Why Hong Kong must lean into public-private partnerships

Amid geopolitical tension and intensifying competition from Singapore, a status quo-oriented approach is unlikely to rejuvenate Hong Kong

The government should strengthen partnerships with the private sector to attract talent, foster innovation and secure Hong Kong’s future

3-MIN READ3-MIN

People visit the Night Market by the Sea at K11 Musea in Tsim Sha Tsui on September 22, as part of the government’s “Night Vibes Hong Kong” promotion to boost consumption. More than a status quo-orientated approach is needed to rejuvenate the economy. Photo: Yik Yeung-man

Wai-Hong TangandNeville Lai

Published: 9:30am, 22 Nov 2023

Although Chief Executive John Lee Ka-chiu announced a number of timely measures in his recent policy address, Hong Kong is still in search of a new direction.

Amid geopolitical tension, economic pressure from China’s slowdown and intensifying competition from Singapore and other economies, a status quo-oriented approach is unlikely to rejuvenate Hong Kong and reposition the city in the shifting global landscape.

While any call for action will need to be reconciled with the government’s budget deficit, this critical juncture requires the city’s leadership to be more entrepreneurial than ever. Rather than unilaterally intervening in the economy, the government should strengthen public-private partnerships while re-envisioning and recreating a business environment conducive to investment, entrepreneurship and innovation.

Through this balanced approach, Hong Kong can rebuild international confidence, generate new business opportunities, and channel the creativity, knowledge and resources of the private sector into strategic growth areas.