Editor’s note: Hong Kong has remained the world’s freest economy over the past 25 years. In the global talent competitiveness ranking in 2021 by Swiss business school IMD, Hong Kong tops all Asian economies. The city is integrating with the Chinese economy ever closer through the Greater Bay Area which groups 11 cities centered on technology, innovation and high-end manufacturing. As the country continues to grow, so will Hong Kong.
On July 1st, Hong Kong will celebrate its 25th anniversary of returning to China. In this time, the city has seen amazing progress.
For example, residents with a Hong Kong passport can now easily travel to 168 countries and regions, compared to only 40 in 1997. Hong Kong's GDP in 2021 stood at 2.86 trillion Hong Kong dollars, more than double that of 1.37 trillion in 1997. And since the handover, life expectancy of Hong Kong people has increased from 79.5 years to 85.4 by 2021.
Though the city has flourished, there have also been setbacks.
Years ago, chaos reigned as violent protests, foreign interference, and an out-of-control pandemic swept through the metropolis.
And while the immediate task is to bring the pandemic under control, the far more massive challenge is to provide more affordable housing for the young and low-income brackets.
Hong Kong is the least affordable place in the world. More than 220,000 people live in the "cage homes" or subdivided flats, which contributes to anxiety and depression.
At this critical juncture, what does the future hold for Hong Kong?
Chief Executive-elect John Lee is up to the task.
Regarded as a can-do person, he stressed a results-oriented work style during his election campaign in late April.
Lee has the full confidence of the central government as well as the overwhelming support from the Election Committee.
His government is likely to start construction of a million apartment units the moment they take office on July 1st. Those units could accommodate up to 2.5 million people.
There is also the issue of Hong Kong’s slowing economy.
The city is not the financial center it used to be. In 2018, its GDP was overtaken by Shenzhen, and then by Guangzhou two years later.
Economic growth will be a high priority. To foster growth, the city can't allow division, bickering, confrontation and political paralysis – such as in the U.S. – to derail progress.
For this purpose, John Lee is the right choice. Given his police force background, he's expected to further consolidate security, stability and peace, and create a safe environment for development.
But they were wrong. According to the Fraser Institute, Hong Kong has remained the world's freest economy over the past 25 years. In the global talent competitiveness ranking in 2021 by Swiss business school IMD, Hong Kong tops all Asian economies. The city is integrating with the Chinese economy ever closer through the Greater Bay Area which groups 11 cities centered on technology, innovation and high-end manufacturing. The region's GDP reached 12.6 trillion yuan last year, larger than that of South Korea.
As the country continues to grow, so will Hong Kong.