Hong Kong tycoons should take lead in reinventing city, senior Beijing official says

Beijing’s top man on Hong Kong affairs has urged local business tycoons to lead in the reinvention of the city and replace inertia with reforms, while encouraging them to innovate and stage international events to attract foreigners to take part in the financial hub’s vibrancy.

Xia Baolong, director of the Hong Kong and Macau Affairs Office (HKMAO), also gave the assurance that the central government would always “cherish” the city and spare no effort in supporting its unique role and boosting its international competitiveness.

Xia’s full remarks, delivered during a closed-door meeting with 29 business leaders in Shenzhen last Friday, were published by the HKMAO on its website on Sunday night. Earlier on Friday, Xinhua released a report of the meeting while sources who attended the session told the Post he called on the tycoons to “recognise their responsibilities” and take “concrete actions” in supporting the city’s development, including possibly through increased bidding on government land sales.

“Today’s world is not yesterday’s world, and Hong Kong cannot rely solely on its traditional advantages by relying on just one trick,” he said. “It must be determined to reform and take the initiative to open up a new world … in the changing situation.”

Science and technology had become a main driving force for economic development, and the city should invest additional resources in innovation and related industries, he urged.

Xia also laid out ways Hong Kong could speed up improvements to its tourism industry.