The need to diversify Hong Kong’s economy while playing to the city’s strengths is clearer than ever amid rising global uncertainty and competition. The 2023 policy address was full of initiatives aimed at sharpening Hong Kong’s competitive edge and turning it into a hub of innovation and technology.
With the digital economy now about 15.5 per cent of global GDP, countries are restricting cross-border data flows in a bid for data supremacy. To deploy its long-standing strength as the intermediary between China and the world, Hong Kong must excel at handling, storing and processing data.