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Research reports
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Hong Kong’s International Financial Centre: Retrospect and Prospect
Hong Kong’s International Financial Centre: Retrospect and Prospect
2011 / 1 / 26
In any listing of the world’s top international financial centres, Hong Kong takes a prominent place. How secure is that place, and what factors increase the odds that it will remain in the first tier of IFCs？
This commissioned study conducted by Professor Louis Pauly places in a larger context the contemporary challenges facing Hong Kong as it seeks to build on past success and strengthen its IFC.
Executive Summary
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In any listing of the world’s top international financial centres, Hong Kong takes a prominent place. How secure is that place, and what factors increase the odds that it will remain in the first tier of IFCs？ This study places in a larger context the contemporary challenges facing Hong Kong as it seeks to build on past success and strengthen its IFC.
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The growing role of Hong Kong’s financial sector needs to be viewed as the consequence of a long-term transformation. Although finance has long played an important role in Hong Kong’s development, it is today only one of the four pillars of the local economy. Even though finance accounts for over 16% of Hong Kong’s GDP, however, it provides only 6% of total employment.
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External surveys now routinely place Hong Kong third among global financial centres. In terms of overall market breadth and depth, only London and New York exceed it. A primary entry and exit point for Mainland trade and investment financing, Hong Kong has particular strengths in banking, equity markets, funds management, and, increasingly, insurance. Various activities related to the growth of offshore RMB markets are bright spots at present. Singapore remains a strong competitor, especially in foreign exchange and derivatives trading, international banking, and bonds.
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Significant shifts can be expected as China’s system of capital controls erodes. But the associated and much-hyped eclipse of Hong Kong by Shanghai is likely decades away. In the meantime, Hong Kong has the ability to adjust and remain prosperous. Principal home base for multinational corporations with important Asian regional strategies, one of several financial gateways into China, prominent gateway out of China, connector of Chinese and foreign business networks—Hong Kong’s unique position can endure and strengthen.
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Joint agreements to develop the Pearl River Delta as a coherent economic region, a new framework agreement on Guangdong-Hong Kong Cooperation, and plans to make Qianhai, near Shenzhen, a southern China hub for service industries pose challenges to narrowly focused strategies to defend Hong Kong’s existing advantages.
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Keeping Hong Kong’s financial markets competitive and stable is complicated by an array of new factors. The complex interaction of new political and economic risks brings with it the need for continuous review and reform in the structures and practices of financial regulation and supervision.
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Relative to the recent experience of the United States and much of Europe, and to its own experience ten years earlier during the Asian crisis of the late 1990s, in 2008 Hong Kong’s crisis management system proved reasonably robust. The bankruptcy of Lehman Brothers, however, and widespread allegations that the risks and fees associated with so-called mini-bonds bearing the Lehman name had been misrepresented by many Hong Kong intermediaries, revealed serious flaws in governance at a number of levels.
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Across the advanced economies of the world, including Hong Kong’s, the crisis of 2008 suggested the need for more pro-active and less reactive government. But balancing the competitive impulses required for continuing prosperity in financial markets and durable expectations of overall stability and safety requires subtlety. For Hong Kong it also requires the maintenance of relative autonomy both internationally and inside greater China.
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At the global and regional levels, Hong Kong’s government has already proven its ability to think strategically and act constructively as financial regulatory and supervisory policies are adjusted. The joint work of FSTB and the HKMA during and after the crisis of 2008 suggests that to strengthen today’s IFC in Hong Kong a single entity ‘above the fray’ needs to be in a position to think strategically about healthy financial markets in Hong Kong and their relationship with the broader economy. It should be a permanent secretariat and long-term think-tank for the Council of Financial Regulators.
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Closer to the markets, a version of the UK’s planned Prudential Regulatory Authority, as a distinct and distinctly mandated subsidiary of the HKMA, should be considered. Under its stability mandate, the HKMA should remain in a position continually to re-assess and guide macro-prudential policies, especially as they apply to systemically significant banks and the migration of systemic risks, arising, for example, from institutional scale, cross-border links, and interconnectedness, ostensibly outside the banking system. International comparators should also inform continuing reconsideration of the relationship between the SFC and the HKEx. Similarly, comparative analysis should influence continuing debate on moving beyond arbitration procedures to the establishment of a separate, cross-sectoral agency for consumer protection.
