We need to be more than just financial hub, professor warns
Hong Kong should seek the chance to position itself as something more than a financial hub following the financial meltdown, says the soon-to-retire head of Hong Kong University of Science and Technology.
It would be in the city's best interest to co-operate with the mainland on the development of top technologies similar to those from Silicon Valley, Paul Chu Ching-wu suggested yesterday.
The United States and Japan were devoting more attention to technological development after the crisis savaged their financial sectors and Hong Kong should follow their lead, he said at a media luncheon.
'[The economies] of China and Hong Kong will recover faster than those in other areas. But we should seek the chance to position ourselves best,' he said.
Focusing on a single field could make society unstable, he warned. 'The economic base of Hong Kong is very narrow. When it does well it does very well. When it's not doing so well, the situation turns really bad.'
An HK$18 billion Research Endowment Fund, approved this year, was a good initiative that boosted researchers' spirits. But the government should make sure resources went to outstanding projects, he said.
'Hong Kong is a wealthy society. But it is impossible for all its eight universities to become top universities by international standards.' There should be 'mission differentiation' among universities, with each receiving resources to develop its key strength, the president said.
The renowned scientist saw great potential in technologies that helped conserve energy. Semi-conductors - his research area - could help reduce energy loss during its transmission and save tens of billions in US dollars.
Physical constraints meant it might not be possible to place solar panels in the city, but Professor Chu said local researchers could help mainland partners develop materials to transform sunshine into energy.
Hongkongers had to seize the opportunity to co-operate with the mainland - the world's fastest growing economy. 'The window of opportunity is already narrowing,' he said, referring to great advances by mainland cities.
In September, Professor Chu will hand over to Tony Chan Fan-cheong after eight years as president.
His biggest regret was that the 'University of Science and Technology hasn't turned into Massachusetts Institute of Technology yet'.
Eight years ago, his friends in the US bet he would not come to Hong Kong; now they bet against him returning to the US, he joked.
The generosity of Hongkongers, such as their contributions to typhoon-stricken Taiwan and quake-hit Sichuan , had touched him.
Professor Chu said the next stage of his life was conducting superconductivity research in the US in the hope of discovering a semi-conductor that worked at room temperature.
'There are some goals that a person goes after in life. I still want to pursue my dream in the scientific field,' he said. 'I hope young people will find their aspirations and create something new for mankind.'
