The Chinese Manufacturers' Association on Thursday urged the SAR administration to roll out support measures to help enterprises with stabilising their working capital amid the global trade war.

The association said manufacturers, exporters and importers globally tend to hold off on plans and suspend orders due to the present fast-changing developments.

The group's president, Wingco Lo, said Hong Kong firms should be prepared for a protracted trade war and urged the government to introduce targeted measures to help them.

He said firms should take the opportunity to expand their markets given the turmoil caused by the United States.

"The policies are unstable," Lo said.

"They are always changing very fast, so we have to be cautious.

"I think we will be taking the strategy of waiting to see how these things develop.

"We are looking for new markets, emerging markets especially, to [be] less dependent on the US market."

Lo also urged the government to actively explore potential markets and expand economic and trade cooperation with countries in the Middle East and Africa.