In a world of increasing strife and uncertainty, China stands out as a force of peace and stability. This enables the nation, with Hong Kong, to chart new areas of growth amid intensifying geopolitical tensions and a changing global order. There are definitely challenges ahead, but opportunities also abound when we prepare well for the next stage of development and strive to maximise our unique strengths as an international city.
That was the message as the South China Morning Post held the 11th edition of its annual
China Conference yesterday. Sponsored by Manulife and others, the event attracted over 650 in-person attendees and 300 online participants under the theme “Where Capital Meets Innovation” – the essence of which is embodied in China’s promising future and Hong Kong as the “superconnector” and “super value-adder”, and in the need to ensure tech-driven high-quality economic growth. The forum was a good occasion to demonstrate how the city can play these roles by bringing businesses and officials together to discuss more concrete ideas and action.
In a
keynote speech at the conference, Chief Executive John Lee Ka-chiu rightly highlighted the city’s role as a vital and reliable link that connects the globe with China’s growth certainty and investible stability. “Hong Kong is the place that promises security and development. This certainty of safety and development is precisely what a world of investors needs and thirsts for,” he said.
This is reflected in the robust performance of the stock market recently, as it raised US$13.5 billion during the first half of the year to become the world’s
largest market for initial public offerings. Along with encouraging news such as the city’s
improvement in a global competitiveness ranking and
record high numbers of company registrations last year, the economic outlook is cautiously optimistic.
While panellists generally expressed confidence in the city’s potential, despite uncertainties brought by the US trade war and geopolitical tension, there
remain concerns that “two systems” is not being fully understood and recognised under “one country”. Better efforts are needed to convince the world that Hong Kong still distinguishes itself as an international city with unique strengths and characteristics guaranteed by Beijing’s governing formula. This means
going beyond the role of a connector between the world and China and providing value-added services, especially important when competitors are stepping up their game to access the mainland market.
The next stage of development will be fraught with challenges. In addition to consolidating our traditional strengths in finance and other services, the city must capitalise on the application of technology and innovation in business and other areas as it strives to maximise its potential for quality development.
