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The reflection of a man is seen on a windowpane, while a pedestrian footbridge in the background is adorned with China’s and Hong Kong’s flags as decorations for the celebration of National Day, in Hong Kong, on October 3, 2023. Photo: Tyrone Siu
OpinionLetters

Letters | Western mirage aside, the real Hong Kong is doing just fine

  • Readers discuss Hong Kong’s continuing appeal, and the city’s hosting of a large-scale air cargo event
Hong Kong economy
Letters
Letters
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One of the world’s more indulgent pastimes is empathising with billionaires down on their luck. It is thus hardly surprising that journalists have zeroed in on the receding fortunes of Hong Kong’s well-heeled. But Hong Kong is still very much alive and kicking, back in the global game.
In 1997, Hong Kong, with its 6.6 million residents, represented about 19 per cent of mainland China’s gross domestic product and 15 per cent of its trade. As China experienced a growth spurt following its accension to the World Trade Organization, it was Hong Kong that provided the legal platform for finance and a friendly port for global commerce.
As China’s economy grew, some of Hong Kong’s wealthiest families – including the Kwoks, Lis, Chengs and Woos – expanded their fortunes. For decades, this billionaire class dominated key sectors, particularly real estate. As they turned inherited or self-made wealth into global fortunes, their business empires symbolised Hong Kong’s economic might.

With time, some of those fortunes declined somewhat, as did the city’s growth rate. Mainland China became an economic behemoth and Shanghai and Shenzhen have emerged as viable alternatives to Hong Kong. The city’s almost traditional role as a gateway between East and West is being challenged by other Asian metropolises such as Singapore. The ongoing trade tensions between China and the United States further complicate matters.

However, this Hong Kong was mostly a Western looking glass and to lament as to where it went is to grasp at a mirage. Hong Kong can stand on its own feet on the global stage, and mainland China might help that happen rather than somehow ruin the city.

Furthermore, mainland China’s prowess in technological innovation has brought about positive transformations in Hong Kong’s landscape, creating opportunities for entrepreneurs and positioning the city to be a hub for technology and innovation.

Thus, the real Hong Kong is still very much there: the Cantonese industriousness, the ambition of its superclans now transitioning to the next generation, a work ethic that rightfully puts most of the world to shame and the ability to spot opportunity and seize it. As those values transcend yearly growth rates, Hong Kong is likely to weather any storm.

Radu Magdin, CEO, Smartlink Communications, Bucharest

IATA cargo event a credit to Hong Kong

Mid-March saw the arrival in Hong Kong of the IATA World Cargo Symposium, the premier event for the world’s air cargo industry, with close to 2,000 delegates from all corners of the world flocking to the city for a few days of industry meetings, presentations and a trade exhibition.

The event, run by the International Air Transport Association and hosted this year by Cathay Cargo and Hong Kong Airport Authority, was an unparalleled success, ending up as the largest IATA meeting of any kind ever hosted.

The delivery at the AsiaWorld-Expo was a perfect display of Hong Kong doing what it does best, and I am quite sure most, if not all, participants will have taken away extremely positive impressions.

This is in contrast to the impression created by some of the statements of US Consul General Gregory May, which might convince US citizens that Hong Kong is some kind of dystopian gulag.

The substantial presence of American companies and industry leaders, such as Boeing, FedEx, United Airlines, UPS and Atlas Air, at the symposium demonstrated their confidence in Hong Kong as a global business and logistics hub. An event like this can provide a platform in Hong Kong for constructive engagement and collaboration among stakeholders from around the world.

Bob Rogers, Sai Kung

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