridgehead for the global expansion of Chinese Medicine."

Dr Lam emphasised that the success of the HKCMMS project depends on the active collaboration of stakeholders across different sectors. He expressed his sincere appreciation to the four research partners attending the meeting, commending their dedicated contributions to advancing the project's research efforts. They were the National Institutes for Food and Drug Control, the Chinese University of Hong Kong, the Hong Kong Polytechnic University and the China Medical University. He also thanked the Government Laboratory for conducting inter-laboratory verification studies. Dr Lam emphasised that these collaborations are crucial for establishing a rigorous and solid scientific foundation for the HKCMMS and gaining international credibility. The DH is also deeply grateful to the National Medical Products Administration, the National Administration of Traditional Chinese Medicine and the Chinese Pharmacopoeia Commission for their continuous valuable advice and support in developing the HKCMMS. To align with the National 15th Five-Year Plan to advance the inheritance, innovation and high-quality development of Chinese medicine, expand and promote Chinese medicine culture, the DH will continue to steadfastly promote the development of Chinese medicine and better integrate into and serve the overall national development.

The two-day meeting brought together experts from the Chinese Mainland, Australia, Austria, Canada, Germany, Japan, Thailand, the United Kingdom and the United States, as well as representatives from research institutions, the DH and the Government Laboratory of the Hong Kong Special Administrative Region. The 16 types of CMM commonly used in Hong Kong that were discussed at the meeting included Bambusae Caulis in Taenias, Pyrolae Herba, Natrii Sulfas, Dichroae Radix, Dioscoreae Hypoglaucae Rhizoma, Cynanchi Atrati Radix et Rhizoma, Jasmini Flos, Tinosporae Caulis, Inulae Flos, Haematitum, Lasiosphaera seu Calvatia, Vespae Nidus, Dioscoreae Rhizoma, Aconiti Kusnezoffii Folium, Meliae Cortex and Tripterygii Wilfordii Radix.

Previous editions of the HKCMMS can be accessed at the website of the Chinese Medicine Regulatory Office of the DH.

DH convenes 14th Meeting of International Advisory Board on Hong Kong Chinese Materia Medica Standards Source: HKSAR Government Press Releases

DH convenes 14th Meeting of International Advisory Board on Hong Kong Chinese Materia Medica Standards Source: HKSAR Government Press Releases

DH convenes 14th Meeting of International Advisory Board on Hong Kong Chinese Materia Medica Standards Source: HKSAR Government Press Releases