In the past, we have placed too much emphasis on "what works" and neglected "keeping pace with the times." Hong Kong needs to evolve to version 2.0, 3.0, or even 4.0. We must have a sense of urgency and crisis that "time waits for no one" to accomplish this historical inevitability.
Hong Kong's role is not only that of a "connector," but also that of a "driving force" of reform. In his 2025 Policy Address, the Chief Executive stated, "In the past, we focused more on bringing in foreign investment, but future opportunities will be more concentrated on going out." This is not merely a strategic shift, but a crucial part of Hong Kong's reform process.To truly "go global," Hong Kong must innovate simultaneously at the institutional, mindset, and action levels, breaking down existing frameworks and reshaping its positioning.The Hong Kong Policy Research Institute proposes "building bridges and roads," which should not only be a strategy for external connections but also a synonym for Hong Kong's reforms in the new era. The patriotic Hong Kong team, including the government, the legislature, the business community, and influential enterprises, should proactively break through old mindsets, actively explore new opportunities, connect with new friends, create new areas of cooperation, and jointly create a more forward-looking international stage for Hong Kong.
Seize the international situation and leverage Hong Kong's advantages
As the National Development and Reform Commission (NDRC) has assessed, the shadow of the Russia-Ukraine war has not yet dissipated, the situation in the Middle East remains chaotic and uncertain, and the United States under Trump has become even more unpredictable. However, this does not mean we should remain complacent and narrow-minded; we should take the initiative and leverage Hong Kong's advantages.
For example, the US has regressed on green policies. Months after the passage of the "Big and Beautiful" bill, the local energy industry suffered a severe blow, with nine large clean energy companies going bankrupt in the first half of this year alone. Furthermore, Trump's public declaration that climate change is a hoax and his renewed withdrawal from the Paris Agreement suggest a sharp decline in the US's international influence in green development. At this critical juncture, Hong Kong's earlier issuance of HK$27 billion in green and infrastructure bonds attracted investors from over 30 markets, with total subscriptions reaching HK$237 billion. This demonstrates our ability to focus on developing Hong Kong into a global green energy IPO and green finance center, thereby supporting the nation in addressing the influence gap left by the US withdrawal.
Another example is how China's experience in building special economic zones has taken root in foreign lands across the globe. Rwanda designated Gigari as a new special economic zone, which has attracted a wide range of international companies and achieved remarkable results, including logistics costs that are at least one-third lower than in neighboring countries and customs clearance speeds that are four times faster. China and Egypt jointly built the TEDA-Suez Economic and Trade Cooperation Zone, which has attracted nearly 200 companies this year, with cumulative sales exceeding US$5 billion. Therefore, Hong Kong's Northern Metropolitan Area, currently under construction, should serve as the best testing ground for building special economic zones under the "One Country, Two Systems" framework. This would further promote China's experience, demonstrating to the world that our special economic zones can transcend established habits, systems, and laws, becoming an excellent platform for showcasing our capabilities and supporting the country's further expansion of its strategy for jointly building special economic zones with other regions.
Expanding cooperation networks creates new opportunities
Whether it's green finance or the development of large-scale special economic zones, these are foundations that Hong Kong already possesses. However, building bridges and roads is not just about playing the cards you already have, but also about "drawing more cards and building more cards," striving to create more diversified economic and trade cooperation models. In June of this year, China suspended imports of US soybeans and turned to large-scale purchases from Brazil. This is not only an economic chessboard in the great power game, but also reveals the new significance of the South American market for the country and Hong Kong. Last year, Hong Kong and Peru signed a free trade agreement in Lima, marking a new stage in their economic cooperation. It is worth noting that Peru and Chile are also major producers of agricultural products such as quinoa, avocados, soybeans, and cherries. Hong Kong companies definitely have the strength to combine the unique characteristics of South American raw materials, such as using South American soybeans to manufacture future food products, and to plan the establishment of a "South America-Hong Kong Bilateral Trade Corridor" connecting mainland China, ASEAN, and the Greater Bay Area, promoting South American raw materials to the global market through Hong Kong's international marketing network.
Another opportunity with significant potential economic benefits lies in Hong Kong's vocational education industry. Hungary has actively developed its vocational education since the 1990s, and like Hong Kong, significantly increased investment in 2015, becoming one of the world's most renowned vocational education systems. As a key member of the Belt and Road Initiative, Hungary and China have close cooperation in the field of vocational education. The 2023 "China-Central and Eastern European Countries Vocational Colleges Industry-Education Alliance Exchange and First Academic Forum" further promoted Hungary's collaboration with its university clusters to jointly export vocational education services to Africa, establish partner institutions, and provide customized training courses for local businesses. Hong Kong can work with Hungary to build a Sino-European vocational education industry hub, organize a visit to Hungary by the Alliance of Universities of Applied Sciences as soon as possible to explore the establishment of branch campuses or training centers, and invite them to set up operations in the future North City Education City. The government can also proactively contact mainland universities planning to visit Hungary, allowing them to "go global" alongside Hong Kong universities and weave a closer cooperation network as soon as possible.
Skilled at offering advice and dedicated to cross-disciplinary achievements
"Building bridges and roads" is not just about the direction and implementation of specific policies. To expand networks and broaden the stage, a deeper meaning is testing whether Hong Kong's governing team can build these "bridges"—that is, to have enough creativity to propose innovative suggestions. In the past, we have placed too much emphasis on "effectiveness," causing "keeping pace with the times" to fall behind. Many procedural and regulatory constraints have led to stagnation in certain areas in Hong Kong. One issue that I am most concerned about is related to personal privacy; current regulations are clearly inadequate to meet the needs of the "digital economy" era.
For the future governance team, the biggest challenge is whether we can "inherit and innovate," building upon past experience and adopting its strengths while also drawing on current realities and keeping pace with the times to devise groundbreaking new solutions and ideas. In a rapidly evolving world, the undeniable reality is that governance and development in every region face "version iterations and updates."How Hong Kong evolves to versions 2.0, 3.0, and even 4.0 is the mission of patriots governing Hong Kong in the new era. We must have a sense of urgency and crisis, recognizing that "time waits for no one," to accomplish this historical inevitability..
More importantly, beyond the executive branch, key components of our governance system, including our legislature, business groups, and various advisory committees and statutory bodies, must strive for "cross-sectoral realization." This means evolving from connecting with our own industries to connecting with partners across sectors and generations, working together to create new projects that are meaningful for Hong Kong's future—this is our responsibility. As a super-connector and super-value-adder, Hong Kong's leaders must also become "super-managers," internally uniting the strengths of different industries and generations, and externally expanding Hong Kong's influence and forging new paths. Hong Kong is not only a bridge but also a testing ground for innovation. Only by daring to break through and collaborate across sectors can we write a new chapter for Hong Kong amidst global changes.
