Next Hong Kong administration urged to forget politics and stick to economy

Hong Kong’s biggest trade body has called on the next administration to focus on economic development, warning that the rising political tension in recent years has hindered the city’s competitiveness in the region.

Speaking before its annual general meeting on Thursday, Hong Kong General Chamber of Commerce chairman Stephen Ng Tin-hoi said the city had been left behind by Singapore, Shanghai and Shenzhen in many economic aspects, mainly due to its excessive focus on policies, leaving funding applications of major projects stuck in the Legislative Council.

Despite better-than-expected economic growth in the first quarter of 4.3 per cent, the chamber expected full-year growth of 2 to 3 per cent, citing global uncertainties and a strong Hong Kong dollar.

Ng urged Hong Kong to set aside internal political struggles to fully ride on the opportunities of Beijing’s “Greater Bay Area” plan for closer ties between cities in the Pearl River Delta

“We have been too busy with internal affairs, and ignored the external challenges. It has caused a deteriorating situation of Hong Kong [compared to regional rivals].”

He said Singapore had not only surpassed the city in global competitiveness rankings but was also way ahead in terms of the number of free trade agreements.