Post conference ideas to help Hong Kong navigate stormy waters ahead
- From becoming a global astronomy research hub to seizing fast-growing opportunities in the Greater Bay Area, the city’s future appears bright
In the same week Hong Kong paused to enjoy racing during its Dragon Boat Festival, the city has been shedding light on ideas about charting a course to a brighter future in the face of global volatility, geopolitical tension and other headwinds. Chief Executive John Lee Ka-chiu was among those exploring the city’s role at the Post’s China Conference: Hong Kong 2023.
At Tuesday’s event, Lee stressed the importance of the city maintaining its international status as a “value-added super-connector”.
He told delegates that his administration was on a global hunt for business deals and talent, and well on its way to attracting nearly double the 35,000 workers annually targeted by admission schemes.
Talent would also be attracted if the city lived up to its potential to become a global astronomy research hub by working with China’s first space-based telescope, according to Wang Jian. He built the cloud business for e-commerce giant Alibaba, which owns the Post.
Wang suggested a moonshot project where Hong Kong would host a “sky cloud” hub for global astronomical research as well as “city brains” that would make use of technology for resource conservation. These ideas offer much food for thought for the government.
The one-day conference covered a wide range of topics, including fast-growing opportunities in the Greater Bay Area. Some speakers anticipated Hong Kong could soon overtake London, Tokyo and Singapore to become an international insurance centre through the central government’s development plan to link bay area cities as an integrated economic and business hub.
US-China tensions were also cited as reasons for Hong Kong to court the Middle East and burnish its position as an international finance centre. The approach seems sound, but authorities have some catching up to do to create a comprehensive Mideast strategy that sets up win-win opportunities.
Another panel noted the city’s role as a global gateway has expanded beyond finance. Its free and convenient access to information and comprehensive business network boost innovation and technology development.
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Other delegates showcased Hong Kong’s status as the sole common law jurisdiction in China, and Beijing’s commitment to upholding the city’s governing principle of “one country, two systems”. This will only enhance the city’s reputation as an international arbitration centre and stable base for investors worldwide at a time of global uncertainty.
Representatives from more than 37 countries and regions, and a wide range of sectors attended, reflecting an understanding that Hong Kong and other locations in China can continue to help drive global growth. Their advice may only be of benefit to the city as it rows through rough geopolitical waters.
