Hong Kong officials and lawmakers have emphasized the need to rebut negative perceptions and implement measures to foster economic growth and attract talent and investment. Lawmaker Lo Wai-kwok, chairman of the Business and Professionals Alliance for Hong Kong, urged authorities to take action against naysayers to ensure the city’s long-term prosperity and stability. He called for increased revenue and reduced expenses to address the city’s financial deficit, which stood at HK$101.6 billion (US$17.4 billion) as of March 31.
Lo highlighted the importance of a multifaceted approach to economic development, including promoting international e-commerce businesses and rebuilding the city’s status as an events capital. He believes that such efforts would make Hong Kong more attractive to foreign talent and investors, aiding its goal of becoming a center for eight sectors as outlined in Beijing’s 14th five-year development plan.
Other lawmakers echoed the need to dispel negative perceptions about Hong Kong. Gary Chan Hak-kan, chairman of the Democratic Alliance for the Betterment and Progress of Hong Kong, emphasized the importance of explaining national security legislation and its benefits to enhance confidence among foreign investors and businesses.
Tang Fei, a fellow lawmaker, highlighted the protective aspects of the law and its positive impact on the economic environment and private assets. He argued that the reduced effect of politics on the economic environment and enhanced rule of law provide better protection for funds coming to Hong Kong for investment.
The debate also raised concerns about the expenses incurred by former leader Carrie Lam’s office. Lawmaker Dominic Lee Tsz-king questioned the need for such an expense at a time of financial deficit. He suggested that the government consider moving Lam’s office to a more cost-effective location. Michael Tien Puk-sun also raised concerns over Lam’s expenses and suggested purchasing a less expensive space that could house the future offices of former city leaders.
