2017 budget will keep Hong Kong focused on the future

Ken Chu says the city’s prosperity depends on how well it prepares for a changing world, and it will be well served by a government budget with an emphasis on nurturing talent and developing new industries

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Published: 5:00pm, 23 Feb 2017Updated: 9:04am, 24 Feb 2017

Although we don’t know what the future holds, some emerging global trends can provide an idea. For example, creativity, innovation and technology will increasingly pervade our everyday life. Illustration: Craig Stephens

Almost 20 years after Hong Kong was returned to China, it remains a wealthy and prosperous city. Yet we cannot take for granted that the good times will last forever. They could vanish if we don’t strive to preserve them. There is an old Chinese saying: When rowing against the current, one will be driven backwards if one doesn’t try hard enough to go forward.

History is full of examples of the decline of once-great industrial cities and ports. A reason for their decline was their failure to transform or prepare for change. As Hongkongers, we must prepare and equip ourselves for the future. Also, we must maintain a mindset ready to deal with crises; at any moment, we should be prepared for the worst.

When will Shanghai overtake Hong Kong as a regional financial centre? When will mainland container ports displace our own? Hong Kong used to be the world’s busiest container port, but since 2005, its position has been eroded, overtaken by Shanghai and Singapore. It is said that just across the border, the Yantian container port is catching up fast.

A truck drives past containers at the Yangshan Deep Water Port, within Shanghai’s pilot free trade zone. Hong Kong used to be the world’s busiest container port, but since 2005, its position has been eroded, overtaken by Shanghai and Singapore. Photo: Reuters

Although we don’t know what the future holds, some emerging global trends can provide an idea. For example, we will see more use of artificial intelligence in diverse areas such as medical diagnosis, legal research, engineering, manufacturing, and even stock investment. Creativity, innovation and technology will increasingly pervade our everyday life and affect every way we conduct business or even fight a war.

We will also see the global geopolitical and economic power steadily shift to new emerging regions and developing countries and, if renowned futurist John Naisbitt is right, China will be a prominent game changer in this global transformation. According to the Conference Board, China’s contribution to global gross domestic product will surpass that of the US by 2018.