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HK handover 20th anniversary
OpinionComment

Hong Kong is far from being an economy in decline

Bernard Chan says writing off the city may make for catchy headlines, but its unmatched global ties and range of expertise have Hong Kong well-set for the next stage of its success story

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Fireworks explode over Victoria Harbour and the Golden Bauhinia as Hong Kong celebrates the 20th anniversary of its handover, on July 1. Nora Tam
Bernard Chan

The 20th anniversary of the establishment of the Hong Kong special administrative region prompted a lot of “looking back” in international media. One common theme was that Hong Kong had seen its best days and was on the decline.

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These commentaries typically described Hong Kong’s amazing post-war rise. The city developed as an export manufacturingbase. As China opened up, the factories moved north and Hong Kong transformed into a financial and business hub and intermediary, especially serving mainland-based industries.

And then we get to the present – and the end. The theory is that there is no next stage, and apparently no future for Hong Kong.

We all know that Hong Kong has internal problems, like inequality and the quality of life. But this should not distract us from the reasons to be positive about our next stage of development.

How Hong Kong can be a key pillar for belt and road infrastructure

A major expansion of infrastructure and trade links will be taking place throughout developing Asia and beyond over the next couple of decades. The “Belt and Road Initiative” is designed to help boost this process. In practice, it means hundreds of individual projects in dozens of locations. Taken together, these offer opportunities for Hong Kong to build on its existing strengths, and to explore and develop new advantages.

Belt and Road Initiative: what, when, why, how

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