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There is no reason to tamper with the HKMA’s primary responsibility for managing the Exchange Fund. But the current scale of reserves and the expansion of cooperative facilities with China and regional partners call for reconsideration of very conservative investment practices. A sovereign wealth fund may not need to be explicitly carved out, but the return on a serious portion of existing and future reserves could reasonably be benchmarked against the performance of SWFs in comparable jurisdictions.
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Higher investment returns on the Exchange Fund would provide the government with greater fiscal capacity. With the same goal in mind, the current low tax policy, and the related policies associated with land use, should not be out of bounds for comparative analysis and open debate. Fiscal flexibility would facilitate necessary investment in public infrastructure and human resources to sustain a resilient IFC and build a more broadly diversified economy.
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Continuing to attract the regional head office functions of multinational firms remains important. In this regard, the role of personal tax incentives may be exaggerated, especially because of the counter-balancing implications of rapidly rising housing costs. High-quality elementary and secondary schools, new resources to upgrade the linguistic abilities (English and Mandarin) of the general labour force, better air quality, improved public health services, and the kind of cultural amenities long promised by the West Kowloon Complex—all are arguably more significant.
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Maintaining an IFC in the top global tier will not likely generate the quantity or quality of jobs needed to ensure the future vibrancy of Hong Kong’s overall economy. New industries will be needed. Finance will remain a key piece of the economy, but none of the world’s leading IFCs are disconnected from real economies and distinct systems of industrial innovation. Deepening financial-industrial linkages between Hong Kong and the Mainland is not inconsistent with enhancing the conditions for innovation and knowledge-based development within Hong Kong itself. Continuing strategic investments are required, not least in the university system.
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With regard to the financial sector, a two-track strategy has much to commend it. Hong Kong can offer its experience and expertise to Mainland cities seeking to build modern financial markets, while also keeping its internal focus on the challenge of continuously enhancing the globally competitive advantages of its IFC.
Click here for the full report
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Three Cheers for the Craftsmen
article,Topical issues,Education
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(Photo taken from Wikicommons, taken by KOKUYO)
The Bauhinia Foundation Research Centre recently published an article on Sing Tao Daily, analysing the demand and supply of self-financing bachelor degrees and associate degrees, and how the degree holders respond to the demand of Hong Kong’s labour market. The article noted that self-financing programs are more flexible and sensitive to the ebbs and flows of the market, but pointed out that some associate degree providers affiliated with a publicly-funded university (such as HKU SPACE) have a greater appeal to students when compared with self-funded institutions offering self-financing bachelor degrees. This is problematic because, by 2022, there will be a shortage of manpower with bachelor's degrees and an excess of manpower with associate degrees. The article concludes by suggesting that the government should encourage society's recognition of associate degrees, and that stakeholders in higher education should promote the merits of associate degrees to the private sector and employers.
The debate on the value of associate degrees occurs against the backdrop of academic inflation. With more and more youngsters receiving tertiary education, the wage premium of a degree is not as significant as it once was when only 2% of secondary school graduates were admitted to university. Starting salaries for university graduates in Hong Kong have been stagnant, leading towards general anxiety and doubt towards the worthiness of getting a degree.
If we look beyond the starting salary and anecdotal evidence, the long-term data suggests being a degree holder still means you will enjoy a better standard of living for the rest of your life. While economists find it hard to determine why a college degree is worth the investment, they agree that it is an investment that yields significant returns. Professor Steven D. Levitt, Professor of Economics at the University of Chicago and co-author of Freakonomics, noted that "the best estimates that economists have are that each extra year of education that you get is worth about maybe an 8% increment to your earnings each year for the rest of your life."
While the numbers suggest getting a degree is a rational choice for most, the problem is whether the same holds true for those who are less academically inclined. Tertiary education is a considerable investment for many people: it includes tuition and the opportunity cost of the years spent in school. The return on four years of experience for many trades and skills are huge. While those who are attuned to academic pursuit will likely do well enough to yield the aforementioned expected returns on their investment, it is important to consider the academically weak who were ushered into getting higher education regardless of their own strengths and weaknesses. This is especially the case for Hong Kong where the dominant Chinese culture emphasizes on pursuing academic achievements.
