How John Lee can boost Hong Kong by unlocking its potential in finance, technology and art

To restore Hong Kong’s global standing, Lee could do worse than taking his cues from China’s five-year plan, which sets out a vision for developing the city into a hub for innovation and cultural exchange
The combination of finance, technology and art is a winning one – just look at the cosmic rise of NFTs

Ken Chu

Published: 6:45am, 27 Apr 2022

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John Lee Ka-chiu, the sole candidate in next month’s chief executive election, has made three broad pledges for his term, namely, to adopt a “results-oriented” approach to governance, to harness Hong Kong’s global competitiveness and to build a stronger foundation for the city’s future development.

Public reaction to Lee’s election bid has been positive. Business and political heavyweights have hailed Lee as the most suitable candidate for Hong Kong’s top position, especially when the city is in need of a reset following the social unrest of 2019 and the onslaught of successive waves of Covid-19.

I have no doubts about his capability, experience or steadfastness. His long years of service have given him valuable insight into how the government operates. He also has the trust of Beijing, which will allow him to further promote the relationship between Hong Kong and the central government.

To those with concerns about Lee’s narrow business exposure, having largely carved out a career in law and order, I would point out that his background can be considered an advantage for two reasons. First, the violent protests of 2019 and 2020 showed us that peace and stability cannot be taken for granted; Hong Kong needs a strong leader to forestall disorder and restore stability.

Second, his background should remove suspicions of any potential collusion between the government and the business community – in particular, the property sector. Under Lee’s leadership, the government will have no restraints in addressing the need for more public housing, one of the city’s most deep-seated issues.

No one can be a master of everything. A good leader will seek advice from the experienced and wise on matters with which they are unfamiliar. As long as Lee recruits competent people to fill his government, I remain optimistic.

John Lee begins his community visits by meeting a family in Yau Ma Tei on April 24. Photo: K.Y. Cheng

Over the past two weeks, during which Lee has met numerous associations and professional organisations, many people have shared their views on the path they think Hong Kong should take for future growth and prosperity.

Lee himself said he would strive to maintain Hong Kong’s status as a global financial hub. Regarding this promise, I would like to humbly offer my two cents.

In its 14th five-year plan unveiled last year, the central government pledged to support Hong Kong in enhancing its status as an international financial centre and establishing itself as an innovation and technology hub.

At the same time, Beijing outlined a vision for Hong Kong to become an East-meets-West international arts and cultural exchange centre. This strategy of combining innovation, technology and art makes a great deal of sense given the rapid integration of arts, finance and technology nowadays.

Innovation in global financial services has led to the widespread adoption of virtual banking and wireless payment technology among businesses and individuals, even more so since the pandemic swept the globe.

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Furthermore, crypto and digital currencies are being quickly adopted as an alternative investment opportunity to traditional assets like bonds and stocks, particularly since the outbreak of the war in Ukraine.

Tech innovation has also transformed the art world. The exponential growth of the market for non-fungible tokens (NFTs) is a testament to the potential that lies in incorporating art and technology. In light of all this, I urge our next chief executive to devote resources to fostering the growth of the fintech and art-tech industries in Hong Kong.

Globally known for its stock exchange and offshore RMB centre, Hong Kong also has a thriving fintech community. Digital wireless payment services are booming, while the trade in cryptocurrencies is flourishing.

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Meanwhile, the number of online art and NFT auctions in the city is gradually rising. Clearly, Hong Kong’s future lies in unlocking the potential of a merging of the arts and technology, building on our prowess in the traditional arts and financial fields.

By rejuvenating our status as a global financial hub and keeping up with evolving market conditions both domestically and globally, we can be cautiously optimistic that our city can emerge from the challenges of recent years stronger and more prosperous.

Ken Chu is group chairman and CEO of Mission Hills Group and a national committee member of the Chinese People’s Political Consultative Conference