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Opinion | Hong Kong must deepen links with Shenzhen to retain and attract talent
- From convincing Chinese tech giants to move their headquarters to Hong Kong to capitalising on the Northern Metropolis’ strategic location, there is much the city can do as part of the Greater Bay Area
- Hong Kong must also reckon with young people’s changed career expectations and ensure they have the skills to access opportunities
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While President Xi Jinping’s July 1 visit to Hong Kong was a clear sign of the city’s enduring importance to the central government and to China as a whole, the emigration of some 25,000 primary and secondary students in the 2020/21 academic year, according to local media estimates, casts a shadow over Hong Kong’s future prospects.
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Still, some 6 or 7 million people remain in Hong Kong with no immediate plans to leave, and we must keep it that way. Indeed, if we strive to make Hong Kong a more liveable city with greater work opportunities, we will not only improve quality of life for those already here, but bring back our lost local and overseas talent.
Realising a new vision for Hong Kong will require having the right people in the right place at the right time. Here’s how I believe we can make that happen.
Although the government has invested more than HK$100 billion in innovation and technology (I&T) in the past few years, the industry only accounted for 1 per cent of gross domestic product in 2020, while financial services, trading and logistics accounted for 23 and 20 per cent respectively.
Yet over the border in Shenzhen, core digital economy industries made up more than 30 per cent of the city’s gross domestic product last year, driving its economic aggregate to over US$440 billion. There is clearly an opportunity for Hong Kong here that we should be seizing.
One expedient way of doing so is to encourage Chinese tech giants to move their headquarters to Hong Kong. This would help to create a favourable business environment for technology companies and start-ups, while also providing new employment opportunities for local and overseas talent.
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