Asia: The centre of global trade and growth

Asia has the opportunity to expand its role as the centre for global trade and growth, according to HSBC Group Chairman Mark Tucker.

Speaking at the Asia Global Institute in Hong Kong, Mr Tucker said: “China’s approach provides a roadmap for a new kind of globalisation where national and global interests are viewed as complementary and where Asia’s economies play the leading role.”

China’s approach provides a roadmap for a new kind of globalisation

He said that Asia can drive globalisation in three main ways: first, by ensuring that Asian markets remain well positioned for growth; second, by continuing to capture opportunities from rapidly changing global trade; and third, by promoting greater trade openness and economic integration within Asia and with the rest of the world.

While protectionist sentiment is growing in the West, China is promoting free trade at a global level, Mr Tucker said. The country is also playing a leading role in pursuing further economic integration across Asia.

Mr Tucker pointed to China’s Belt and Road Initiative as an important project which would support integration in Asia and deliver long-term economic benefits. He said: “By creating a global consensus around how we plan and fund infrastructure in emerging markets, the Belt and Road Initiative could be one of the most significant drivers of international development in living memory.”

News and insight

A man with grey hair talks on a mobile phone

The demographic divide

Ageing populations may force governments to raise retirement ages, says HSBC’s James Pomeroy.

My sabbatical story

HSBC’s Andy Russell took six months off work to travel, thanks to the bank’s sabbatical policy.

Keeping the global engine running

Slowing growth and low inflation mean central banks face tough decisions, says HSBC’s Janet Henry.