One of Professor Levitt's takeaway from a study he participated in is that "the single biggest impact of school choice in Chicago schools was giving kids who were not doing well in the traditional kinds of schools the opportunity to go to trade, culinary school, or schools that actually taught them real skills." This is worthy of Hong Kong’s reference.
Currently, associate degrees are treated by students as another road to the same destination of attaining a bachelor’s degree, albeit more indirect and winding. Associate degree students often lack the grades to be admitted into publicly-funded undergraduate programmes because they are less academically inclined. The result of the aforementioned conditions is that the academically weak commit themselves to two years of higher education, yet fail to reap the reward as they cannot excel because their forte is not in academia. Beyond the exorbitant tuition they have to pay for the self-financing associate degrees, students also lose out on the two years of work experience they would have obtained, had they worked proper jobs instead of pursuing an associate degree.
Rather than painstakingly sustaining associate degrees which have only received lukewarm responses from employers, the government’s attention and effort will be better spent on increasing the availability of skill-based programmes, such as nursing, culinary arts, information technology and mechanical repairment. Hong Kong society generally prefers fancy-sounding titles such as bachelor degree to assuage their worry on the return of such investment; if it is within the academic decorums and standards to award such titles, then the government should try its best to accommodate such desires, so as to attract more people to the technical fields where there are significant shortages of labour.
Recognizing that the information age brings unexpected and frequent volatility to the labour market, it is also arguable that young people are better served by equipping themselves through full-time work with soft skills that make themselves adaptable in different working environments and a genial colleague to work with. While this may be out of the government’s hand, the general public should be reminded that training and education are in themselves investments, with tuition and opportunity costs of work experience being the price; such investments may not always yield the returns one may hope for. Perhaps there would be less disgruntled young people being tied down by their student loan had they learnt of this advice early on.
The greater challenge is to slowly shift the public’s obsession with academic credentials to accepting technical training and education as equally worthy credentials. Hong Kong’s labour market is experiencing an all-time low of unemployment, with many fields that require technicals skills especially deficient in manpower. A government with foresight ought to identify technical skills that are high-value and seek to ensure there are available opportunities for young people to pursue such paths. With this in mind, availability of opportunities such as the Higher Diploma in Aircraft Maintenance Engineering offered by VTC signify a step towards the right direction.
As Adam Smith believed society’s level of prosperity lies in the extensiveness of its division of labour, Hong Kong as a society will be better served by a labour force of diverse talents and skills, preferably adaptable to the jolting and precarious nature of modern times as well.
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Hong Kong Can Learn From Housing Market Control Measures Around the World
article,Topical issues,Land,Housing
Hong Kong's geography can be succinctly summarized as having "deep and wide harbours with lots of hills and little flat land". Housing and land supply have been the Achilles' heel of Hong Kong for a long time. The Chief Executive's recent appointment of the Task Force on Land Supply reignited feverish discussion in society. Public opinion is torn on the source of land supply, such as whether to develop golf courses and brownfield or country parks? Facebook and Internet comments demanding a halt to the daily quota of 150 one-way permits from Mainland to Hong Kong aside, there seems to be little discussion on how to manage the market's immense demand for housing.
From the most rudimentary viewpoint of economics, the government have two major ways to handle a shortage: either to tax the product in shortage (raising prices at all levels to reduce demand) or to set a quota for its purchase (rigidly limiting the quantity demanded by the market). The past administration had raised additional stamp duty taxation on short-period resale and foreign purchasers in hopes of dampening market demand and suppress flipping behaviours. Inconveniently, there is huge and actual demand for housing in Hong Kong's property market. The rate of vacancy by the end of 2016 is 3.8%; if we were to take out the 7330 units that are vacant due to regulatory paperwork issues, the actual vacancy rate would be around 3.1%. Heavy taxation has not achieved the government's desired effect; au contraire, many buyers became more eager to make their purchase as soon as possible as they expect further taxation and measures to apply. Professor Ho Lok Sang believes the government's taxation on resale limited housing supply that would have been made available by users who are switching from smaller units to bigger ones. In the 5-year tenure of the previous administration (from July 2012 when it took office to June 2017 when it left), the rental index for domestic property rose from 114.8 to 182.9, a 26.31% increase, whereas the price index rose from 206.1 to 336.5, a staggering increase of 63.27%. The effectiveness of taxation on cooling off the market had been grossly overestimated. Having no means to increase land supply significantly in the short term, the Hong Kong government needs to consider managing the overabundant demand in the housing market through a quota system.
