Opinion

Reinvigorating Hong Kong’s economy starts with embracing a global mindset once more

Name: Hong Kong’s No 2 official John Lee declares bid to become city’s next leader
Uploaded: 2022-04-15T23:45:21.000Z
Duration: 1 min 9 s
Description: Hong Kong’s No 2 official John Lee declares bid to become city’s next leader

Hong Kong’s ability to balance local values with global ideas, and its openness to anyone with a zeal for hard work and innovation, has brought the city prosperity

This is the spirit in which the new government must go forward to reverse the outward flow of talent and restore the city’s global standing

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Skyscrapers seen from Victoria Harbour at dusk. Pandemic restrictions have cast a shadow over Hong Kong’s “world city” status, but its global roots remain deep. Photo: Getty Images

Adam Au

Adam Au is the general counsel at a multinational corporation.

Published: 7:45am, 16 Apr 2022Updated: 7:59am, 16 Apr 2022

Over centuries, Hong Kong has been built by people in transit, from British opium traders and colonial grandees to waves of Chinese migrants and expatriates. The small island has given outsiders access to rising Chinese wealth, skilfully cultivating its role as intermediary between East and West.

Yet today Hong Kong’s service-centric economy stands outdated in comparison to its tech-focused, innovation-driven neighbour Shenzhen, while the government’s botched response to Omicron has led to an exodus of expatriates.

The malaise is being keenly felt by all sectors of Hong Kong’s economy. As chief executive hopeful John Lee Ka-chiu announced his election bid last week, he vowed to bring new hope to Hong Kong. With the fifth wave receding, it should be the new government’s top priority to woo our departed workforce and investors to return to the city.

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Hong Kong’s No 2 official John Lee declares bid to become city’s next leader

For most of its modern history, Hong Kong has prided itself on being a cultural melting pot, where diverse groups coexist in harmony. Its dynamism and low tax regime provided strong incentive for foreigners to come here to work.

Beyond inspiring consumption, such cultural diversity offers the Goldilocks conditions for incubating innovative ideas. Ideas germinate more readily when people from various industries work in near proximity, while it is easier to recruit and retain talent when demands – from a vast market such as China – are nearby. That is the edge Hong Kong has over other places: its unparalleled transport infrastructure. Everything is just a stone’s throw away.