香港成为中国AI芯片进出口的重要转口枢纽，但事件本身只是贸易统计与宏观叙事

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A decade ago, Hong Kong covered just a third of the mainland’s purchases of semiconductors.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Having recently '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'TFOX2EKK3NY8'}}, 'link': {'href': 'bbg://news/stories/TFOX2EKK3NY8', 'title': 'Hong Kong Overtakes Switzerland as Top Offshore Wealth Hub (1)', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-05-27/hong-kong-overtakes-switzerland-as-top-offshore-wealth-hub', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-05-27/hong-kong-overtakes-switzerland-as-top-offshore-wealth-hub', 'tooltip': 'Hong Kong Overtakes Switzerland as Top Offshore Wealth Hub (1)', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-05-27/hong-kong-overtakes-switzerland-as-top-offshore-wealth-hub', 'bbg': 'bbg://news/stories/TFOX2EKK3NY8'}}}, 'content': [{'type': 'text', 'value': 'overtaken'}], 'meta': {'type': 'StoryLink', 'suid': 'TFOX2EKK3NY8'}}, {'type': 'text', 'value': ' Switzerland as the world’s biggest offshore wealth hub after an influx of Chinese money, Hong Kong is now carving out an economic niche for the AI age. Official '}, {'type': 'link', 'data': {'href': 'https://www.censtatd.gov.hk/en/web_table.html?id=410-50011#', 'title': 'Link', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Link', 'destination': {'web': 'https://www.censtatd.gov.hk/en/web_table.html?id=410-50011#'}}, 'content': [{'type': 'text', 'value': 'figures'}]}, {'type': 'text', 'value': ' published last week showed trade with China grew nearly 50% in May from a year earlier, the most since 1992 outside the pandemic.'}]}, {'type': 'media', 'subType': 'chart', 'data': {'identifiers': {'avmmId': 459664762}, 'remoteContent': [{'link': {'destination': {'bbg': 'http://resource.bloomberg.com/images/459664762', 'web': 'https://www.bloomberg.com/toaster/v2/charts/0xx54dp0l09c2nm63uisn3ygksmfp3ou'}}, 'rendition': 'highres'}], 'chart': {'data-id': '459664762', 'data-type': 'image', 'data-image-type': 'chart', 'data-image-size': 'full', 'data-align': 'center', 'id': 459664762, 'type': 'image', 'imageType': 'chart', 'imageSize': 'full', 'align': 'center', 'src': 'https://www.bloomberg.com/toaster/v2/charts/0xx54dp0l09c2nm63uisn3ygksmfp3ou', 'alt': '', 'caption': '', 'credit': '', 'fallback': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixDNeykjuCRE/v3/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/-1x-1.png'}, 'attachment': {'id': '459664762', 'title': "Hong Kong Is a Crucial Hub for China's Chip Trade", 'subtitle': '', 'uuid': '0xx54dp0l09c2nm63uisn3ygksmfp3ou', 'url': 'https://www.bloomberg.com/toaster/v2/charts/0xx54dp0l09c2nm63uisn3ygksmfp3ou', 'footnote': 'Note: January-May 2026 data', 'source': "Source: Bloomberg, Hong Kong's Census and Statistics Department", 'theme': 'business', 'aspectRatio': '1860:2427', 'creator': 'TOASTER', 'responsiveImages': {'large': None, 'mobile': None, 'widget': None, '__typename': 'ChartResponsiveImageSet'}, '__typename': 'Chart'}}}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“Hong Kong’s strong air cargo network and free-port status have made it a perfect trading hub for semiconductors, which are high-value, low-weight and time-sensitive,” said '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 19296113}}, 'link': {'href': 'bbg://people/profile/19296113', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/19296113'}}}, 'content': [{'type': 'text', 'value': 'Gary Ng'}], 'meta': {'type': 'ProfileLink', 'profile': '19296113'}}, {'type': 'text', 'value': ', senior economist at Natixis. “Chipmakers can ship via Hong Kong on a frequent, stable schedule or store for future sales with flexibility.”'}]}, {'type': 'ad', 'data': {'num': 1, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Long a gateway between '}, {'type': 'link', 'data': {'href': 'bbg://screens/COUN%20CN', 'title': 'Country Guide: China', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Country Guide: China', 'destination': {'bbg': 'bbg://screens/COUN%20CN', 'function': {'cmd': 'COUN CN'}}}, 'content': [{'type': 'text', 'value': 'China'}]}, {'type': 'text', 'value': ' and the world, the former British colony operates as a free port with no capital controls — a contrast with the mainland, where financial restrictions and red tape make it more difficult to move money and goods around the region. That’s helped turn Hong Kong into a critical cog in the commercial system taking shape across Asia, driven largely by the buildout of AI infrastructure.'