Opinion | Hong Kong’s third phase as a superconnector requires tech innovation

With the passing of the Article 23 national security legislation, Hong Kong finds itself at a critical juncture, desperately needing to revive its economy. However, the path forward requires more than just economic reforms.

The job demands a complete transformation of mindset and the attraction of fresh talent. Hong Kong must embrace change and encourage innovation if it hopes to thrive in the face of adversity.

Hong Kong’s success story from the late 1970s onwards is closely intertwined with China’s reform and opening up. Hong Kong has played a pivotal role in this process in the past four decades, demonstrating its ability to seize opportunities with courage and adaptability. The city prospered by bridging the gap between mainland China and the rest of the world.

However, despite its historical prominence, Hong Kong’s once-dominant port has experienced a decline. It dropped out of the world’s top five busiest shipping container terminals in 2019, then fell to 10th place in 2023 amid heavy competition from the mainland. While this decline is not the end of Hong Kong’s role in trading and shipping, it highlights the city’s diminishing significance in this domain.

The second phase of Hong Kong’s evolution involved attracting mainland Chinese companies to the international capital market. Tsingtao Brewery became the first Chinese company listed on the Hong Kong stock market in 1993, paving the way for others to follow suit. The city emerged as a critical connector between Chinese companies and global markets as mainland firms sought capital for their development.