Hong Kong, as a reverent disciple of free market dogmas, may find the idea of a quota system as an egregious act of government intervention of the market. Yet the quota system is used frequently by free market economies. The United States' government exercise control over corporate emission of greenhouse gases through the quota system of carbon trading. Singapore's car ownership is essentially done through auctioning a limited quota of vehicle licenses.
Coming back to the housing market, many markets impose a variety of barriers for foreign or non-resident purchasers. In Australia, there is the Foreign Investment Review Board under the supervision of the federal government, which screens applications from foreign buyers who wishes to purchase property in Australia. Foreign buyers are only allowed to purchase newly built properties. The fee for processing the application is proportional to the value of the property in question. Through this mechanism, Australia is effectively using a quota system that limits demand from foreign investors whilst restricting them to new properties only. This shelters Australians with actual housing needs from being victims of foreign speculative investment.
Shifting our gaze to Mainland China, the Mainland's restriction on the housing market is much more holistic. As different parts of the country is at different levels of development, housing market regulations are often drawn out by local governments as a response to actual demand on the ground. Take Shanghai and Beijing for example, eligibility to purchase property is linked with the Chinese Hukou registration system. Locally registered families are allowed to purchase no more than two sets of properties. Non-local families need to have paid tax and social insurance premiums in the last 5 years in order to purchase one set of property (and no more than that). Beyond rigid limits of buyers eligibility, the Mainland government has also worked on mortgage down payment ratio. Beijing and Shanghai both require buyers that already own property to make a greater percentage of down payment than those without property. In Beijing, buyers who would like to purchase an ordinary flat as his or her second set of property would need to make a minimum of 60% for down payment. For the upper-end, non-ordinary flats, minimum down payment can be up to 80%. Shanghai buyers who use their provident fund for housing mortgage need to make a minimum down payment of 20-30% for their first set of property, depending on the size. To buy a second set of property or for those who already have a provident fund mortgage payment record, the minimum down payment goes up to 50-70%. Raising the minimum down payment ratio raises the barrier of entry for the speculative trading of property, thereby preventing people from flipping with mortgages. The inclusion of mortgage record when considering buyers' eligibility is worth-noting. It is written to prevent married couples from obtaining double sets of housing-purchase quota through a divorce. From this point of view, we can tell the detailed consideration of Mainland restriction on the housing market.
Compared with the Mainland's management of housing through restrictions of demand, the Singaporean housing policy focuses more on the distribution of housing supply. 80% of Singaporeans live in HDB flats, which also imposes strict and detailed buyers eligibility restrictions. In most cases, only permanent residents and citizens are allowed to purchase HDB flats. Resale of these flats is also limited in many ways. Foreigners in Singapore can turn to the more expensive private condos, a limited market where the government does little to interfere. As most Singaporeans reside in HDB flats, flipping behaviours in the private property market have limited effect on the livelihoods of ordinary citizens. The Singaporean housing policy stands as the prime example of distributing limited resources through a quota system.
Most inconveniently, Hong Kong's supply of public housing is staggeringly behind Singapore's supply of HDB flats. With that in mind, if the government is determined to manage demand on the short term, it must consider regulating the private market with approaches similar to the Mainland's buyer eligibility requirements. Hong Kong's housing should first be given to Hong Kong citizens who have resided in Hong Kong for a specific length of time but has no property under their name. As for the resentment created by the HK monetary authority on mortgage restrictions, a more nuanced approach should be considered, like the one adopted by the Mainland. Minimum down payment ratio should be lower for locals who have never had property and are buying one for their own use; it should be raised for the second set of properties and high-end properties. The low-interest rate is one of the major contributing factors to flipping behaviour in the market. If the mortgage down payment ratio were to be raised for purchasing property for investment purposes, it should dampen the housing market's eagerness in speculative trading.
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China’s might and Hong Kong’s autonomy: can Carrie Lam find a balance between the two？
article
Just as it has been said that every financial crisis is different, so the dynamics of Hong Kong’s chief executive elections have varied greatly every five years they have been held.
