HONG KONG SAR - Media OutReach Newswire - 10 January 2024 - HKU Business School today announced the "Hong Kong Economic Policy Green Paper 2024" ("Green Paper"). The Green Paper was prepared by HKU faculty members, researchers and other internationally renowned scholars, who have conducted in-depth policy analysis and proposed recommendations for various pressing issues in Hong Kong. Topics include the city's future as an international financial centre, maintaining the linked exchange rate system, income inequality and wealth gap, the impact of ageing population in health spending, reducing public housing waiting time, talent retainment and attraction,commercialisation of intellectual property as well as strengthening Hong Kong's position as an international aviation hub.
HKU Business School today announced the “Hong Kong Economic Policy Green Paper 2024". From left to right: Professor Douglas Arner, Kerry Holdings Professor in Law, The University of Hong Kong, RGC Senior Fellow in Digital Finance and Sustainable Development, and Associate Director, HKU-Standard Chartered FinTech Academy; Professor Heiwai Tang, Associate Dean (External Relations) & Victor and William Fung Professor in Economics of HKU Business School and Associate Director of Hong Kong Institute of Economics and Business Strategy; Professor Richard Wong, Provost and Deputy Vice-Chancellor of The University of Hong Kong, Chair of Economics & Philip Wong Kennedy Wong Professor in Political Economy, and Director of Hong Kong Institute of Economics and Business Strategy; Professor Hongbin Cai, Dean and Chair of Economics of HKU Business School and Professor David Bishai, Clinical Professor in Public Health and Director of the School of Public Health, The University of Hong Kong.
Professor Hongbin Cai, Dean and Chair of Economics of HKU Business School said, "HKU Business School, with its deep roots in Hong Kong, has consistently endeavoured to examine the city's economic challenges and provide policy recommendations by harnessing its wealth of expertise and research excellence. Since 2021, the School has been collaborating with like-minded scholars who share a vested interest in Hong Kong's future development to co-author the annual "Hong Kong Economic Policy Green Paper" and orchestrate the "Future of Hong Kong Economy" Conference. Building on the success of the past two years, we have expanded our collaboration this year to include scholars from School of Public Health and Faculty of Law, as well as renowned experts from across the globe, facilitating vibrant discussions and intellectual exchanges with policymakers, business leaders, and respected community luminaries. Together, we strive to contribute insights and strategies from various perspectives to advance Hong Kong's diverse economic development."
Professor Richard Wong, Provost and Deputy Vice-Chancellor of The University of Hong Kong, Chair of Economics & Philip Wong Kennedy Wong Professor in Political Economy, and Director of Hong Kong Institute of Economics and Business Strategy stated, "In the wake of the global pandemic and amidst rising geopolitical tensions, it is more critical than ever for our city to forge a clear and strategic path forward. This year's Green Paper provides invaluable insights and guidance to help us navigate these uncertain times. The sustained efforts and unparalleled expertise of the scholars at the University of Hong Kong are both timely and welcome, as they contribute to shaping a prosperous and resilient future for our beloved city."
Professor Heiwai Tang, Associate Dean (External Relations) & Victor and William Fung Professor in Economics of HKU Business School and Associate Director of Hong Kong Institute of Economics and Business Strategy added, "In the context of the Fourth Industrial Revolution, the success or failure of various economies in the fierce global competition may depend on their ability to establish efficient Intellectual Property ("IP") systems, thereby maintaining a leading position in innovative technologies. Hence, institutional innovation remains crucial for Hong Kong's future economic development. Despite Hong Kong's respectable international reputation in IP protection, it must still accelerate the progress of IP commercialisation to amplify the economic benefits of the IP system."
Professor David Bishai, Clinical Professor in Public Health and Director of the School of Public Health, The University of Hong Kong said, "Health spending in Hong Kong will continue to grow faster than GDP for the next half-decade. It is urgent for Hong Kong to deliberate on the best options to cope with population ageing and rising health spending without suffering degradation of the publicly provided health services. The longer Hong Kong waits for a course correction, the harder the reform will be."
Professor Douglas Arner, Kerry Holdings Professor in Law, The University of Hong Kong, RGC Senior Fellow in Digital Finance and Sustainable Development, and Associate Director, HKU-Standard Chartered FinTech Academy said, "To enhance its role as an international financial centre, Hong Kong should focus on maintaining and reinforcing its existing strengths: free movement of capital, information and people, supported by a predictable legal, monetary, financial and regulatory infrastructure. It is important for Hong Kong, as an equity market, to also focus on new clients for fundraising and investment, while attracting international and Chinese institutional investors as and when they are able to invest more widely. In addition, the city should enhance multipolar payment and treasury management frameworks, with the aim of benefiting from China's continuing development and flows of funds in and out, including supporting RMB internationalisation and use of other currencies for trade, finance and investment, as well as enhancing Hong Kong's role as a central hub in the emerging multipolar financial system."
Source:press release