}]}, {'type': 'media', 'subType': 'photo', 'data': {'identifiers': {'avmmId': 459909385}, 'remoteContent': [{'link': {'destination': {'bbg': 'http://resource.bloomberg.com/images/459909385', 'web': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iagIVX2MQ7ug/v0/-1x-1.webp'}}, 'rendition': 'highres'}], 'photo': {'data-id': '459909385', 'data-type': 'image', 'data-image-type': 'photo', 'data-image-size': 'full', 'data-align': 'center', 'id': 459909385, 'type': 'image', 'imageType': 'photo', 'imageSize': 'full', 'align': 'center', 'src': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iagIVX2MQ7ug/v0/-1x-1.webp', 'alt': 'Kwai Tsing Container Terminals', 'caption': 'The Kwai Tsing Container Terminals in Hong Kong.', 'credit': 'Photographer: Leung Man Hei/Bloomberg'}, 'attachment': {'alt': 'Kwai Tsing Container Terminals', 'caption': None, 'credit': None, 'height': 1333, 'id': '459909385', 'origHeight': 1333, 'origWidth': 2000, 'size': None, 'title': 'Kwai Tsing Container Terminals', 'type': 'image', 'url': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iagIVX2MQ7ug/v0/-1x-1.webp', 'width': 2000, 'themes': None, '__typename': 'Image'}}}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The technology is “hardwiring Asia into a tighter production bloc,” according to economists at HSBC Holdings Plc, who estimate the value of AI trade within the continent has doubled from pre-pandemic levels to almost $2 trillion in 2025.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'But the middleman role cuts both ways. Hong Kong lacks the chip fabs of Taiwan and South Korea or heft of the mainland market, leaving the city exposed to the whims of geopolitics.'}]}, {'type': 'inline-newsletter', 'data': {'position': 'middle'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'It’s already been swept up in the US-China trade war. During '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 1252249}}, 'link': {'href': 'bbg://people/profile/1252249', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/1252249'}}}, 'content': [{'type': 'text', 'value': 'Donald Trump'}], 'meta': {'type': 'ProfileLink', 'profile': '1252249'}}, {'type': 'text', 'value': '’s first presidency, Washington stripped Hong Kong’s special customs privileges, no longer treating it as separate from China. Since Trump reclaimed the White House and tightened curbs on China’s access to the most advanced US chips, Hong Kong has ramped up purchases of American-made semiconductors — likely those that fall outside the restrictions — sourcing many of them from third countries.'}]}, {'type': 'media', 'subType': 'chart', 'data': {'identifiers': {'avmmId': 459819989}, 'remoteContent': [{'link': {'destination': {'bbg': 'http://resource.bloomberg.com/images/459819989', 'web': 'https://www.bloomberg.com/toaster/v2/charts/j8r0yooram4ja9983qnfe1hvee8mjn2z'}}, 'rendition': 'highres'}], 'chart': {'data-id': '459819989', 'data-type': 'image', 'data-image-type': 'chart', 'data-image-size': 'full', 'data-align': 'center', 'id': 459819989, 'type': 'image', 'imageType': 'chart', 'imageSize': 'full', 'align': 'center', 'src': 'https://www.bloomberg.com/toaster/v2/charts/j8r0yooram4ja9983qnfe1hvee8mjn2z', 'alt': '', 'caption': '', 'credit': '', 'fallback': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i9VWVCa6sD00/v3/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/-1x-1.png'}, 'attachment': {'id': '459819989', 'title': 'Hong Kong Buys Most US Chips From Outside the US ', 'subtitle': "The city's imports of US chips surged since Trump's second trade war with China", 'uuid': 'j8r0yooram4ja9983qnfe1hvee8mjn2z', 'url': 'https://www.bloomberg.com/toaster/v2/charts/j8r0yooram4ja9983qnfe1hvee8mjn2z', 'footnote': '', 'source': 'Source: Hong Kong Census and Statistics Bureau', 'theme': 'business', 'aspectRatio': '2010:1392', 'creator': 'TOASTER', 'responsiveImages': {'large': None, 'mobile': None, 'widget': None, '__typename': 'ChartResponsiveImageSet'}, '__typename': 'Chart'}}}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The exposure is pushing Hong Kong to '}, {'type': 'link', 'data': {'href': 'https://www.news.gov.hk/eng/2025/04/20250408/20250408_102548_269.html', 'title': 'Link to government statement.', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Link to government statement.', 'destination': {'web': 'https://www.news.gov.hk/eng/2025/04/20250408/20250408_102548_269.html'}}, 'content': [{'type': 'text', 'value': 'hunt'}]}, {'type': 'text', 'value': ' for new markets, with Chief Executive '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 17756436}}, 'link': {'href': 'bbg://people/profile/17756436', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/17756436'}}}, 'content': [{'type': 'text', 'value': 'John Lee'}], 'meta': {'type': 'ProfileLink', 'profile': '17756436'}}, {'type': 'text', 'value': ' having personally '}, {'type': 'link', 'data': {'href': 'https://www.info.gov.hk/gia/general/202606/04/P2026060400879.htm', 'title': 'Link to government statement.', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Link to government statement.', 'destination': {'web': 'https://www.info.gov.hk/gia/general/202606/04/P2026060400879.htm'}}, 'content': [{'type': 'text', 'value': 'led'}]}, {'type': 'text', 'value': ' missions to the Middle East, Central Asia and Southeast Asia to diversify the economy.'