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South China Morning Post
20-05-2025
- Business
- South China Morning Post
Hong Kong leader downplays business closures, cites GDP growth, more registered companies
Hong Kong's leader has downplayed concerns over the sluggish economy after a recent string of business closures, saying the city had achieved GDP growth over the past year and that the number of registered companies had hit a record high. Chief Executive John Lee Ka-chiu on Tuesday also urged businesses to reform themselves amid what he called a transitional period, following the recent abrupt closure of the 33-year-old congee restaurant chain Ocean Empire. 'New demands and new likings are emerging. There are sectors which do well and some sectors which don't do as well. Some shops are closed while many are opened,' Lee said ahead of his weekly meeting with advisers on the Executive Council. 'There will be ups and downs in different sectors during this transitional period, but overall, we see positive growth in GDP this year,' he said, referring to recent estimates by the government that the annual figure would remain at 2 to 3 per cent. Despite the recent chain closures, Lee highlighted that the number of registered companies in the city had reached a record high of 1.46 million by the end of last year, an increase of some 29,000 companies. The 84 enterprises recruited by the Office for Attracting Strategic Enterprises were also expected to bring in direct investment of over HK$50 billion (US$6.39 billion) and create over 20,000 jobs, he added.
South China Morning Post
17-02-2025
- Business
- South China Morning Post
Hong Kong pushes on with efforts to woo top European firms despite challenges
Hong Kong authorities are pressing on with efforts to attract European companies in the UK and France to set up in the city, despite heightened global geopolitical challenges. The government's Office for Attracting Strategic Enterprises (OASES), created to attract firms in targeted fields, also confirmed it was approaching several top-tier pharmaceutical firms overseas, with at least one seeing promising results. In an exclusive interview, OASES director general Peter Yan King-shun told the Post that some were keen on the potential for collaboration between Hong Kong and the Greater Bay Area, which includes Macau and nine cities in Guangdong. British-Swedish pharmaceutical multinational AstraZeneca had already established its Hong Kong headquarters, he said. As part of his unit's efforts to woo companies from other countries, Yan will be visiting the United Kingdom and France in the coming months. 'They seem to have more incentives for economic development to venture out more,' he said.
South China Morning Post
05-02-2025
- Business
- South China Morning Post
How Hong Kong can stand out in the innovation economy
Published: 11:30am, 5 Feb 2025 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at [email protected] or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Hong Kong's commitment to becoming an innovation hub is evident in the government's 2022 Innovation and Technology Development Blueprint, increasing investment in research and development and STEM (science, technology, engineering and mathematics) education, and initiatives like the Talent Engage Office and Office for Attracting Strategic Enterprises. However, several critical elements require attention to realise this vision effectively. First, we need greater focus. Hong Kong cannot excel in every sector simultaneously. We must strategically allocate resources based on our core strengths, developing targeted approaches for cash cows like financial services while nurturing emerging opportunities in education, healthcare and Chinese medicine. We should develop an innovation blueprint for each strategic industry, taking into account the emerging but indispensable role of artificial intelligence. The current policy overemphasises product and technological innovation. There can also be innovation in business models, customer experiences, delivery processes and stakeholder relationships. Management innovation – which is arguably the most important but often overlooked – is essential to building a culture of innovation among Hong Kong organisations. This will require leadership commitment, customer-centricity, employee empowerment, an appetite for experimentation and risk-taking, a diverse workforce and a learning culture. Innovation is about mixing and matching. Hong Kong's traditional role as an international marketplace positions the city uniquely to adapt global innovations for the emerging economies of Asia and the Middle East, and to take Chinese innovations to the world. The success story of DeepSeek shows that we do not have to be the first in the market. Instead, we could learn from global best practices and be 'an innovator of innovations'. The current supply-driven approach needs rebalancing with market demand. Both government and businesses should be incentivised to adopt innovations, with the public sector leading by example. While numerous innovation awards exist, we lack recognition for innovation adoption – a crucial driver of market uptake. Public-private partnerships are crucial for commercialisation but require clear guidelines and transparent processes to build trust. Both sectors need capacity building to collaborate effectively.
