What is Hong Kong’s answer to Singapore’s Economic Development Board or the mainland’s National Development and Reform Commission? We don’t really have an exact equivalent, perhaps in keeping with our historical stance on the economy, in which the private sector takes the lead and the government role is to facilitate and support.
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However, in an integrated global economy thrown into turmoil by US President Donald Trump’s tariff war, a lack of proper government oversight seems less tenable.
Luckily, Hong Kong is not completely devoid of tools to influence the development of its economy. After all, the city does have a secretary for commerce and economic development who oversees InvestHK, the Trade and Industry Department and Hong Kong’s overseas Economic and Trade Offices. The mainland offices report to a different bureau.
Meanwhile, the city’s financial secretary supervises the Office of Attracting Strategic Enterprises (OASES), the Hong Kong Investment Corporation, the Hong Kong Monetary Authority, and the office of the government economist. The Talent Services Unit, which specialises in manpower, reports to the chief secretary.
We cannot forget another important player – the secretary for innovation, technology and industry who oversees the Hong Kong Science and Technology Parks Corporation, Cyberport and the Hong Kong Productivity Council.
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It is also important to highlight two other major areas of economic activity. The first is tourism. Hong Kong’s commissioner for tourism reports to the secretary for culture, sports and tourism. There is also the Hong Kong Tourism Board, which works closely with other relevant government institutions.