}]}, {'type': 'ad', 'data': {'num': 2, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'For now, though, AI is where the growth is.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Despite its limited industrial base, the city exported almost $159 billion of AI-related goods last year, according to Oxford Economics, the fifth-largest total in Asia and more than Japan.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“Hong Kong’s strength lies in facilitating the movement of AI-related goods rather than producing them,” said Yongshi Mai, an economist at the consultancy.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Almost all of Hong Kong’s semiconductor shipments were re-exports, with more than 80% of them by value heading to the mainland, according to Bloomberg calculations based on data from Hong Kong’s Census and Statistics Department. Some 40% of those chips were supplied by China and a fifth by Taiwan, followed by Singapore and South Korea.'}]}, {'type': 'media', 'subType': 'chart', 'data': {'identifiers': {'avmmId': 459320738}, 'remoteContent': [{'link': {'destination': {'bbg': 'http://resource.bloomberg.com/images/459320738', 'web': 'https://www.bloomberg.com/toaster/v2/charts/ab1im4fy25d2yph42x11ddhlzclnqczn'}}, 'rendition': 'highres'}], 'chart': {'data-id': '459320738', 'data-type': 'image', 'data-image-type': 'chart', 'data-image-size': 'full', 'data-align': 'center', 'id': 459320738, 'type': 'image', 'imageType': 'chart', 'imageSize': 'full', 'align': 'center', 'src': 'https://www.bloomberg.com/toaster/v2/charts/ab1im4fy25d2yph42x11ddhlzclnqczn', 'alt': '', 'caption': '', 'credit': '', 'fallback': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iGEBRCNz6PtY/v3/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/-1x-1.png'}, 'attachment': {'id': '459320738', 'title': 'AI-Exposed Economies Are Growing Faster Than Expected', 'subtitle': "Taiwan, HK get biggest upgrades in S&P's latest GDP growth outlook for Asia", 'uuid': 'ab1im4fy25d2yph42x11ddhlzclnqczn', 'url': 'https://www.bloomberg.com/toaster/v2/charts/ab1im4fy25d2yph42x11ddhlzclnqczn', 'footnote': '', 'source': 'Source: S&P Global Ratings', 'theme': 'business', 'aspectRatio': '2010:1392', 'creator': 'TOASTER', 'responsiveImages': {'large': None, 'mobile': None, 'widget': None, '__typename': 'ChartResponsiveImageSet'}, '__typename': 'Chart'}}}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Between January and May, the city re-exported $124 billion worth of semiconductors to the mainland, representing 52% of China’s total chip imports, customs data show.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The boom helped Hong Kong’s economy expand at its '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'TEK2KVT9NJLZ'}}, 'link': {'href': 'bbg://news/stories/TEK2KVT9NJLZ', 'title': 'Hong Kong Weathers War Shocks With Fastest Growth Since 2021 (1)', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-05-05/hong-kong-weathers-war-shocks-with-fastest-gdp-growth-since-2021', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-05-05/hong-kong-weathers-war-shocks-with-fastest-gdp-growth-since-2021', 'tooltip': 'Hong Kong Weathers War Shocks With Fastest Growth Since 2021 (1)', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-05-05/hong-kong-weathers-war-shocks-with-fastest-gdp-growth-since-2021', 'bbg': 'bbg://news/stories/TEK2KVT9NJLZ'}}}, 'content': [{'type': 'text', 'value': 'fastest pace'}], 'meta': {'suid': 'TEK2KVT9NJLZ', 'type': 'StoryLink'}}, {'type': 'text', 'value': ' in almost five years in the first quarter, despite the global energy shock caused by the war in Iran. 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Barclays Plc puts the share as high as 70%.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Hong Kong exempts imports from tariffs — an advantage during the tit-for-tat trade wars and export controls between Beijing and Washington. Goods that move on to the mainland, however, are still subject to Chinese taxes and duties.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Even so, mainland firms may prefer working through Hong Kong companies because access to the city often makes payments and currency conversion easier than when dealing directly with foreign suppliers.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“As a middleman, Hong Kong has figured out a way to handle the payments,” said Charles Mok, a research scholar at Stanford University and a former Hong Kong lawmaker who represented the city’s information technology constituency. “That makes it easier for mainland buyers.”'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The city has surpassed mainland China as Taiwan’s top chip export market, with triple-digit growth in shipments from South Korea.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The shift has unfolded alongside China’s emergence as the world’s largest supplier of AI-related goods, even as the mainland remains a net importer of advanced chips. 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