The industry needs reforms and a radical overhaul but, for now, vouchers to reward tourists for spending locally – say, HK$100 for every HK$1,000 spent – would be a quick boost. Beyond that, Hong Kong must prioritise quality, distinctiveness and originality while leveraging its culture, diversity and heritage.

Beijing’s pivot from its zero-Covid strategy is expected to boost the world’s economy in 2023 as the nation’s geopolitical clout grows under Xi Jinping. Hong Kong could gain greatly from increased investment, improved business confidence and an injection of foreign capital

Lee’s first policy address ticks all the right boxes, from housing to sourcing talent and improving connectivity. To ensure the success of these policies, Hong Kong needs a boost in revenue and international appeal.

Rather than granting one-time handouts, mainland initiatives aim to provide long-term help to break the poverty cycle. Hong Kong needs to tackle the structural causes, including rising housing costs, low wages and an ageing population, and work with the private sector.

Hong Kong must act quickly to reduce income inequality and the poverty rate, provide affordable housing and ensure fair competition. In doing so, the city could serve as an example of what is achievable when capitalism extends beyond just generating wealth for a few.