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Bernard Chan

Just like that, another year has come and gone. 2022 has passed in the blink of an eye and it’s almost time to ring in the new year.
And what a year it’s been! For sports fans, the Fifa World Cup was a highlight, with a projected five billion people globally watching some part of the month-long tournament. The most popular sporting event on the planet saw a host of records broken – from the most goals scored in the tournament, to Lionel Messi breaking 10 World Cup records, including being the first player to score in every round. The final and Argentina’s fairy-tale ending is being described as one of the greatest football matches of all time.
Hong Kong swimming phenomenon Siobhan Haughey made a splash, winning seven gold medals at the Fina Swimming World Cup. She also triumphed at the Fina World Championships with a gold and silver to her name.
Economically, it has been a turbulent year. Tens of trillions of dollars were wiped off the world’s stock markets. Tech stocks were crushed, with Meta Platforms, Peloton and Tesla falling more than 60 per cent.
Inflation in both the United States and the United Kingdom rose to 40-year highs, driven mostly by surging food, gas and energy prices on the back of the Russia-Ukraine war. US interest rates rose to its highest in 15 years as the Federal Reserve targeted inflation, and the Hong Kong Monetary Authority increased its base rate to 4.75 per cent, close to its 15-year high.
Previous Wall Street cryptocurrency darlings experienced a brutal meltdown. The spectacular crash of stablecoin TerraUSD and its sister token Luna, which plunged to near-zero, evaporated about US$45 billion from the market.
The dramatic collapse of Sam Bankman-Fried’s cryptocurrency exchange FTX and subsequent fallout involving cryptocurrency lender BlockFi, bitcoin and ether has shaken the cryptocurrency industry to the core. An estimated US$1.5 trillion in cryptocurrency market capitalisation has been erased, roughly the gross domestic product of Australia or Spain.


In our part of the world, President Xi Jinping secured a historic third term as China’s leader. China adjusted its zero-Covid policy. John Lee Ka-chiu was elected as Hong Kong’s fifth chief executive. Hong Kong celebrated the 25th anniversary of its establishment as a special administrative region.
Hong Kong has not been immune to the year’s economic pain. Its economy is forecast to shrink by 3.2 per cent this year amid Covid-related restrictions, rising interest rates and weak consumption.
Before the stock rally last month, the Hang Seng Index slid to a 13-year low, losing more than a third of its value to become the world’s top index loser. Since then, it has rallied, and returned to being among the world’s best performing indices. If the stock market is any indication, Hong Kong’s fortunes may be turning.
Hong Kong has made huge strides in returning to normality. We transitioned to what is essentially a 0+0 no-quarantine-upon-arrival scheme, removed rapid antigen tests for bars and banquets, and stopped using the “Leave Home Safe” app, among other measures. Hong Kong welcomed back its iconic Sevens rugby tournament for the first time in three years, with tens of thousands of spectators.

We are looking forward to restarting the 100km Oxfam Trailwalker and the showpiece Hong Kong Marathon after an absence of several years. We remain hopeful of a full reopening of the border with the mainland and the rest of the world without restrictions.
As we welcome a new year full of possibilities, I hope that Hong Kong learns from the hiccups that other countries have experienced in reopening. Many countries have struggled with service quality due to low staffing levels and difficulties in rehiring staff who have gone on to other jobs.
Hong Kong is lifting Covid curbs big time. Here are travel must-knows
After essentially mothballing the tourism industry for three years, we, too, may encounter challenges. We have had a longer time to prepare, so, theoretically, we should be able to cope with a ramp-up in demand for services. I remain optimistic that we can manage any obstacles as we return to normality.
I am very much looking forward to resuming pre-pandemic life. As we look back on the year we are leaving behind, we raise a toast to a better future – here’s to a happy, healthy and prosperous 2023!
Bernard Chan is a Hong Kong businessman and a former Executive Council convenor


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Let 2023 be the year in which Hong Kong’s fortunes turn around

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Hong Kong finally gets a grip on Covid-19 after leaders realise what the city has lost

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6 New Year’s resolutions for John Lee as Hong Kong navigates stormy waters

Southeast Asian travel trade members take in Hong Kong’s winter cheer at the West Kowloon Cultural District on December 14, as the Tourism Board organises a large-scale familiarisation trip to boost visitor numbers. Photo: Sam Tsang

Financial Secretary Paul Chan Mo-po attends the Global Financial Leaders’ Investment Summit in Hong Kong on November 2. Photo: Sam Tsang

For a better future, Hong Kong’s leaders must study China’s past

A commemorative assembly marking the 110th anniversary of the Xinhai Revolution is held at the Hong Kong Convention and Exhibition Centre in Wan Chai on September 23, 2021. Hong Kong’s continued prosperity depends on our leaders understanding China’s political psyche. Photo: Nora Tam

Members of the Politihk Social Strategic group protest against the Court of Final Appeal’s judgment to allow Apple Daily founder Jimmy Lai to be represented by King’s Counsel Timothy Owen at his national security trial, in Central on November 28. Photo: K.Y. Cheng

Du Runsheng (middle) receives the China Economic Theory Innovation Award at the China Economist Forum in Beijing on November 29, 2008. Du died aged 102 in Beijing on October 9, 2015. Photo: ChinaFotoPress

Hong Kong set for higher prime rates as US Fed keeps up inflation fight

Jerome Powell, chairman of the US Federal Reserve, speaks via teleconference during a Financial Stability Oversight Council meeting at the Treasury Department in Washington on December 16, 2022. Photo: Bloomberg

Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, speaks in Causeway Bay on September 28. Photo: May Tse

Hong Kong firms gear up for business boom with expected return of mainland Chinese visitors, but fears over manpower crunch loom large

Hong Kong firms are hoping the arrival of mainland tourists will boost business. Photo: K. Y. Cheng

Many coaches have not been used in recent years because of the pandemic. Photo: Harvey Kong

Customs posted photos of officers preparing for the reopening of the land checkpoint at the West Kowloon high-speed rail terminus. Photo: Facebook

The catering sector expects a boost from the border reopening. Photo: Jelly Tse

Opinion

News

World

After a year of sporting excitement and economic turbulence, Hong Kong is emerging from Covid-19 to fresh possibilities and a long-awaited return to normality


After a year of sporting excitement and economic turbulence, Hong Kong is emerging from Covid-19 to fresh possibilities and a long-awaited return to normality.


Hong Kong reopens: life after quarantine

Hong Kong economy

Fifa World Cup 2022

Siobhan Haughey

Hang Seng Index

Cryptocurrency

Bitcoin

Xi Jinping

Oxfam Trailwalker

Hong Kong China Rugby

Standard Chartered Hong Kong Marathon

Hong Kong Sevens

Tourism

Hong Kong and mainland China border reopening

Hong Kong at 25

Coronavirus Hong Kong

Hong Kong quarantine

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Let 2023 be the year in which Hong Kong’s fortunes turn around

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}After a year of sporting excitement and economic turbulence, Hong Kong is emerging from Covid-19 to fresh possibilities and a long-awaited return to normality

After a year of sporting excitement and economic turbulence, Hong Kong is emerging from Covid-19 to fresh possibilities and a long-awaited return to normality