The first two chief executives were elected in a relatively uneventful way. The race became dramatically more competitive in 2012 when then Executive Council convenor Leung Chun-ying led an insurgency within the pro-establishment camp against the front runner, former chief secretary Henry Tang Ying-yen, and won. Once competition got out of the bag, in spite of the highly restrictive system of electing Hong Kong’s chief by a 1,200-strong committee, Beijing is finding it extremely hard to get the system back under control.
The 2017 election is further complicated by the fact that Hong Kong is facing unprecedented polarisation after the city went through a debilitating 79-day Occupy Central protest movement, followed by a highly acrimonious debate on constitutional reform that ended in a defeat of the government’s motion by an unexpectedly wide margin.
The deep divisions in our society – the young separatist challengers against the pro-China establishment, the cynics against the believers, the have-nots against the haves – were reflected in the outcomes of recent district and Legislative Council elections. Pro-establishment old-timers lost heavily in the district elections in 2015.
In the following year, several separatist-leaning young radicals got elected into the Legislative Council. In the election of members of the chief executive Election Committee last December, anti-establishment forces garnered a record number of 326 seats, far exceeding the 205 seats won by the pan-democrats in 2011.
With their record number of votes, the pan-democrats have become a formidable force shaping the election. The match has thus become a contest between a candidate backed by the pan-democrats, and one favoured by Beijing.
To guard against the pan-democrats seizing control through throwing their weight behind a candidate more acceptable to the establishment, Beijing has made known its preferences through various channels from an early stage – no to John Tsang Chun-wah, the former financial secretary who is leading in the polls, but full support for former chief secretary Carrie Lam Cheng Yuet-ngor, who has emerged as the most likely winner.
Barring any major blunder which would torpedo Beijing’s support for Lam, she is indeed most likely to win. But her election will not solve the many governance problems long bedevilling the government.
Continuing the same pattern as the mass elections in recent years, the chief executive election all but confirms the deep political fault line within our society. The pan-democrats are pursuing the same tactics as in the geographical elections – by fielding a candidate, this time in the shape of a former senior official who was part of the establishment, who wins public kudos by appearing to counter the tremendous might of China.
Knowing that even with their full backing, Tsang is unlikely to win, their tactics are to ensure that he gains the moral high ground as the most popular candidate. In the unlikely event that he wins, the pan-democrats would win big as kingmaker.
If Tsang loses, as he is likely to given the pro-establishment majority on the Election Committee, the pan-democrats would still win big by putting Beijing in an embarrassing position, and undermining Lam’s credibility even before she takes office. While Lam is poised to be elected with a comfortable majority on March 26, the same scenario is likely to be played out again five years from now, except that the pan-democrats would be in a stronger position to challenge the establishment with a vengeance.
With disgruntled young professionals outnumbering established ones, unless there is any dramatic improvement in governance, the pan-democrats’ strength is likely to grow. As in other parts of the world, Hong Kong is feeling the impact of disruptive technologies displacing established businesses. Coupled with a widening wealth gap, this trend is more likely than not to exacerbate discontent in the city.
Beijing is well advised to think hard about what sort of electoral system would best serve Hong Kong under “one country, two systems” that would best meet public expectations and enable the city to move forward. Judging from Lam’s policy platform, there is clearly a lack of will on her part to reactivate constitutional reform, and one has considerable sympathy to this position as the chasm often appears too wide to be bridged.
But at the heart of the constitutional debate is the extent of Hong Kong people’s autonomy within “one country, two systems”. The balance between the overwhelming might of the country and the high degree of autonomy of little Hong Kong is never easy to calibrate. In fact, many of the governance problems in Hong Kong in the past 20 years have stemmed from the local government’s inability to find the right balance.
That is the next chief’s greatest challenge, and one that Lam would not be able to avoid right from day one when she takes up her post – assuming she wins.
