Letters | How Hong Kong can halt the downward spiral in its fortunes

Readers discuss steps the city should take to maintain its international status, the possibility of daily news broadcasts in more languages, and the prayer halls at the Kowloon Mosque

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People on the Tsim Sha Tsui waterfront point to fog covering Hong Kong’s iconic skyline on March 11. Photo: Jelly Tse

Published: 11:30am, 20 Mar 2024

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Financial Secretary Paul Chan Mo-po has just presented another massive fiscal deficit in his latest budget. For the first time in decades, I am seeing Hongkongers unsure of the city’s future trajectory.

The vacancy rate of grade A office space rose to an unprecedented 16.4 per cent in 2023, not surprising given that the number of foreign companies setting up regional headquarters and offices in Hong Kong has been declining.

Over the last few years, as Hong Kong’s closest competitors for international business – Singapore and Dubai – continued to invest in their infrastructure and diversity, Hong Kong focused on enforcing a “zero-Covid” policy and implementing the national security law. As a result, the city has been losing out on foreign capital and talent.

However, it may not be too late for Hong Kong to reverse this downward spiral.

Foreign businesses hate ambiguity, so the efficient implementation of Article 23 legislation is essential. Post-implementation, follow-up meetings must be conducted with large businesses assuring them that the new law is nothing to worry about.