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China economy
OpinionLetters

Letters | Hong Kong must be ready as global businesses continue to follow money trail to China

  • Readers discuss why pessimistic predictions about Hong Kong need not come to pass, and the city’s enactment of its own national security law

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Performers rehearse at Tsim Sha Tsui before the on February 4 before the Cathay International Chinese New Year Night Parade in Tsim Sha Tsui, which was held on the first day of the Year of the Dragon. Photo: May Tse
Letters
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Hong Kong is going through an important transition as it becomes part of the Greater Bay Area. The city has played the role of China’s super-connector due to its well-established infrastructure, low tax base and free movement of capital. Today, as the Chinese and Southeast Asian economies grow faster than those of major Western countries, Hong Kong should continue to improve its competitive edge to remain a top tourist and investment destination in Asia.

National security, social stability and economic prosperity have always been China’s top priorities. Beijing has both the right and obligation to ensure Hong Kong has the necessary security legislation to protect China’s sovereignty. Western commentators have described Hong Kong’s national security law as an infringement of human rights and privacy while forgetting to mention that many countries, including the United States and the United Kingdom, have such laws.
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Although the present economic sentiment in Hong Kong is clouded by high interest rates, low investment and supply chain disruptions, these challenges are not unique to Hong Kong. Our city has seen these conditions many times before and survived them.
While over 100,000 residents have moved abroad, a large number of well-educated and ambitious mainlanders have decided to make Hong Kong their home. This will add new vigour to Hong Kong’s economy and demographics. The economic and political challenges facing Hong Kong will spark vitality that will keep our city from being complacent.
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The Hong Kong community will need to work closely with the government and business sector to chart our future pathway together. The government should continue to provide quality public housing so that people become financially and emotionally invested in Hong Kong. Our education system must be rebooted so young people acquire employable skills when they graduate. Significant investment must be made in technology and research.

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