Hong Kong has lost two of the four pillars of its economy, Lingnan University president Edward Chen Kwan-yiu warned yesterday.
The economics professor said that of the pillars - logistics, tourism, finance and trade-related support services - the city had lost the opportunity to develop into a logistics hub and a 'breakthrough' would be needed in tourism.
He said Hong Kong could claim to have maintained only its status as a financial centre with its trade-support services.
'[Guangzhou] Baiyun International Airport will certainly replace Hong Kong as a logistics centre,' the former executive council member told a seminar on Hong Kong's economic outlook for 2007 to 2012.
'Hong Kong has not understood what was meant by logistics from the very beginning.'
He also said that unless there was a breakthrough, tourism could not be counted on as a pillar.
'It does not have historical sites, no Star Ferry pier, no artefacts and no scenic spots.'