Letters | Rest and recovery will help Hong Kong compete at top level again

Readers discuss misplaced pessimism over the city’s difficulties, the challenge of an ageing labour force, faith in our economic fundamentals, and equal marriage rights

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A Star Ferry sails along Hong Kong’s Victoria Harbour on November 26. Photo: AFP

Published: 11:30am, 4 Dec 2024

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If Hong Kong were an athlete, it would currently be facing a performance plateau. Once celebrated as one of Asia’s four tiger economies for its rapid growth from the late 1970s to 1990s, Hong Kong was also renowned for being the “Pearl of the Orient”. In recent years, however, our competitors in the region have dramatically elevated their game, leading to a gradual decline in our status as a premier shopping haven and culinary paradise, while our bustling seaport has slipped to 11th place globally.

Media narratives often amplify these concerns, painting a bleak picture of our future. Just in the last two weeks, one prominent property commentator highlighted a potential staggering 50 per cent decline in the residential property market, while a major bank warned of significant asset devaluation should geopolitical tensions deteriorate.

Like all professional athletes, Hong Kong must acknowledge that overcoming a performance plateau requires time for rest and recovery. Our path forward involves setting new goals, refining our strategies and diligently monitoring our progress.

These new goals were set out clearly in the chief executive’s policy address this year. They include embracing new industrialisation in sectors such as life and health technology, artificial intelligence, data science, advanced manufacturing and green technology; leveraging the academic excellence of local universities under the “Study in Hong Kong” initiative; working towards establishing the city as a global hub for art, culture and international sporting events; and further expanding our gold trading capacity by enhancing our storage facilities.

These initiatives are already under way, but they will take time to fully materialise. Hongkongers should reorient themselves and actively seek their place within this broader vision. We must urgently retrain and reskill ourselves to adapt to the economic “new normal”.