Developing Asia
30. Third, emerging Asian economies (including ASEAN and India) have huge growth potential and present us with enormous business opportunities. With an average annual growth of 6.3 per cent over the past five years, they contribute about a quarter of global economic growth. Moreover, the IMF forecasts that emerging Asian economies (excluding the Mainland) will still attain a growth rate of over 6 per cent in 2019 and 2020.
31. In the past, the economic development of Asia was primarily based on the model of "production in Asia and consumption in Europe and the US". With the emergence of a larger and richer middle class in Asia, it will not only lead to "production in Asia and consumption in Asia", but also result in a growing demand for European and the US consumer products from Asia in the future. In addition, due to the US-China trade conflict and the rise of protectionism, some emerging Asian economies will benefit from the changing pattern of the global supply chain. Hong Kong must ride on these new developments, leveraging our strengths as the supply chain management centre and trade centre in Asia.
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