Perspectives June 2017 | Youth Hong Kong
Looking to the Future
Hong Kong’s economy Seeing opportunities in the Greater Bay Area and beyond
Hong Kong has a unique business environment and several special advantages. Furthermore, I think the recent announcement about the development of the Greater Bay Area, destined to integrate the economies of Guangdong and Macau with that of Hong Kong, means our strengths will become even more apparent in future. What the business sector needs, especially young entrepreneurs who have to take considered risks, is predictability. For that, it is very important to be able to rely on Hong Kong’s solid legal system and its stable regulatory environment. These provide the kind of transparency which entrepreneurship needs in order to thrive and are factors that cannot be counted on in mainland China.
The kind of stability that Hong Kong offers also reduces the chance of failure and supports both innovation and reinvestment. Even if our GDP is small compared to that of mainland China, figures for the first quarter of 2017 were very encouraging, showing that Hong Kong’s economy expanded by 4.3% in real terms, compared to only 2% in 2016, and we are on track to meet the estimated growth rate of 2-3% for the whole year. 1 However, in order to maintain the confidence of the business community – especially that of international companies − I believe there are several crucial factors. First, the Rule of Law and a well-established legal culture. Second, a corruption-fee society. Third, a renewable
by Ben Brown flic.kr/p/776Az9
oung accountant Titus Lo believes that Hong Kong’s reputation as a businessfriendly environment is one of its greatest assets. With its world-class communications and logistics, the city makes an ideal hub, providing a host of opportunities for networking and investment.