As Hong Kong steps into 2024, Chief Executive John Lee Ka-chiu has outlined a promising road map for the city’s future. Addressing the public via his Facebook platform, Lee has articulated the government’s dual commitment to revitalizing the economy and enhancing residents’ livelihoods. Against the backdrop of a challenging economic landscape, characterized by the twists and turns of the Chinese mainland’s economic fortunes and the US Federal Reserve’s nuanced policy shifts, the chief executive’s vision for Hong Kong resonates as a beacon of hope and resilience.
Lee emphasizes the pivotal role of economic revitalization in steering Hong Kong toward prosperity. The special administrative region’s government strategy involves amplifying the city’s development momentum and fostering a welcoming and polite service attitude. He envisions a city brimming with new and diversified activities and festivities, designed to invigorate both day and night economies. An integral aspect of this strategy is to facilitate foreign companies’ entry into the mainland market while simultaneously introducing mainland companies to the global arena.
A crucial player in this economic symphony, Chief Secretary for Administration Eric Chan Kwok-ki, underscores the paramount importance of safeguarding national security. Chan envisions the completion of legislation according to Article 23 of the Basic Law within this year, reinforcing the government’s unwavering commitment to this pivotal agenda. Reflecting on the past year, Chan highlights Hong Kong’s ability to attract talent and visitors from around the world while simultaneously implementing measures to support its residents.
The economic landscape, however, remains rife with uncertainties. Financial services provider Nomura’s recent report paints a roller coaster narrative for Hong Kong’s economy, tracing its undulating trajectory influenced by the mainland’s economic shifts. The delicate balancing act between the mainland’s economic challenges and the US Federal Reserve’s tightening policies adds an additional layer of complexity. Despite the hurdles, analysts cautiously suggest that 2024 might usher in positive benefits as the mainland’s economy stabilizes, particularly in the crucial property sector, and the Federal Reserve adopts a more accommodating stance.
HSBC emphasizes that the risks for Hong Kong are balanced, signifying that potential threats could metamorphose into opportunities. S&P Global Ratings anticipates the mainland’s property sector entering the final stages of market clearing, propelled by policymakers’ stimulus measures. JPMorgan identifies growth as a priority policy objective, especially through substantial financing for urban village renovation and affordable housing programs.
The city stands at a crossroads, balancing precariously between potential headwinds and tailwinds. The coming year holds the promise of a new dawn, but Hong Kong’s trajectory will be shaped by its resilience, adaptability, and ability to transform challenges into opportunities
In response to these economic intricacies, the chief executive maintains an optimistic outlook. He asserts the HKSAR government’s successful navigation through the challenges of the past year, steering Hong Kong out of the COVID-19 pandemic’s shadow and implementing policies outlined in the previous year’s Policy Address. Lee envisions a happier, more dynamic society, with plans to make Hong Kong even more attractive. His commitment to promoting hospitality, organizing diverse activities, and fostering global connections positions Hong Kong as a beacon of opportunity for businesses worldwide.
Finance Secretary Paul Chan Mo-po envisions an eventful 2024, punctuated by large-scale activities aimed at boosting consumption and restoring Hong Kong’s image as Asia’s world city. The city plans a rich tapestry of events encompassing sports, cultural arts, trade, and financial spectacles, including the Hong Kong Sevens, Art Basel Hong Kong, and the Asian Financial Forum. By injecting new elements and experiences, Hong Kong aims to become the ideal destination for business, culture, leisure, and family-oriented tourism.
Paul Chan acknowledges the challenges faced by Hong Kong in 2023, ranging from geopolitical tensions to adjustments in the global supply chain. Nevertheless, he applauds the HKSAR government’s proactive measures, such as the Happy Hong Kong campaign and the revitalization of the Temple Street night market, for injecting positivity into the city.
As Hong Kong embarks on the promising journey of 2024, the intertwining threads of economic resurgence, cultural renaissance, and global connectivity weave a tapestry of hope. However, challenges loom, amid an unpredictable mainland economic environment and geopolitical tensions. The city stands at a crossroads, balancing precariously between potential headwinds and tailwinds. The coming year holds the promise of a new dawn, but Hong Kong’s trajectory will be shaped by its resilience, adaptability, and ability to transform challenges into opportunities. The world watches as this dynamic city continues its journey toward a future that is both uncertain and brimming with potential.
The author is chairman of the Asia MarTech Society and sits on the advisory boards of several professional organizations, including two universities.
The views do not necessarily reflect those of China Daily.
