Hong Kong ranks seventh overall and third in Asia in the World Economic Forum’s latest Global Competitiveness Report.
While the changing nature of the global economy presents challenges for the city, Hong Kong is holding ground in its core strengths. It enjoys a top-10 ranking in seven out of the 12 pillars of competitiveness in the report
“We are pleased to see that Hong Kong remains strong in areas where we have advantages traditionally, such as macroeconomic stability, financial system and infrastructure,” said Chamber Chairman Aron Harilela. “These elements continue to support Hong Kong's status as a premier international financial centre and a hub for trade and transport, in particular relating to the Greater Bay Area.”
One area where Hong Kong is lagging is innovation and technology. The report notes that the global competitiveness landscape has been "radically altered by the impact of the Fourth Industrial Revolution." There are worries that Hong Kong needs to play catch-up with its competitors in terms of innovation capability.
“We acknowledge the concerns that Hong Kong could be left behind when it comes to innovation capability,” said Harilela. “So we appreciate the Government’s injection of an additional $28 billion into innovation and technology. We are on the right track to boost this sector and should overcome this weakness with our Hong Kong spirit.”
“If we want to push forward, we must stick to our strengths,” said Chamber CEO Shirley Yuen. “The proposals laid out by the Chief Executive are forward-looking. We trust that Hong Kong will catch up in the innovation and technology sector to become one of the front runners. We look forward to seeing an improvement in our ranking soon."
Yuen added: “However, in an environment with fast-changing technological advancements, we should actively review and remove regulations in high-tech sectors that might hinder us from moving forward.”
The announcement in the Policy Address of a major reclamation project shows that this Government has the confidence to introduce bold initiatives. Besides providing land for a wide
range of needs, the Lantau Tomorrow Vision will also generate employment. So we must ensure that we have the manpower to successfully deliver this ambitious project.
“As the Global Competitiveness Report notes -- and as the business community in Hong Kong is well aware -- we have room to improve in labour market efficiency,” said Harilela. “We hope the Government will consider revising its policies on importing labour from overseas, and also ramp up its strategies to attract and retain professional talent.”
HKGCC looks forward to working closely with the Government to continue to improve our global competitiveness. With our can-do spirit and leadership of the SAR Government, we can build a smart city where Hong Kong people will be proud to say: “This is our home -- a place where we enjoy living and want to stay for the long term.”
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