(This article was published on the South China Morning Post on 18th March 2017)
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Savantas Policy Institute Hosts Seminar on the Controversy of Hong Kong Independence; Calls on All Sides to Further Engage in Dialogue, Addressing The Problem With Greater Sensitivity
press release
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It has been 20 years since the handover of Hong Kong, yet a more widespread acceptance of our Chinese national identity among the people of Hong Kong remains elusive. Since 2011, various problems arising from competition for resources, such as mainland children born in Hong Kong and the scramble for powdered milk for babies, had given rise to a localist movement in Hong Kong. A few youngsters in recent years have gone as far as to advocate for an independent Hong Kong. These trends are worthy of our reflection: whether there is any constitutional, legal or philosophical basis for the arguments for Hong Kong independence, its practicality, and the impact it would bring to Hong Kong. Savantas Policy Institute sought to explore the root causes of such separatist sentiments and its effect on the relationship between the Mainland and Hong Kong.
Yesterday (2nd December), Savantas Policy Institute hosted a seminar on the controversy of Hong Kong independence. Mrs. Regina IP LAU Suk-yee, chairperson of Savantas Policy Institute; Mr. Jasper TSANG Yok-sing, Former President of the Hong Kong Legislative Council and Convenor of the Hong Kong Vision Research Programme; Mr. IP Kin-yuen, Hong Kong Legislative Council Member for Education Constituency; Professor Joseph CHAN C.W., Professor at the Department of Politics and Public Administration at the University of Hong Kong; and Mr. Tommy CHEUNG Sau-Yin, Former President of the Students’ Union of CUHK took turns to deliver their presentations and engaged in discussion, followed by questions from the floor.
Southern District Council Member Ms. Judy CHAN Ka-pui delivered the welcome remarks, thanking the speakers, who represent different stances in the political spectrum, for sharing their insights. By shedding light on the many contributing factors that led to the recent rise in Hong Kong Independence sentiments from a variety of angles, as well as the constitutional basis, legal considerations, moral arguments and practicality of Hong Kong independence, and evaluating whether Hong Kong Independence will be recognized on a national and international level, the speakers stimulated thoughtful discussions on this topic.
The discussion session followed immediately after the guests have delivered their speeches. Dr. Derek YUEN Mi-chang, Policy Consultant of Savantas Policy Institute, pointed out the social, political, economic, cultural and historic roots that led to the current controversy of Hong Kong Independence. The rise of localist camps and self-determination advocates, confirmation form for elections, the recent interpretation of the Basic Law by the Standing Committee of the National People's Congress, and the disqualification of LegCo members are all tumults that have evolved from the said controversy. Dr. Derek Yuen pointed to the fact that the advocacy of independence has touched a nerve in the central government. However, society should not avert from its discussion but should talk about it rationally instead. By tackling the problem with greater sensitivity, the relationship between the Mainland and Hong Kong may return to one of mutual trust.
The speakers and the audience furthered their discussion and exchanged opinions on many issues, such as the changes in Hong Kong since the Handover, the implementation of national education, the youth's experience with working and living in the Mainland, state leaders' thoughts on the governance of Hong Kong, opportunities presented to Hong Kong by the Belt and Road Initiative and the Guangdong-Hong-Kong-Macau Greater Bay Area, and the possibility of Hong Kong's youth enlisting in the military.
The seminar was brought to an end with Southern District Council Member Ms. Judy CHAN Ka-pui delivering the conclusion. She stated that today's seminar was very successful, and proved that there is still great freedom of speech in Hong Kong to accommodate rational and civil discourse as well as different viewpoints. Today's speakers spoke from different angles but reached a similar view that it is impossible for Hong Kong to realise its own independence. Some Hong Kong people still question their national identity. While the path ahead may be rugged, as long as all sides continue to engage in dialogue, addressing our problems with greater sensitivity, consensus can be reached, and our problems may be solved.
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Greater Bay Area Development Proposals -- Towards a more open and integrated region
feature,press release,Submissions,Greater Bay Area
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: engage the business sector in setting up a "Greater Bay Area Development Fund" (the Fund) and invest part of the Exchange Fund (e.g. the Land Fund) in the Fund. The Fund could be used to purchase land with high development potential at low prices, or acquire land owned by Hong Kong manufacturers who plan to close down their operations. The Hong Kong government should seek to change the land use by paying a land premium for development of new industries as well as living communities for Hong Kong people.
: set up a coordination mechanism headed by a vice-premier-level official in the Central Government to coordinate relevant ministries and municipal governments for effective policy implementation.
: increase resources and manpower of the Hong Kong Economic and Trade Office in Guangdong and set up a SME support division under the office to strengthen support to Hong Kong SMEs in the area, liaise with relevant departments in other cities, proactively help SMEs to increase productivity and expand their market, and help manufacturers to integrate resources and upgrade themselves.
