Opinion | For Hong Kong to thrive, the private sector must rise to the challenge
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The private sector in Hong Kong needs to take on more direct responsibility to identify and embrace today's economic opportunities. Comparisons to pre-2020 Hong Kong can be unhelpful when assessing the trajectory of the city's new economic drivers. Visitor numbers have been increasing dramatically since 2020, with a 852% increase from 2020-2023 and continued robust growth in 2024. However, the private sector is not converting these visitor numbers into considerable economic benefit for sectors like art, culture, hotels, restaurants, and entertainment. The private sector needs to adapt to the new era and change business models to capture robust growth. The focus on mega events offers tactical solutions but not fundamental strategic repositioning. The private sector should embrace change and foster new businesses. The private sector also needs to play a role in communicating the impact of national security laws in Hong Kong. Hong Kong should take greater responsibility in embracing its positive economic fundamentals and taking action to grow value for the city and its people.
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