Three weeks ago, the Task Force on Economic Challenges highlighted six industries which, our officials believe, could offer ways for Hong Kong to diversify its economy. One of the ideas was medical services, which I know a bit about because my company owns stakes in health care providers in several parts of Asia. We would be happy to expand in Hong Kong, but I must say it currently looks unlikely. Costs here make it impossible to compete with centres like Thailand, or with Malaysia, Singapore, India, the Philippines, South Korea and Taiwan, which all want to be medical tourism hubs.
Another proposal was education services. As with medical care, our city certainly has good-quality people and facilities. But, again, lots of other centres in Asia want to be education hubs, including Singapore, Beijing, Shanghai, Seoul and Malaysia.
The media reported these and other task force ideas, like environmental and creative industries. But there was very little reaction from the community.
Even our own officials did not seem all that excited. They remember the controversy around Cyberport and Disneyland. They are afraid of allegations of collusion if they offer incentives that benefit the usual big local tycoons. Bureaucracy and procedures slow things down. Critics and opponents spread doubts about possible initiatives. Too often, we have raised expectations of building a hub of one type or another - remember Chinese medicine? - only to see nothing come of it. After hearing so many grand-sounding ideas about new industries, people are sceptical.
This is in contrast with places like Shanghai and Singapore. When officials in those places announce plans for a such a project, they mean it. They set up high-profile departments with real power, they mount big publicity campaigns, they cut through bureaucracy, they revise regulations or legislation. They go all out to make it happen and they seem confident of success.
The rest of the world is left with the impression that they are up-and-coming centres for this or that industry. And the local population also believes it. The 'can-do' attitude of their officials probably helps to build up morale and civic pride.