Hong Kong can sustain its economic success with flexibility and commitment to service industry, says Swire chairman
Swire Pacific’s John Slosar says a flexible strategy can be helpful in overcoming difficult times
A light government touch, flexibility in business and the city’s strategic position with the mainland will allow Hong Kong to continue the economic success it has enjoyed over the past decades, despite short-term political turbulence, according to the chairman of conglomerate Swire Pacific.
“We are part of the second-largest economy in the world. This is a fantastic thing for Hong Kong. It gives us chance to take part in China’s economic growth,” said John Slosar, who is also chairman of Swire Pacific’s parent John Swire & Sons (Hong Kong). The UK-based conglomerate is a proven example of how to build success by taking advantage of the growing mainland Chinese economy and by adopting a flexible strategy to respond to the city’s changing economy.
John Swire & Sons established its Hong Kong office in 1870, four years after the firm set up its business in mainland China. Beginning in the shipping trade, building ships and refining sugar, the group diversified into aviation, beverages and property as the Hong Kong and mainland economies evolved over the decades.
“China was the biggest economy in the world. Only from 1800 to 1900, the West suddenly surpassed China for a time. But China is rapidly catching up now,” said Slosar.
In 2015, China’s economy grew 6.9 per cent, the slowest rate in 25 years, but one of the highest rates of growth among the world’s largest economies.
Opportunities will arise in the city as the central government pushes the One Belt One Road initiative and while the mainland economy is in a transition from industries into services.
