This important role has evolved through three distinct stages. In the first phase, Hong Kong established itself as an information hub, providing valuable trade and product information that helped mainland China understand the needs of the global market.
However, despite its historical prominence, Hong Kong’s once-dominant port experienced a decline. In 2019, it fell out of the top five busiest shipping container terminals in the world; fell to 10th place In 2023, Japan will be in the midst of fierce competition with the mainland. Although this decline does not mark the end of Hong Kong’s role in trade and shipping, it does highlight its declining importance in this area.
The second phase of Hong Kong’s evolution involved attracting mainland Chinese companies to international capital markets.Became the Qingdao Beer Factory first chinese company It was listed on the Hong Kong Stock Exchange in 1993, paving the way for other companies to follow. The city has emerged as a key link between Chinese companies and global markets as mainland companies seek capital for development.
Guests toast to Tsingtao Beer’s successful listing on the Hong Kong Stock Exchange on July 15, 1993. Photo: SCMP
By 2023, the number of mainland Chinese companies listed on the Hong Kong Stock Exchange will reach 1,447, accounting for 77% of the market capitalization. Hong Kong has become an attractive means for Chinese companies to access global capital. However, Alibaba recently decided to abandon its IPO plans in Hong Kong. The company’s logistics division Cainiao Uncovering the challenges facing Hong Kong’s financial market.
While Hong Kong will continue to play an important role in attracting global capital to Chinese companies and providing investment opportunities to investors outside China, its importance as a link between mainland China and the rest of the world is changing. foreign direct investment In the third quarter of 2023, investment in mainland China will decline for the first time since 1998, while outward investment will be on the rise.
Hong Kong is currently in the third stage, where it must play an important role in technological innovation. Geopolitical tensions are a major barrier to China’s cooperation with Western countries in science and technology. This brings new opportunities for Hong Kong to become Hong Kong. base of scientific research.
Hong Kong’s higher education system is world-class, with five universities ranked in the QS top 100. This achievement highlights Hong Kong’s potential to build a robust innovation ecosystem. The city’s strengths in higher education and research provide a solid foundation for conducting basic research essential to scientific and technological advancement.
A visitor tries out a photo booth at an exhibition about China’s space program at the Science Museum in Tsim Sha Tsui in November last year.Photo: Sam Tsang
However, despite these strengths, Hong Kong’s current situation requires critical assessment. The city needs to recognize the urgency of the situation and take bold steps to cultivate its talent pool.
Hong Kong’s success in the era of innovation depends on its ability to attract and retain top talent. Enhanced monitoring The increase in the number of Chinese scientists and scholars in the United States has created an opportunity for Hong Kong to establish itself as an attractive destination for these people.
Hong Kong has no place in JLL’s innovation and talent hub rankings
However, it is important for Hong Kong not to focus only on scientists and academics. The government’s talent acquisition strategy is already delivering results such as: influx of experts. This diverse talent pool will enrich Hong Kong’s workforce and contribute to its economic situation.
Hong Kong’s prosperity has always been linked to its openness, including the free flow of information, people and capital. This openness contributes to the city’s success and must be protected to ensure future prosperity. Hong Kong needs to reassure the world that it remains committed to its fundamental principles and values, including the protection of civil liberties and human rights. freedom of expression.
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Equally important is Hong Kong’s willingness to embrace new ways of doing things. Innovation requires breaking away from past successes and embracing new ideas. It is extremely important for Hong Kong to foster experimentation, creativity, and an environment that fosters creativity. destructive thinking.
Protectionism poses a serious threat to an open society like Hong Kong. It prevents the integration of talented people from around the world and fails to serve the interests of the population. Hong Kong must actively combat protectionist trends and harness the advantages of a diverse international talent pool. acceptance of diversity Strengthen innovation and contribute to a vibrant and inclusive society.
Hong Kong also needs to strive to improve efficiency. The city often faces self-regulatory boundaries and bureaucratic red tape that impede progress and stifle innovation. To overcome these limitations, Hong Kong needs to develop a growth mindset that embraces challenges and is willing to change the status quo.
Cities must find new ways to adapt and maintain their relevance in the evolving global landscape. Only through adaptability, a willingness to embrace change and a commitment to encouraging innovation can Hong Kong move towards a prosperous and vibrant future. The story of the upcoming journey must be worth telling, and Hong Kong has the opportunity to shape that story through bold decisions.
Ningrong Liu is Vice-Chancellor of the University of Hong Kong and founding director of the China Business Institute at the University of Hong Kong.