：develop a Greater Bay Area Internship Program to encourage Hong Kong-based large enterprises to provide internship opportunities in the area; increase cultural and sports exchanges, for example by organizing cross-border cycling competitions and supporting cross-border performances by art groups.
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Seminar on Hong Kong’s Long-Term Competitiveness Study (Press Release)
press release
6th April 2017 (Thursday)
Seminar on Hong Kong’s Long-Term Competitiveness Study
Engulfed in the tides of globalisation and the technological revolution, all countries and economies around the world are well aware of the fact that being complacent means being treated as redundant. They strive to improve themselves in order to stay competitive. Hong Kong also needs to maintain its own competitive advantage. With this in mind, Savantas Policy Institute has commissioned the Pan Sutong Shanghai-Hong Kong Economic Policy Research Centre and Professor Ho Lok-sang to conduct a two-year long research project on Hong Kong’s long-term competitiveness.
Savantas Policy Institute held a seminar on Hong Kong’s Long-Term Competitiveness at HKUST Business School Central in Central today (6th April) to have the author of the report, Professor Ho Lok-sang, Dean of Business at the Chu Hai College of Higher Education, present his research findings. Five speakers from various fields and industries joined us for the panel discussion. They were Dr Aaron Shum, Secretary-General of Hong Kong Business Community Joint Conference; Mr Ambrose Lin, Chief Executive of Hong Kong Construction Materials Association; Mr Timothy Shen, Chairman of Looks Asset Management; Mr Gerry Yim, Managing Director of Hong Kong International Terminals Ltd; and Dr C K Wong, Distinguished Fellow of Hong Kong Computer Society. The panel discussion was moderated by Hon. Mrs Regina Ip Lau Suk-yee, LegCo Member and Chairperson of Board of Governors of Savantas Policy Institute.
In her welcoming remarks, Mrs Regina Ip, LegCo Member and Chairperson of Board of Governors of Savantas Policy Institute, said, “Thank you very much for attending today’s publication and seminar on Hong Kong’s Long-Term Competitiveness Study. Professor Ho and I planned this study two years ago as we noticed that Hong Kong’s economic growth rate has been slowing down. In 2012, Hong Kong’s average real economic growth rate was below 3%; in 2015 it was 2.4%; in 2016 it was 1.9%. Whilst Hong Kong and Singapore are both small and open economies, Hong Kong is lagging behind.”
“Competitiveness is very important for an economy’s long-term development. Internationally, renowned organizations look at many factors when they study a place’s long-term competitiveness. This time we try to examine Hong Kong’s competitiveness from sectoral and cross-sectoral perspectives. Beyond examining hard power such as infrastructure and level of education, Professor Ho’s report raises the point of soft power, like whether our society can reach consensus. It has been 20 years since Hong Kong’s handover. Political development has posed a severe challenge to Hong Kong, especially in recent years, as society fails to reach any consensus on the matter. Professor Ho spent many hours studying whether society can embrace a set of common values and take Hong Kong forward.”
Mrs Ip also noted, “This report has been conducted by Pan Sutong Shanghai-Hong Kong Economic Policy Research Centre and Professor Ho Lok-sang. It was supported by the Chinese Association of Hong Kong & Macao Studies, which provided their views on Hong Kong’s strengths, weaknesses, opportunities, and challenges.”
“Beyond looking at the factors of competitiveness from a cross-sectoral view, we also need to examine many important industries including finance, professional services, logistics, shipping, manufacturing, innovation and technology… etc. Todaywe are honoured to have invited representatives from various important industries to share their views and discuss our findings at our seminar.” She concluded.
Professor Ho Lok-sang, Dean of Business at the Chu Hai College of Higher Education, expressed his concern for Hong Kong’s competitiveness as he was presenting his research findings, noting the decline in Hong Kong’s competitiveness in recent years. Professor Ho pointed out the need for Hong Kong to nurture its own soft power whilst tackling land and labour shortages, which are the major bottlenecks in Hong Kong's development. The government should also review its tax system, financial regulations, and the linked exchange rate mechanism. Cultural and creative industries require more attention and support from the government. Hong Kong’s technological innovation needs to be strengthened in terms of human capital and R&D investment, and will stand to benefit from partnerships with the Mainland and overseas economies.
