Hong Kong must play to its core strengths for another 20 years of world-beating prosperity

Tara Joseph says Hong Kong’s competitive edge stems from its rule of law and transparency, as well as unique links with mainland China. If allowed to thrive, these would provide great momentum for the next two decades

Reading Time:4 minutes

Published: 5:21pm, 7 Jun 2017Updated: 7:38pm, 7 Jun 2017

There is no denying the considerable challenges ahead, but there is equally no doubt that Hong Kong’s core strengths provide strong momentum going forward. Illustration: Craig Stephens

If you are over 40, it may be hard to believe that the 20th anniversary of the establishment of the Hong Kong Special Administrative Region is just around the corner. The past two decades seem to have spun by in a near instant, given the furious pace of life in Asia’s world city.

Hong Kong’s success is above all a tribute to the strength, work ethic and perseverance of its people. The city, just voted the most competitive in the world, will soon be awash with celebrations and speeches, with a flag-raising ceremony and fireworks marking establishment day. Carrie Lam Cheng Yuet-ngor will be sworn in as Hong Kong’s fourth chief executive on that day, another pivotal point in the city’s unique and exciting history.

20th anniversary of Hong Kong handover: a look back at 1997 in pictures

Throughout the fanfare, conversations across Hong Kong will be sprinkled with a strong dose of memory sharing and forecasts. After years of searching for its identity, amid an economic downturn and a few jarring diplomatic incidents, some people are concerned that Hong Kong has lost its edge: its famed dynamism. Most worrying is a seemingly creeping but growing sense that the city risks losing its well-earned global reputation.

On the face of it, these concerns seem overblown. There is no denying the considerable challenges ahead, but there is equally no doubt that Hong Kong’s core strengths provide a strong momentum going forward if they are upheld.

China’s emergence on the global stage has had the biggest impact on Hong Kong

For its small size and population, Hong Kong packs a hefty economic punch. As a major financial centre, it is home to one of the world’s biggest and healthiest stock markets. It holds the honour of being the world’s No 2 recipient of foreign direct investment inflows and plays a leading role in China’s outbound investment.