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Opinion
Reform the only answer to securing Hong Kong’s prosperous future
City must put its past successes behind it and focus on structural changes to facilitate healthy government intervention, mainland integration and AI development
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Ningrong Liu is a professor in globalisation and business at the City University of Hong Kong.
Reform has become the buzzword in Hong Kong, a term that has been associated with China for the past four decades. With Hong Kong’s economy sputtering and US president-elect Donald Trump returning to the White House, rapid change is badly needed. Where can Hong Kong find its new uniqueness to navigate through the turmoil?
Hong Kong must put its past successes behind it and focus on the future while emphasising structural changes. While this long-term development strategy is crucial for the city, it will take time to articulate and implement. Therefore, we need to address specific issues that were once considered impossible but now require urgent attention.
First, Hong Kong has long been known for its adherence to laissez-faire capitalism, which emphasises minimal government intervention in economic affairs. The time has come to undertake radical changes to find the right balance between government intervention and free-market principles. This will be a key challenge for policymakers in Hong Kong as the city navigates complex geopolitical changes.
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