Chief Executive John Lee Ka-chiu’s latest policy address should be praised for its laser-like focus on strengthening the foundation on which Hong Kong’s unique competitive advantages under “one country, two systems” are based. As Harvard Business School professor Michael Porter points out, one should aim to be unique, rather than the best.
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Besides consolidating the city’s status as a centre for finance, shipping and trade, Lee has rolled out measures to drive innovation and attract foreign talent. Social stability and harmony will also be enhanced by policies to improve livelihoods.
In line with the resolution of the third plenary session of the 20th Central Committee of the Communist Party of China, Lee has introduced measures to strengthen the city’s status as an international financial, maritime and trade centre.
These include reforms to boost Hong Kong’s global ranking as an initial public offering market, enhancing its status as an international asset and wealth management centre, developing an international gold trading market, creating a commodity trading ecosystem, introducing more yuan-denominated financial products, expanding Hong Kong’s trading network, and establishing a special board to oversee marine and port development.
Due to space constraints, we will only discuss the measures to boost Hong Kong’s status as an international financial centre.
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The expansion of the wealth management business has opened up previously unimaginable opportunities. With Hong Kong projected to become the world’s largest cross-boundary wealth management centre by 2028, we expect more wealthy people to set up family offices in the city.