Editorial | Hong Kong’s officials and business leaders can overcome challenges together

Once again, Hong Kong businesses have been urged to get their act together as Beijing strives to shore up confidence in the economy. The rallying call is loud and clear. There are mounting challenges arising from the changing socioeconomic conditions and the business sector has to develop new strengths and contribute more proactively to the city’s long-term development.

The urgency for businesses to put the city’s long-term good ahead of short-term commercial interests is reflected in Friday’s Shenzhen meeting arranged by the Hong Kong and Macau Affairs Office of the State Council. Xia Baolong, Beijing’s point man on Hong Kong affairs, called on about 30 business leaders to “recognise their important role and responsibilities” in the city’s development, and asked them to demonstrate their patriotism with “concrete actions”.

The appeal is seen as part of Beijing’s latest efforts to boost the sluggish economy and restore business confidence at home and abroad. Since September, the central government has rolled out a series of stimulus measures in an all-out attempt to meet the annual economic growth target of about 5 per cent. Separately, individual members of the Politburo Standing Committee have also visited coastal cities in a symbolic move seen as urging economically advanced areas to better contribute to economic development at this critical time. Hong Kong, being an inalienable part of China and possessing strategic value, is also required to leverage its advantages under the governance model of “one country, two systems”.

Evidently, the strengths and position of the city remain unrivalled, but it has been rightly reminded that it cannot be complacent and remain limited in its skills, a veiled reference to the dominance of the finance and property sectors. Amid challenges from a global environment that is rapidly changing, simply relying on one’s traditional clout is no longer enough, and no economy today can afford to rest on its laurels. The return of Donald Trump as the next president of the United States has made the economic future of Hong Kong and the mainland even more unpredictable.

Chief Executive John Lee Ka-chiu has reiterated that businesses and entrepreneurs are participants, beneficiaries and contributors to the development of Hong Kong, rather than bystanders or commentators. True as it is, businesses will feel more reassured when there are well thought out public policies and projects to improve the economy and people’s livelihoods.

The future of the city lies in the government and society working together to drive it forward during testing times. Officials should proactively engage the private sector on important projects so as to achieve a win-win outcome.