Hong Kong must evolve beyond acting solely as a “superconnector” and reposition itself as a “super value-adder”, a leading think tank has said, urging the city to strengthen its role in global supply chains and align with national development amid geopolitical and technological shifts.
In a 216-page report released on Friday, the 2022 Foundation – founded by Fung Investments chairman Victor Fung Kwok-king – outlined a road map for Hong Kong’s next phase of economic growth.
It highlighted the need for structural change as the global economy shifted towards knowledge-intensive, innovation-driven and service-oriented activities.
Fung said the ongoing outward expansion of medium-sized mainland Chinese enterprises offered the city a long-term opportunity to redefine its economic role.
“In my view, this will be a significant trend over the next decade, and it’s going to be something … that we can work on for a substantial period of time,” he said.
The report stated that after decades as a superconnector heavily reliant on financial services, Hong Kong must pursue four key strategies to reinvent its economy, namely digitalisation, development of the Northern Metropolis, financial market innovation and alignment with national development while preserving its distinctiveness.