Editorial | Hong Kong should play to its scientific strengths
- City cannot simply rely on being a financial centre especially when its top universities and research skills can help power China’s technological future
Beijing’s drastic overhaul of Hong Kong’s political system and the new national security law have raised concerns among some people about the city’s reputation as a banking and finance hub. This focuses attention on its role under the nation’s recently approved 14th five-year plan.
At the same time as the latest detailed disclosure of radical electoral reforms, a panel of economic planners and experts put a positive spin on it, especially in the context of China’s drive to become a global technological power. Apart from the role of banking and finance in helping China further upgrade its economy, the panel cited world-class universities and an open environment for scientific research as advantages the city should develop.
The speakers were taking part in a webinar organised by the Chinese Association of Hong Kong and Macau Studies, the Hong Kong Coalition, and the One Country Two Systems Research Institute.
As a future economic strategy, regardless of political and electoral systems, it makes sense for Hong Kong to play to its strengths in research and access to highly ranked universities by stepping up investment in this sector. It cannot rely narrowly on banking and finance.
It needs to find another pillar to the economy. Beijing can be expected to encourage this type of exchange between the two sides and also to commit to funding support, given that it is now investing in a wide range of research.
