Stepping into 2025, the global economic landscape will be reshaped, and innovative technology is redefining industrial development. John Lee, Chief Executive of the Hong Kong Special Administrative Region, also said that he will continue to give full play to the spirit of “reform and change, integrity and innovation”, enhance the advantages of the Hong Kong Special Administrative Region (HKSAR) in internal and external connections, and develop new quality productive forces. Taking this as an opportunity, Hong Kong has ushered in a critical period of developing new quality productivity through innovation and technology and leading the future economy. The Hong Kong Productivity Council (HKPC) today held its annual flagship event “Foresight 2025”, with the theme of “New Quality Productivity: Leading the Future of Hong Kong’s Economy”, with the theme of “New Quality Productivity: Leading the Future of Hong Kong’s Economy”, with Professor Justin Lin, Dean of the Institute of New Structural Economics of Peking University, delivering a keynote speech, and more than 400 industry representatives from the fields of technology, finance and manufacturing. The “Foresight Leaders Forum” was also held at the same time to discuss in depth how Hong Kong can seize the opportunities of new quality productivity innovation and lead the sustainable development of Hong Kong’s economy.

The Hon Chan Cho-hang added that Foresight 2025 has invited Professor Justin Lam, former Chief Economist of the World Bank, to deliver a keynote speech on Hong Kong’s industrial advantages and development opportunities from the perspective of “new structural economics”, and to explore how Hong Kong can enhance “new quality productivity” under the new situation. In addition, the forum invited a number of industry leaders to discuss how Hong Kong can leverage innovation and technology to give full play to its unique advantages in new industrialisation, SME going overseas and intellectual property protection. Through this forum, HKPC hopes to help the industry seize the innovation opportunities and work together to build a better Hong Kong.

From the perspective of “new structural economics”, economist Professor Lin Yifu made an in-depth analysis of Hong Kong’s unique advantages in the development of new productive forces. As the first scholar from a developing country to serve as the Chief Economist of the World Bank, Professor Lin pointed out that the new quality of productivity stems from technological revolution and industrial transformation, and its core is “high technology, high quality, and high efficiency”. The development of new quality productivity requires the development of new energy, new materials, artificial intelligence, electronic information, biomedicine and other emerging industries, as well as the cultivation of future industries such as quantum computers and controllable nuclear fusion, as well as the use of digitalization, intelligence, greening and other means to upgrade traditional industries。

Professor Lam Ngai-fu further pointed out that Hong Kong should adopt a development strategy of “establishing first and then breaking down, adapting measures to local conditions” in the development of new quality productive forces. The implementation of this strategy is based on Hong Kong’s unique advantages, including world-class education resources and abundant talent pool, as well as close ties to the mainland’s vast manufacturing ecosystem, which give it unique advantages in the transformation of scientific research results and the upgrading of traditional industries. At the same time, as an international financial centre, Hong Kong has a well-established I&T ecosystem and plays a role as a bridge between Chinese and foreign markets, which will help Hong Kong make breakthroughs in areas such as smart manufacturing and green finance, and seize opportunities in the Fourth Industrial Revolution.

The Wisdom Leaders Forum focuses on innovation and development

The second half of the “Foresight Leaders Forum” was moderated by veteran media practitioner Dr Wong Wing, who discussed “How New Quality Productivity Can Lead Hong Kong’s Economy to a New Level”. Mr Chow Chi-ping, Vice Chairman of the Federation of Hong Kong Industries, shared the successful experience of FHKI and HKPC in collaborating to promote environmental innovation and technology projects at the forum, and said that FHKI will continue to connect with the industry and help Hong Kong enterprises grasp the opportunities of the Belt and Road Initiative and the green economy through exchange activities and policy initiatives, and lead the industry towards high-quality development. Professor Wong Ka-wo, Vice President of the Chinese Manufacturers’ Association of Hong Kong, pointed out that in order to enhance the importance of sustainable development in Hong Kong’s business community, the CMA has been encouraging SMEs to actively seize the opportunities of technology and digital transformation, take the initiative to “change, adapt and change”, and implement ESG concepts, so as to maintain their advantages in the highly competitive market and promote sustainable economic development. Dr. Qu Kang, Chief Sustainability Strategy Officer, Deputy General Manager of Development Planning Department, Bank of China (Hong Kong) and Vice President of Bank of China Hong Kong Institute of Financial Research, said that green finance is the core driving force for creating new quality productivity. Hong Kong should seize the opportunities arising from ASEAN and the Belt and Road Initiative, with a robust financial system and a leading green bond market, which is expected to attract significant green investment and foster new quality productivity.

HKPC stands shoulder to shoulder with the industry

As a promoter of innovation and technology and the development of new quality productivity, HKPC will continue to empower enterprises with advanced technologies to seize the opportunities of new quality productivity. As the first institution in Hong Kong to be selected as a Technology and Innovation Support Centre (TISCs) jointly identified by the China National Intellectual Property Administration (CNIPA) and the World Intellectual Property Organization (WIPO), HKPC will assist the industry to develop its innovation potential and create, protect, manage and commercialise its intellectual property rights, thereby strengthening Hong Kong’s position as a regional IP trading hub. HKPC actively empowers SMEs to go global and provides comprehensive support, including HKSAR Government Funding Scheme consulting, remote factory management, automation, ESG consulting, green solutions, technical training, etc., to help enterprises expand into ASEAN and other “Belt and Road” markets.

Under the new development pattern, HKPC will continue to work side by side with the industry and collaborate with the “government, industry, academia, research and investment” sectors to accelerate the transformation of scientific research achievements and the implementation of advanced manufacturing technologies, so as to help build Hong Kong into an international innovation and technology hub, promote new productivity and new industrialisation, and join hands with the industry to realize the vision of “reform, development, people’s livelihood and future”, and build a better Hong Kong.