The mounting U.S.-China tensions are not good for Hong Kong, said the city's secretary for commerce and economic development, as he urged everyone to recognize that the 'common enemy' of the world is the coronavirus pandemic.
"We are ... seeing U.S.-China tensions mounting, which is unhelpful to Hong Kong, and also to the trade between U.S. and China. But as we are fighting the pandemic, I think the last thing one would want is a further distraction that would disturb or disrupt the trade," Edward Yau told CNBC's "Squawk Box Asia" on Monday.
Hong Kong's growth slowed to an "unprecedented" 9% decline in the second quarter, Yau said. The city's economy has been pummeled on a few fronts since last year.The world's 'common enemy' is the pandemic, not each other, says Hong Kong's commerce secretaryU.S.
He pointed to the "economic scorecard across the Pacific," which shows a "very strong" correlation between how well a country has contained the outbreak versus its economic performance. He cited China as an example, where its economy was among the earliest to bounce back, after being the first hit in the pandemic.
"If we are not able to contain Covid-19 individually and collectively, I think we are all bearing the toll. So either way, I'm saying that well, perhaps the economic tsunami arising from the Covid-19 … I think that's something that we have to watch, in particular for Hong Kong being so internationalized, so intertwined with our trade with the globe," Yau said.
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