Ningrong Liu

Opinion | Hong Kong must find its drive again as rivals like Singapore surge ahead

Hong Kong’s growing disparity with Shanghai, Shenzhen and Singapore is cause for concern. The city must adapt and learn to take risks again to maximise its ‘two systems’ advantages

Reading Time:4 minutes

Why you can trust SCMP

Ningrong Liu

Published: 9:15am, 27 Apr 2024Updated: 11:33am, 27 Apr 2024

Hong Kong falling out of the world’s top 10 container ports for the first time is a sign of the city’s declining stature. Meanwhile, thriving rival cities such as Shanghai, Singapore and Shenzhen continue to secure top rankings. Also last week, Apple announced a US$250 million expansion in Singapore, bolstering the city state’s position as the region’s leading tech hub.

Hong Kong is grappling with its rivals’ rapid development. During the recent Easter holiday, Hongkongers made over 1.5 million trips out of the city, mostly crossing the land border to dine, play and shop in Shenzhen and elsewhere on the mainland. Hong Kong’s appeal is waning, even for its people.

The growing disparity between Hong Kong and its rival metropolises is cause for concern. Shanghai, with its historical significance and economic might, was once considered Hong Kong’s primary competitor. But Shenzhen has emerged to become a formidable contender. A tiny village in the late 1970s, Shenzhen has made remarkable strides as China’s technology hub, overtaking Hong Kong in economic size in 2018.

Singapore, with its long-standing rivalry with Hong Kong, has also pulled ahead in recent years. Singapore’s gross domestic product per capita is approaching double Hong Kong’s, a testament to its success in overtaking Hong Kong as the top financial centre in Asia, ranked third in the world.

As Hong Kong’s competitors continue to rise, Hong Kong must confront its shortcomings and take decisive action to remain competitive.

Firstly, Hong Kong must undergo a paradigm shift to adapt to the changing dynamics. Where all four metropolises once played catch-up with one another, it is now Hong Kong that needs strategic development and a vision to maintain its competitiveness.