But analysts on Sunday cautioned that the potential for building new international ties at the forum was limited, and the success of the trip would be determined in part by highly anticipated talks between Chinese President Xi Jinping and his US counterpart Joe Biden.

Financial Secretary Paul Chan Mo-po unveiled his agenda for the global economic summit in his blog, after leaving Hong Kong to join the event on behalf of US-sanctioned Chief Executive John Lee Ka-chiu, who earlier said he could not attend due to scheduling issues.

“Facing complex, ever-changing and uncertain prospects, it is crucial for major economies to engage in more dialogue to enhance understanding, manage differences, promote cooperation and jointly seek solutions to address challenges,” Chan said. “This is essential for stabilising the situation and driving economic development forward.”

Chan is expected to attend the Apec Finance Ministers’ Meeting on Sunday and Monday, as well as the Economic Leaders’ Meeting from Wednesday to Friday, both in San Francisco. He departed Hong Kong on Saturday evening.

The finance minister on Sunday said it was important for Hong Kong to make more friends and build closer ties with a greater number of countries, especially given rising geopolitical tensions, high interest rates and uncertain economic recovery in some major nations.

Such factors had led to concerns in the business community, creating a more cautious investment attitude, he explained.

“Through bilateral meetings with different economies, we can expand our circle of friends to enhance mutual understanding of development goals and priorities, and establish a better foundation for further cooperation in future,” he said.

Hong Kong forum on US-China ties seeks ‘optimistic’ tone ahead of Apec summit

The minister added that broadening Hong Kong’s ties would help the outside world better understand the advantages and potential of the city, which had entered a new stage of development, going from “stability to prosperity”.

He cited the three-day Global Financial Leaders’ Investment Summit held last week in the city, saying international fund managers had gained a better understanding of the economic situation and future direction of mainland China through the event.

Will city leader’s Apec absence take heat off Hong Kong amid US-China friction?

Chan said he would showcase opportunities in finance as well as innovation and technology to political and business leaders at the Asia-Pacific Economic Cooperation forum.

He said he would also reach out to the US business community by visiting companies and meeting industry leaders to encourage them to seek opportunities in Hong Kong.

Hong Kong’s Paul Chan says economic growth for 2023 to fall short of estimates

He pledged to highlight government measures to lure talent and enterprises, and opportunities on the mainland, particularly in the Greater Bay Area, a Beijing initiative to link Hong Kong, Macau and nine mainland cities.

The government lowered its full-year forecast for local economic growth to 3.2 per cent last week from a previous estimate of 4 to 5 per cent, warning that rising geopolitical tensions and high interest rates would continue to pose challenges.

The government earlier said Lee had received an invitation for Apec from the United States but he would not be able to attend in person due to scheduling issues.

Lee was among 11 officials sanctioned by the US for their role in the imposition of the national security law in June 2020.

Chinese President Xi Jinping and his US counterpart Joe Biden are expected to meet on the sidelines of the summit.

Andy Kwan Cheuk-chiu, director of the ACE Centre for Business and Economic Research, said the success of Chan’s trip would largely depend on the talks.

“If their statement is positive, such as resolving issues on trades, sanctions and tariffs, it can benefit the mainland, as well as Hong Kong as the entrepot.”

He also doubted whether Chan could build new relations and lure American businesses, given that some had left because of political factors and the economic outlook in recent years.

Veteran political commentator Sonny Lo Shiu-hing said Hong Kong could consolidate its economic relations at Apec but he had reservations about it scoring any major wins.

“To Apec countries, business is business,” Lo said. “They are willing to separate business from politics.

“But in the context of the US-China rivalry, and [their] deep or profound political distrust, we cannot expect a substantial breakthrough, not only in US-China relations but also Hong Kong’s relations with Apec countries.”

He added that foreign investors were cautious towards Hong Kong and the mainland, in particular regarding technology transfer.

Economist Simon Lee Siu-po, an honorary fellow at the Asia-Pacific Institute of Business at Chinese University, hoped the finance chief could build closer ties with American fund managers and financial companies to increase their investments in the city and boost the stock market.