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How Hong Kong can capitalise on Chinese creative destruction
The Greater Bay Area’s success shows that with the right environment, creative destruction can generate inclusive growth
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Ken Chu (LLD) is the chairman and CEO of Mission Hills Group, with businesses in hospitality, leisure, entertainment, sports, wellness and education in China.
The Nobel Prize may not seem very relevant to many, but we can certainly draw lessons from its winners. Earlier this year, Peter Howitt – an honorary professor and fellow alumnus of Canada’s Western University – was awarded the Nobel Prize in Economic Sciences with two other professors for work on innovation-driven economic growth.
Howitt’s work helped formalise the concept of creative destruction, which explains how economies evolve through cycles of renewal, where new companies and technologies replace outdated ones, driving long-term prosperity. His foundational scholarly work on macroeconomics, monetary dynamics and endogenous growth underscores how ideas can transcend borders and reshape economies. This insight matters for Hong Kong today.
Our city has long succeeded by leveraging trade, finance and services rooted in stability and connectivity. While these strengths remain important, global economic conditions are shifting, from supply chain realignments to regional competition, resulting in the old formula yielding diminishing returns. Howitt’s work calls for a different mindset: one that embraces disruption, supports renewal and primes the economy to evolve.
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