However, investors and entrepreneurs, both domestic and foreign, remain deeply pessimistic, having heard these lofty slogans so many times over the past four years, yet seen little action to promote private sector and market forces.
As an example, China’s top financial regulator recently Lujiazui ForumOne of China’s most influential international platforms tried hard to paint an optimistic picture for China’s further reform and opening up, but investors were unimpressed. Mainland and Hong Kong stock markets were down 1.5%. Crash after the forum.
Indeed, how to restore investor confidence and get the international investment community to re-embrace China’s continued economic growth should be a top priority for Chinese leaders at the upcoming General Assembly and beyond.
13:04
What does Chinese consumers’ efforts to save money mean for the world?
What does Chinese consumers’ efforts to save money mean for the world?
Indeed, China has stepped up efforts and rolled out the red carpet for major foreign investors since suddenly lifting its self-isolation measures at the end of 2022 after three years of self-isolation. “Zero COVID” measures . Tesla CEO Elon Musk and Apple CEO Tim Cook He was given celebrity status during a recent visit.
However, sentiment in the global investment community is largely negative, with some investors blaming China for its “Not investable”In the first five months, foreign direct investment A 28.2 percent decrease Compared to the same month last year, this marks the 12th consecutive month of decline.
Clearly, China needs to do more to increase its attractiveness to foreign investors to spur growth.
Here are some ideas that will go a long way in convincing investors The next China is still China This means fully mobilising Hong Kong’s business community and leveraging its unique strengths and international influence to return to the future.
26:05
China is boldly going where no one has gone before
China is boldly going where no one has gone before
In the late 1970s and early 1980s, when Deng Xiaoping adopted the opening-up policy, Hong Kong businessmen were the first to invest in mainland China and achieved many “firsts.” The first joint venture They also built the first five-star hotel. They brought not only money, but also talent, technology and technical know-how.
Moreover, their pioneering example and success have been a major catalyst for international investors to choose China as their preferred investment destination. Hong Kong businessmen have made immeasurable contributions to China’s economic rise. By the end of 2022, foreign direct investment flowing into mainland China via Hong Kong had reached a cumulative US$1.57 trillion, accounting for about 59% of China’s total.
More importantly, Hong Kong’s business leaders became close confidants of Deng Xiaoping and other top leaders, and highly valued their advice and wisdom on achieving smooth economic development. Return of Hong Kong How to restore China’s sovereignty in 1997, how to advance economic reforms at home, and how to broaden China’s appeal to the international community.
Deng Xiaoping developed close relationships with many influential business leaders and regularly invited them to Beijing for lengthy private meetings. These business tycoons included: Pao Yuekong, Henry Fok Ying Tung, Li Ka-shing and Louis Cha Ryong-youngan acclaimed novelist and co-founder of the newspaper Ming Pao, and they were glowingly praised in the official media.
Not surprisingly, as mainland China’s economy has grown, Hong Kong’s importance has diminished. To make matters worse, political infighting in Hong Kong and ideological shifts in mainland China have made sentiment toward some of its business leaders ominously negative over the past decade. This is also made worse by the fact that these influential figures no longer enjoy the same access to leadership in Beijing.
02:40
How Li Ka-shing became Hong Kong’s richest man
How Li Ka-shing became Hong Kong’s richest man
For example, in the past “Superman” His insight and insight led him to China. Devastating Attack The move drew a lot of criticism from mainland Chinese social media platforms, especially during the violent protests that ravaged the city in 2019.
Hong Kong is struggling to recover from three years of COVID-19 relief and deal with an increasingly challenging geopolitical environment. Ronnie Chan Chi-chungAnother prominent business tycoon has openly stated that the goal of most businesses should be to survive, not thrive: “There are simply too many known and unknown risks to take an aggressive stance on expansion.”
It’s safe to assume Chan’s views are widely shared in Hong Kong’s business community.
This is something that China’s leaders should pay close attention to. The influence of people like Li and Chen is not just domestic, but international. Many international investors will take their cues from these business leaders when it comes to investing in China. If they urge caution, the international business community will be even more cautious.
To turn around sentiment in the global investment community, China’s leaders should first do more to rekindle the interest and enthusiasm of Hong Kong’s business leaders, just as Beijing did 45 years ago.
Wang Xiangwei is a former editor-in-chief of the South China Morning Post and currently teaches journalism at Baptist University.
