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 Group 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.
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, it said.
“Hong Kong stands at a defining moment in its economic history,” the report said. “Rapid technological disruption, intensifying geopolitical risks and fundamental shifts in global supply chains now require Hong Kong to move beyond pure intermediation.”
The report comes as Chief Executive John Lee Ka-chiu formulates the city’s first five-year development plan, with a key focus on aligning Hong Kong with the national five-year plan.
“Hong Kong must carefully navigate its relationship with national development strategies,” the foundation advised.
