Hong Kong and Shanghai Banking Corp chairman David Eldon shares Chief Executive Tung Chee-hwa's vision for developing Hong Kong into one of the leading international cities.
Speaking at a luncheon of the Institute of Bankers, he said Hong Kong's weaknesses came from its poor environment, education system, lack of diversification and the misguided belief that it was the only gateway to the mainland.
'Hong Kong is well positioned to become a world-class cosmopolitan centre . . . anything less would be a bitter pill to swallow,' he said.
In his policy address earlier this month, Mr Tung announced a $30 billion package to improve air and water supplies, as well as plans to improve education standards, infrastructure and Hong Kong's position as a business centre.
Mr Eldon said that if the environment continued to deteriorate, health costs would continue to rise, new companies would avoid locating here and Hong Kong would find it increasingly difficult to attract visitors.
'Even in my office I am unable to escape the reminders, as I have a front row seat of the rubbish floating in the harbour,' he said.