Hong Kong Courts Central Asia: Beijing's Financial Hub Eyes Resource-Rich Region

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Largest-Ever Delegation Heads to the Steppe

Hong Kong's government is making its most ambitious push yet into Central Asia. Chief Executive John Lee Ka-chiu arrived in Uzbekistan on Wednesday after kicking off the five-day tour in Kazakhstan, leading a delegation of more than 70 representatives — including over 40 senior business and finance figures. It is the largest overseas delegation his administration has ever assembled.

The visit covers sectors ranging from finance and logistics to innovation, legal services, and high-end manufacturing. Dozens of memorandums of understanding (MoUs — formal cooperation agreements) are expected to be signed with government bodies and private firms in both countries.

"Super-Connector" Strategy

The trip is part of a deliberate strategy by Hong Kong's Beijing-backed government to reposition the city as an indispensable bridge between China's economy and the wider world. Lee described Hong Kong's role as that of a "super-connector" and a "super-value-adder" — helping Central Asian companies access markets in mainland China and across Asia, while enabling Hong Kong and mainland Chinese firms to expand internationally.

The timing is no coincidence. Global demand for strategic raw materials — including rare metals, uranium, and hydrocarbons — has surged in recent years, and Central Asia sits on vast reserves of all of them. Kazakhstan alone is the world's largest uranium producer and a major oil exporter.

Trade Already Growing — But Still Small

Official data shows that total merchandise trade between Hong Kong and Central Asia reached over $320 million in 2025 — a 27 percent increase compared to 2020. Kazakhstan is currently Hong Kong's largest trading partner in the region.

Despite the growth, the figures remain modest. The push for deeper ties reflects Beijing's longer-term ambitions rather than existing economic weight. Hong Kong, as China's premier offshore financial hub, is being positioned to channel capital and commodities between Central Asia and Chinese markets — bypassing Western-dominated financial infrastructure amid rising geopolitical tensions.

Direct Flights and Visa Deals Signal Practical Commitment

One concrete outcome of the visit: Cathay Pacific announced it will restart direct flights between Hong Kong and Almaty, Kazakhstan's largest city, starting in the first quarter of 2027. The carrier plans to operate three flights per week, making it the only direct air link between the two cities.

Lee also signaled that Hong Kong intends to expand visa-free access for citizens of Kazakhstan, Uzbekistan, and Kyrgyzstan — pushing for uniform 30-day stays across all three countries. Currently, arrangements vary between 10 and 30 days depending on the country.

Tungsten, Gold, and the Commodity Play

The resource angle is central to the trip. One flagship deal under the spotlight involves Jiaxin International Resources, a Hong Kong-incorporated tungsten miner backed by two Chinese state-owned enterprises. The company operates a major mining project in Kazakhstan and made history last year with a simultaneous stock market debut on both the Hong Kong Stock Exchange and Kazakhstan's Astana International Exchange — the first such dual listing in the world.

Shares of the company have surged by nearly 290 percent since that debut, driven by global supply shortages of tungsten — a critical metal used in military hardware, electronics, and industrial cutting tools.

Lee also mentioned plans for a new Hong Kong gold-clearing system, set for trial operations this year, covering the full commodity chain from trading and storage to refining and financial instruments. It is a signal that Hong Kong aims to become a commodity hub — not just a stock exchange.

Belt and Road in Action

The broader context is Beijing's Belt and Road Initiative (BRI) — China's global infrastructure and trade expansion program, launched in 2013. Central Asia sits at the heart of the overland "Silk Road Economic Belt," and Kazakhstan and Uzbekistan are both key BRI partners.

Critics, including Western governments and independent analysts, have long warned that the BRI deepens economic dependency on Beijing and gives China strategic leverage over participating nations. Kazakhstan, for its part, has adopted what analysts call a "multi-vector" foreign policy — simultaneously courting China, the European Union, and the United States to prevent any single power from gaining dominance. Whether smaller cities like Tashkent can maintain that balance as financial ties with Hong Kong deepen remains an open question.

Hong Kong's rival Singapore has pursued a similar gateway strategy in Central Asia in recent years, meaning the competition for regional influence is not purely a Beijing-versus-West affair.

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Sources

1. Hong Kong Free Press – Hong Kong's John Lee hails stronger ties with Central Asia, inc. direct flights to Kazakhstan and business link-ups (June 3, 2026): https://hongkongfp.com/2026/06/03/hong-kongs-john-lee-hails-stronger-ties-with-central-asia-inc-direct-flights-to-kazakhstan-and-business-link-ups/
2. South China Morning Post – Hong Kong's John Lee on Central Asia mission to explore new markets, expand ties: https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3355485/hong-kongs-john-lee-central-asia-mission-explore-new-markets-expand-ties
3. The Standard (HK) – John Lee leads record 70-member delegation to Central Asia to forge new trade corridors: https://www.thestandard.com.hk/news/article/333415/John-Lee-leads-record-70-member-delegation-to-Central-Asia-to-forge-new-trade-corridors
4. Hong Kong Government News – CE to visit Kazakhstan, Uzbekistan: https://www.news.gov.hk/eng/2026/05/20260529/20260529_140533_120.html
5. Reuters (Quellenvorlage, nicht zitiert – nur zur Grundlage verwendet)

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