The financial challenges confronting Hong Kong, such as deficits and budget cuts, have generated significant debate and anxiety in the city. However, amid these discussions, a crucial aspect appears to have been overlooked – the potential for Hong Kong to explore new avenues for growth.
Though Hong Kong currently lacks a robust presence in advanced science and technology, it should be asking similar questions. It should reflect on why it has not been able to foster start-ups the way Hangzhou has, and take lessons on how to cultivate a vibrant tech entrepreneurship ecosystem.
To position itself as a leading player in the global tech industry, Hong Kong must first establish itself as a high-quality talent hub and a tech-focused innovation centre. This transformation requires the development of an ecosystem that supports young entrepreneurs and promotes the growth of successful start-ups.
To address the obstacles hindering development, Hong Kong is adopting the zone-development model from the Chinese mainland for the Northern Metropolis. Assigning sizeable land parcels to developers and leveraging the private market for site formation and infrastructure development can enhance efficiency and reduce costs.
