Silver linings even as challenges continue to persist in new year
- After several difficult years, it is time to bring back the Lion Rock spirit of perseverance and solidarity for which Hong Kong is known
New Year’s Day 2024 dawns with Hong Kong and the nation facing uncertainty at home and abroad. If that sounds familiar, it is because uncertainty has prevailed since the protests of 2019 followed by the pandemic and deteriorating relations between China and the United States.
The year ahead will be framed by presidential elections in Taipei this month and in the US in November, which have profound implications for China including Hong Kong.
Meanwhile, the war in Ukraine is approaching its second year, and that in Gaza its third month, with a horrifying death toll. Without lasting ceasefires, the conflicts will cast a shadow over the Paris Olympic Games in July, a celebration of peaceful ideals such as respect and friendship.
In Hong Kong and mainland China, thanks to peace and stability, the focus is on economic recovery and improving livelihoods. But bright spots remain hard to identify.
This is the fifth anniversary of the protests. Because of Covid and weak economic recovery, events of that time and since still weigh on the city’s vitality. Efforts to ensure a more vibrant economy will continue to be the government’s focus.
As an open economy, Hong Kong is vulnerable to fallout from political, security and economic events in the mainland and the world, especially the US. They can have an impact on the city’s investment environment – pivotal to its future as a finance hub.