Hong Kong’s maritime edge is real, but it’s not cause for complacency
Former chief executive Leung Chun-ying is right to stress the need for the sector to enhance its service capabilities amid geopolitical uncertainty
Hong Kong’s economy first took off as a trading hub, and then as a global financial centre. Given its advantageous location, it’s only natural that it should be a logistics and transport powerhouse. It’s not for nothing that some of our most famous tycoons of the last century made their names in shipping.
Full services will be especially attractive for mainland and foreign firms amid intensifying geopolitical tensions, as Hong Kong can serve as a safe haven for shippers and their clients. For a start, the city needs to work quickly to integrate such developments with the nation’s five-year plan, which will help promote cross-border cooperation and planning. The five-year blueprint covers Hong Kong’s shipping-related sectors, including law firms, insurance companies and the banking and financial industries in relation to Guangzhou, Shenzhen and the wider nation. Our common law jurisdiction and bilingual services are especially attractive, enabling the city to serve as a “superconnector” between foreigners, mainlanders and locals.
As vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference, Leung has an insider’s view of Beijing’s strategic planning. It has been a long-standing commitment of Beijing to elevate Hong Kong’s international status as a shipping centre. The city expects to draft its first five-year development plan by the end of this year.
Meanwhile, as the nation makes its transition to clean energies, the mainland’s maritime industry is phasing out polluting vessels. Maritime traffic remains a major source of pollution in Hong Kong. The energy transition will create many opportunities for investors and entrepreneurs, including those from Hong Kong. For those in the maritime business, the sky is the limit.