After its mishandling of Omicron, Hong Kong needs a program of damage control to regain investor confidence and bring stability back to residents’ lives. That means building economic resilience, strengthening networks for trade and talent, and putting substance behind claims of being a world city.
The metaverse is rich with opportunities for digital design and trade, while Asia already boasts high numbers of users and creators. As an innovation hub and key player in the Greater Bay Area, Hong Kong can lead the regional development of a tech-enabled creator economy.
With an abundance of capital and talent, Asia’s growing tech hubs are luring investors away from Silicon Valley. Start-ups seeking to solve global issues such as climate change, ageing-related illnesses and supply-chain bottlenecks will offer solid opportunities.
The interconnectedness that global cities once prized risks being eroded and dismantled as Covid-19 lingers and new variants emerge. Success will depend on cities’ ability to balance openness with health protection, growth with better livelihoods, and diversity with local character that fosters a sense of belonging.
Technology has changed the game, making it easier to acquire and improve language and communication skills. An international business hub like Hong Kong, where languages are critical for deal-making, must leverage technology to promote learning.
Supply-side constraints, loose monetary policy, geopolitical tensions and weakening consumer sentiment are just some of the issues weighing on business leaders’ minds. Asia’s economic vitality means it will remain a leading source of growth in the future, but expect more bumps on the road to recovery.
Legco’s approval of the waste charging bill comes with a request for a delay in implementation that makes little sense. The success of the recycling schemes in Taipei and Seoul underline the role civil society can play in building trust and community buy-in.
Hong Kong has managed the logistics of holding a major international art fair, book fair and industry conferences during the pandemic without seeing outbreaks. Holding one or two premier events with visitors from low-risk locations will boost confidence and cement Hong Kong’s status as a hub for safe meetings.
The deteriorating bilateral relationship can benefit from expert input from the business community as Beijing and Washington redraw the lines in strategic industries. Business ties can also play a stabilizing and humanizing role as dialogue channels shrink elsewhere.
There is a growing trend of family investors supporting local entrepreneurs and giving back to society. For family offices that are equipped with the right know-how, impact investing can promote the kind of social mobility that is increasingly rare in this city.
