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HSBC CEO: Global Trade Restructuring; 'Asia Buys Asia' Expected to Contribute Additional 1.8% to Regional GDP
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HSBC HOLDINGS (00005.HK) CEO Georges Elhedery mentioned at an event that the sense of crisis in the U.S. tariff relieved in April, and tariff dynamic stabilized by the end of October. In spite of tariff uncertainties in recent quarters, trade remains resilient, with 72% of global trade still based on WTO terms, the CEO said. Although global trade volume growth slowed from 3.5% in 2024, it still logged a positive growth of 2.9%. He stated that global trade is undergoing restructuring, with Asia establishing new connections within the region and with emerging markets like the Middle East, and "Asia buys Asia" replacing the previous "manufacturing in China, consumption in the U.S." unidirectional model. This is expected to contribute an additional 1.8% to Asia's GDP. Elhedery also spoke of the group's earlier announced privatization of Hang Seng Bank involving more than HK$100 billion, saying this reflects optimism about Asia's prospects. AASTOCKS Financial News Website: www.aastocks.com |
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