Opinion | We cannot let Covid-19 undo 25 years of progress for Hong Kong

Name: Hong Kong by the numbers, 25 years after the handover
Uploaded: 2022-07-01T22:45:18.000Z
Duration: 4 min 32 s
Description: Hong Kong by the numbers, 25 years after the handover

Halfway into Hong Kong’s 50 years of transition, the city is again at a crossroads as we struggle to find a way out of the pandemic

Our ability to break the deadlock, bring back talent and upgrade our role as a gateway to China will set the course for the next 25 years

Reading Time:3 minutes

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An installation at Victoria Park marks 25 years since Hong Kong’s return to China, during which the city has strengthened ties with its mainland neighbours. Photo: Sam Tsang

Sonia Cheng

Published: 6:45am, 2 Jul 2022Updated: 6:59am, 2 Jul 2022

To people who follow Hong Kong’s development, the city is an amalgam of business vibrancy, cultural richness and social complexity. It’s no exaggeration to say Hong Kong is a city that knows how to survive, developing from a fishing village into a global financial centre – thanks in large part to its agility and connectivity.

July 1 marked a quarter of a century since the establishment of the Hong Kong Special Administrative Region in 1997. Since then, Hong Kong has closely aligned its development goals with those of Beijing, while our institutions and core values remain strong – as evidenced by Hong Kong’s position at the top of global rankings in economic freedom.

At the 25-year milestone, we must ask how the historic changes taking place in China will reflect on Hong Kong in the next 25 years. In 1997, Hong Kong was a more meaningful part of China’s GDP, when the country relied heavily on foreign investment and exports as “the world’s factory”.

Today, China has become a tech pioneer, making strides in space science, using digital solutions to meet community needs, and grooming successful tech companies to rival those of Silicon Valley. Hong Kong’s GDP today is a fraction of China’s, but we firmly maintain our strategic value, thanks to our highly connected infrastructure, unbeatable geographical location, and credible financial network.

04:32

Hong Kong by the numbers, 25 years after the handover

Hong Kong has a clear vision of what it wants to become in the next phase of China’s development, but we need to make it known to the world. We have some of the best talent in the world and our entrepreneurial ideas have won international acclaim. But in the face of fierce competition, we must further capitalise on our talent and connectivity to drive innovation and raise our global profile.

With world-class facilities such as the Science Park and well-regarded universities, our tertiary education continues to give us an edge. The bigger question is whether our basic education can produce talent with the right skills for the next 25 years. It is no secret to those of us who are global employers that Hong Kong needs education reform if it is to foster innovation, and after Covid-19 delays, time is no longer on our side.

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