Opinion | How can Hong Kong make up lost ground with Shenzhen? Start by treating women better

Hong Kong is deep in a rut so it’s no wonder the city is falling down many regional and international rankings. If it can’t even address its miserable record on women’s safety and opportunities, then it deserves to be forgotten

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If Hong Kong wants to regain its reputation for competitiveness, it can start by doing more to unlock the potential of its women. Photo: Fung Chang

Published: 9:31am, 11 Mar 2019Updated: 9:36am, 11 Mar 2019

True Hongkongers would have felt a collective sharp pang after learning that, for the first time in history, Shenzhen’s gross domestic product has surpassed Hong Kong’s. And no, it’s not the story of the tortoise and the hare, although Hongkongers often come across as overconfident.

For one thing, Hong Kong played an instrumental role in making Shenzhen what it is today. And a lot of Hongkongers take pride in that. The city’s significant and unique role in China’s reform and opening up is undeniable, and our reach goes beyond just Shenzhen. Hongkongers were the first to invest on the mainland, and they brought the talent, know-how, money and opportunities.

Yet, now that Shenzhen, not Hong Kong, leads the Greater Bay Area, it will exacerbate Hongkongers’ existential crisis. There is already enough fear that Hong Kong will lose its edge through further integration and become just another Chinese city; losing our status as leader of the pack will send many into a tailspin.

The truth is that Shenzhen has been on our tail for some time now. The Chinese Academy of Social Sciences ranks it as the most competitive city in China – a spot we had held for a decade. And it’s the same old story — Hong Kong failed to diversify its economy, relying too much on our traditional core industries and failing to invest in research and development. Shenzhen’s ascent has been due to its singular focus on innovation.

The truth is also that Hong Kong has struggled to solve long-standing problems. One only need look at our annual budget to be reminded of this sad fact. The annual exercise has long turned into one that gets residents riled over “what’s in it for me”. Then there are the old problems like a narrow tax base and the lack of political will or courage to put our reserves to good use dealing with our ageing population.

The government has reserves that others would kill for, yet, we sit on all that cash and have no idea how to spend it. With all our social ills, the chief executive proposes to throw the bulk of our reserves into land reclamation. We can’t even handle diversification in investing.