Hong Kong must move beyond its traditional role as a “superconnector” and reposition itself as a “super value-adder”, a leading think tank has said, urging the city to strengthen its role in global supply chains and align with national development amid geopolitical and technological shifts.
In a 216-page report released on Friday, the 2022 Foundation – founded by Fung Group chairman Victor Fung Kwok-king – set out a road map for Hong Kong’s next phase of economic growth. It highlighted the need for structural change as the global economy shifts towards knowledge-intensive, innovation-driven and service-oriented activities.
After decades as a superconnector heavily reliant on financial services, Hong Kong must pursue four key strategies to reinvent its economy, namely digitalisation, development of the Northern Metropolis, financial market innovation and alignment with China’s national development while preserving its distinctiveness.
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“Hong Kong stands at a defining moment in its economic history,” the report said. “Rapid technological disruption, intensifying geopolitical risks, and fundamental shifts in global supply chains, now require Hong Kong to move beyond pure intermediation.”
The report comes as Chief Executive John Lee Ka-chiu prepares to unveil the city’s first five-year development plan by the end of the year, with a key focus on aligning Hong Kong with China’s 15th five-year plan.
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“Hong Kong must carefully navigate its relationship with national development strategies,” the foundation said.