Twenty-five years after Hong Kong’s return to the motherland, its economic growth has remained stable and its status as an international metropolis has not changed. Tang Yingnian, a member of the Standing Committee of the National Committee of the Chinese People’s Political Consultative Conference and former Chief Secretary for Administration, described the development as “very good”, especially in financial and professional services.
Looking forward to the future, although the Sino-US conflict is increasingly intensifying, which may affect Hong Kong's role as an "intermediary", he believes that Hong Kong can still maintain its unique advantage as the mainland's window to the world, but advocates that Hong Kong explore development opportunities outside the European and American markets to solve the problem. The housing issue for Hong Kong people allows the society to enjoy the fruits of success together.
Tang Yingnian believes that Hong Kong has always been a highly open economic trading platform, and it has three major advantages for its prosperity and development.
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It is no exaggeration to describe the performance of Hong Kong's economy over the past quarter century - GDP has grown from HK$1,373 billion in 1997 to HK$2,861.6 billion in 2021, and government revenue and reserves have also recorded impressive growth. According to the World Bank's standard calculation, including gold and foreign exchange reserves, as of 2019, Hong Kong ranked eighth among 219 countries and regions in the world with US$441.35 billion (HK$3,420.4 billion), more than South Korea.
Tang Yingnian believes that Hong Kong has always been a highly open and open economic trading platform, and its prosperity and development is due to three advantages: first, Hong Kong is a diverse society, and talents from all over the world can easily integrate; The third is a sound legal and tax system.
"Hong Kong is the most open window for the country (China) to the outside world. Many companies like Hong Kong as a platform, whether they are bringing in or going out."
Return to 25 years of major economic data changes
The conflict between China and the United States will only deepen the exploration of opportunities outside Europe and the United States
However, as the mainland becomes more open, its economic strength is approaching its "first brother" the United States, and the Sino-US conflict intensifies. As an "intermediary" between the mainland and the world, Hong Kong is inevitably affected.
Tang Yingnian clearly stated that the Sino-US conflict will only deepen and not improve. He used a vivid analogy to say: "The United States has been the world's 'big boss' since World War II, but this is the case with any 'organization', you Be a big boss and be patient. When someone starts to challenge your status, will the boss give you a good life? Definitely not! So it is aimed at China in many ways, and it is almost expected.”
The situation has changed, Tang Yingnian believes that Hong Kong can further develop new markets, such as ASEAN, countries along the Belt and Road, etc. "Our biggest trading partner is the Mainland, and the biggest export market is still Europe and the United States, but I believe that there will be a new market in the future. We should further develop these new markets, such as Southeast Asia, the Middle East, and Central Asia.”
The market can be opened up, but the original "intermediary" halo is not afraid of slowly fading?
Tang Yingnian believes that Hong Kong people are adaptable and fast-paced. As long as Hong Kong maintains the advantages of one country, two systems, there will still be room for development and can contribute to the country's deepening reforms.
"As long as we maintain the free exchange and circulation of currencies, maintain the system of open and free trade, maintain the international standard financial regulators, and maintain the common law system, we can still be recognized by the world."
In the face of the bad relationship between China and the United States, Tang Yingnian believes that Hong Kong can further develop ASEAN and countries along the Belt and Road.
(Photo by Liao Yanxiong)
Call for the development of cultural and artistic industries
With the rapid development of the new economy in recent years, funds have flocked to the Internet companies, but Hong Kong seems to have failed to keep up with the international pace in the development of the new economy.
Tang Yingnian believes that technology does not equal invention, and innovation and technology is not just about developing a more advanced product.
"On the one hand, technology is of course technological progress. On the other hand, it is actually a 'convergence of minds'. As long as you can gather technology talents in this place, technology will naturally progress." He continued that technology talents can develop concepts in Hong Kong, To implement production and manufacturing, you can choose to go to the Greater Bay Area. "Products are released in Hong Kong, or Hong Kong is the headquarters to attract foreign funds. Even research and development work can be outsourced to the mainland."
He believes that Hong Kong is a highly open city that can attract elites from different parts of the world. They come directly to Hong Kong from overseas, Asia and the mainland. It is attractive enough to attract elites from various fields to stay and make their homes home.
Tang Yingnian took DJI as an example. Founder Wang Tao once mentioned in an interview, "If I hadn't gone to Hong Kong, I wouldn't have achieved what I am today. If I stayed in the mainland or went to the United States, I wouldn't have founded DJI. innovation."
In addition to the development of innovation and technology, Tang Yingnian believes that Hong Kong can also develop the cultural and art industries. Since there is currently no international cultural and art center in Asia, coupled with the low tax rate in Hong Kong, I believe it can promote art transactions.
"Our hardware conditions are good, no value-added tax, and some places levy first and then refund, for example, a piece of art (art) from Singapore, after the tax is collected, it is sold to Thailand first, and the tax refund will be given to you first. not received).” In fact, auctions, exhibitions and galleries in Hong Kong are doing well.
Tang Yingnian urged the new government to build more public housing.
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The housing problem must be solved to expand the public market
The development of new industries can undoubtedly serve as an engine for Hong Kong to move forward, but the problem of dragging it down needs to be resolved.
In the past 25 years, the housing problem has plagued Hong Kong people. An overseas think tank pointed out that for the 11th consecutive year, Hong Kong has become the world's most unaffordable housing market. The ratio of the median property price to the median household income is 20.7 times, which is equivalent to no It takes 20.7 years to buy a home without eating or drinking.
The burden of "getting on the bus" is heavy, and it is difficult for citizens to "live and work in peace and contentment".
Tang Yingnian said frankly that housing is a problem, and the sandwich class is especially "suffering". "The 'middle-class and grassroots' are the worst. Their income exceeds the requirements for going upstairs (subsidized housing), but they can't buy a flat, so they pay tight rent. He believes that the new government will build more public housing, expand the public market, and reduce the proportion of private housing in order to solve the housing problem in Hong Kong. Develop and enjoy the fruits of success together!”
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