TaiShang
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HK economy keeps rolling
Growth on the Chinese Mainland may be denting Hong Kong’s competitive edge. But the city’s unique government, legal framework and international connections should help to ensure its financial future.
Seventeen years after Britain returned Hong Kong to China, the city finds itself at a crossroads as a competitive, world-class financial center.
In many ways, Hong Kong has kept its advantage as an intermediary between the Mainland and the outside world, says Reuben Mondejar of City University, who’s lived and worked in Hong Kong since the handover in 1997.
"Hong Kong’s awareness of the new capabilities of Shanghai made Hong Kong realise they have to sharpen their skills." Reuben Monejar, Associate Professor of Dept. of Management, City Univ. said.
But as the Mainland becomes more and more internationalized, economists warn Hong Kong may stand to lose its competitive advantage.
"The overall goal has to be prioritized with the view of creating a business-friendly environment. Within that, medical: open that closed shop; business, cut those cartels out, get some true competition going here." Enzio Von Pfeil, Economist of IAM Legacy ltd said.
To its advantage however, Hong Kong is still unique in many aspects, such as government that is largely hands-off when it comes to business. Hong Kong boasts of strong connections to international financial markets, a sturdy legal framework, and state-of-the-art infrastructure.
Hong Kong has a proud record of innovating and adapting. In just about 20 years, it’s transformed itself from a mere manufacturing site for textiles, electronics and toys into a world-class financial center. And, with the Chinese Mainland gradually opening up to the world, academics insist it would only do Hong Kong good if it kept pace with these changes.
"So the new game is that Hong Kong has to expand its serviceable market. Before we were a gateway, now we are a front gate. So all those services that China can’t do, accounting, insurance, quick transportation, because they are still sharpening, making smooth these operations, Hong Kong can do that for them." Reuben Monejar said.
As Hong Kong celebrates the 17th year of its establishment as a special administrative region of China, people here await what the next few years will mean for a city that’s thrived on the world’s growth --as well as on its geographical proximity to the Mainland.
Growth on the Chinese Mainland may be denting Hong Kong’s competitive edge. But the city’s unique government, legal framework and international connections should help to ensure its financial future.
Seventeen years after Britain returned Hong Kong to China, the city finds itself at a crossroads as a competitive, world-class financial center.
In many ways, Hong Kong has kept its advantage as an intermediary between the Mainland and the outside world, says Reuben Mondejar of City University, who’s lived and worked in Hong Kong since the handover in 1997.
"Hong Kong’s awareness of the new capabilities of Shanghai made Hong Kong realise they have to sharpen their skills." Reuben Monejar, Associate Professor of Dept. of Management, City Univ. said.
But as the Mainland becomes more and more internationalized, economists warn Hong Kong may stand to lose its competitive advantage.
"The overall goal has to be prioritized with the view of creating a business-friendly environment. Within that, medical: open that closed shop; business, cut those cartels out, get some true competition going here." Enzio Von Pfeil, Economist of IAM Legacy ltd said.
To its advantage however, Hong Kong is still unique in many aspects, such as government that is largely hands-off when it comes to business. Hong Kong boasts of strong connections to international financial markets, a sturdy legal framework, and state-of-the-art infrastructure.
Hong Kong has a proud record of innovating and adapting. In just about 20 years, it’s transformed itself from a mere manufacturing site for textiles, electronics and toys into a world-class financial center. And, with the Chinese Mainland gradually opening up to the world, academics insist it would only do Hong Kong good if it kept pace with these changes.
"So the new game is that Hong Kong has to expand its serviceable market. Before we were a gateway, now we are a front gate. So all those services that China can’t do, accounting, insurance, quick transportation, because they are still sharpening, making smooth these operations, Hong Kong can do that for them." Reuben Monejar said.
As Hong Kong celebrates the 17th year of its establishment as a special administrative region of China, people here await what the next few years will mean for a city that’s thrived on the world’s growth --as well as on its geographical proximity to the Mainland.
