SCMP: Hong Kong May Lose Bargaining Edge
IEMS’ Naubahar Sharif was featured in a South China Morning Post (SCMP) article and warned that the window for Hong Kong to become economically self-sufficient is closing, and fast.
As quoted in the article:
Sharif critiqued Hong Kong for being slow to jump on the innovation bandwagon, attributing it to the city’s good fortune of having a “special position” with China, which enabled it to rest on its laurels.
“The China connection was both a blessing and a curse … and in the long run, it did more damage than good to the city,” he said.
Hong Kong was able to expand its economic growth in the 1980s and 1990s by moving factories into China, effectively cutting costs and allowed many local businessmen to earn money, he said.The city also developed an over-reliance on the banking and finance sector – a traditionally strong area – as a safe investment portal for worldwide investors interested in China.
These developments meant there was little need to be creative and innovative.
“The advantage had entrenched us in our old ways … it was 30 more years of the same thing … that Hongkongers are reluctant to change,” he said.
See the full article here: South China Morning Post (SCMP)
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