Hong Kong must find its drive again as rivals like Singapore surge ahead
- Hong Kong’s growing disparity with Shanghai, Shenzhen and Singapore is cause for concern. The city must adapt and learn to take risks again to maximise its ‘two systems’ advantages
As Hong Kong’s competitors continue to rise, Hong Kong must confront its shortcomings and take decisive action to remain competitive.
Firstly, Hong Kong must undergo a paradigm shift to adapt to the changing dynamics. Where all four metropolises once played catch-up with one another, it is now Hong Kong that needs strategic development and a vision to maintain its competitiveness.
But more significant efforts are necessary to ensure Hong Kong can genuinely compete. Hong Kong must reassess its strategies to establish itself as a tech hub and be more critical of its own efforts. The city must show clear vision, invest in innovation and create an environment conducive to tech-driven businesses. Support for R&D initiatives, and the encouragement of collaboration between academia, the industry and the government are vital steps in creating an innovative ecosystem.
Secondly, Hong Kong needs to break free from conventional thinking. Unfortunately, it continues to cling on to old strategies and outdated approaches to revive its economy.
Hong Kong must shed its risk-averse mindset, which hampers creativity and innovation. The city has become too complacent, leading to a culture that favours “no risk, some gains” over “high risk, high gains”.
While procedural fairness is an important aspect of governance, overemphasising procedure or using it as an excuse to resist change or protect personal interests can be detrimental to progress and accountability. Hong Kong must ensure that procedural fairness is preserved but prolonging decision-making can hinder progress and lead to a lack of action and accountability.
Hong Kong must take ownership of its own fate. The time for complacency and empty rhetoric is over – Hong Kong must act now to secure its future.
The city is in competition against Shanghai, Shenzhen and Singapore. But while it must take this competition seriously, it should also resist the tendency to be obsessed with comparing itself to them, and focus on improving itself.
Hong Kong needs to reassess its strategies, foster innovation and create an environment that encourages risk-taking and entrepreneurship. Only then can it hope to sit secure as a thriving metropolis.
Ningrong Liu is associate vice-president at the University of Hong Kong, and the founding director of HKU Institute for China Business