Finance can be unleashed as a force for good, to deliver social impact and bring economic windfalls for ordinary citizens, from youth advancement, financial literacy, and promotion of the arts and technology to climate change efforts.
Hong Kong’s unique political system can serve as a case study for those studying policy in institutions around the world. Collaborating with universities can foster a better understanding of our city, and China as a whole, among the policymakers of the future.
The new Hong Kong administration should build on the city’s strengths to enable business partnerships and cultural and educational exchange that connect Hong Kong and mainland China with Japan and South Korea.
Technology has changed the game, making it easier to acquire and improve language and communication skills. An international business hub like Hong Kong, where languages are critical for deal-making, must leverage technology to promote learning.
There is a trend of family investors seeking non-financial returns in their communities and aiding local entrepreneurs. For family offices with the right know-how, impact investing can promote the kind of social mobility that is increasingly rare in this city.
Opportunities to participate in global governance and diplomacy will broaden young people’s horizons and deepen their understanding of China and the world. Hongkongers’ bilingual, bicultural capabilities are unique advantages amid tensions between China and the West.
While the cultural sector has been hard hit by the pandemic, individual segments of the commercial art market have been resilient. Economic benefits aside, the potential of the arts to bridge differences makes them valuable to any global city.
While ensuring digital access is important, fiscal policy and financial incentives that keep up with the times represent a win-win for the people and the government as well as an investment in the future of the economy.
Singapore’s Temasek is one of several government funds to go beyond their traditional mandate and fight the pandemic. As Hong Kong prepares to launch its own Growth Portfolio, it needs to consider if there’s a larger firefighting role for public investors in a crisis.