After Professor Ho Lok-sang’s presentation, a panel discussion and Q&A session followed. The seminar attracted a 100-strong audience. Dr Aaron Shum, Secretary-General of Hong Kong Business Community Joint Conference, pointed out that Hong Kong’s exhibition industry still has its advantages, yet is limited by the lack of space for development. The government should adopt a more creative mentality and think out of the box. It may reference Dubai and develop an underwater exhibition centre for example.
Mr Ambrose Linn said that construction and logistics are two critical industries for Hong Kong’s long-term development. Beyond consolidating land for development and improving traffic and transportation infrastructure, it is most important to improve the industry’s professional image and occupational safety in order to attract the younger generation. In terms of the construction material industry, the industry has been consistently improving its supply chain, such as creating standardized steel beam parts off site.
Mr Gerry Yim noted that whilst Hong Kong’s shipping industry still ranks 5th in the world, we cannot compete with lower prices. On the contrary, Hong Kong’s industries need to raise the bar continually and export high quality service in order to remain competitive.
Dr C K Wong stressed that innovation and technology is not an independent industry in itself. Technology is the means and tools for innovation. Hong Kong needs to strengthen education and create an atmosphere for innovation. Innovative technologies should be introduced to all fields and sectors, changing the modes of production of every industry. STEM and STEAM education are the direction for Hong Kong’s future development.
Mr Timothy Shen said that compliance is too stringent when it comes to government licensing for the financial industry, which has stifled the development of many new fields. The government should deregulate in this area in order to benefit Hong Kong’s overall development.
Hong Kong has been fixated on political strife in the past five years whilst neglecting economic development. As the global economy changes vibrantly and constantly, Hong Kong must stay on guard at all times in order to stay ahead of its competitors from all over the world. We wish the new administration can take proactive measures in creating a good environment for business, allowing Hong Kong’s economy to unleash its full potential.
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傳媒聯絡 Media Contacts：
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傳訊總監 Head, Communications
Tel：2115 9860 / Fax：3100 0087
Email: nancy.fok@npp.org.hk
李儀雯 (Emma Li)
傳訊主任 Communications Officer
Tel：2115 9751 / 3100 0079（General）
Email: emma.li@npp.org.hk
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We had moved
feature,Latest news
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We had moved
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Meeting with Greater Bay Area Research Institute
Latest news,Greater Bay Area
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Today (30th June), Director Liu Wei and Deputy Director Liao Shenghua from Research Center for Science , Technology and Society of Guangdong Academy of Social Sciences visited Savantas Policy Institute today. Guangdong Academy of Social Sciences co-founded a Greater Bay Area Research Institute with Guangdong Development and Reform Commission, Guangdong Hong Kong and Macao Affairs Office and Nanfang Finance Media Group on 29th June. Mr Liu and Mr Liao had an exchange with Savantas Director Germaine Lau regarding the possible cooperation among think tanks in Hong Kong and Guangdong, in hopes of identifying opportunities for Hong Kong people.
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Seminar on the Global Entrepreneurship Monitor (GEM) 2016 Hong Kong & Shenzhen
Latest news,innovation
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Savantas Policy Institute as research partner has collaborated with the Center for Entrepreneurship (CfE) of the Chinese University of Hong Kong (CUHK), Hong Kong University, Hong Kong Baptist University, and the Shenzhen Academy of Social Sciences and published the Global Entrepreneurship Monitor (GEM) 2016 Hong Kong & Shenzhen Report. The last GEM report focused on Hong Kong and Shenzhen was published in 2009, when circumstances for entrepreneurs in both cities were vastly different. Savantas Policy Director Institute Ms Germaine Lau attended the presentation seminar held on 16th February 2017.
GEM’s annual reports are widely recognized as the most authoritative international poll of entrepreneurship in the world. Its indicators are often cited along other prominent indexes, such as the World Bank’s Ease of Doing Business Index, the Political Stability Index, or the World Economic Forum’s Global Competitiveness Index. GEM results are used in academic research and by government and business leaders to devise effective policies for boosting creativity, knowledge transfer, and economic activity. This is the sixth time that we have taken part in GEM. This year, the study has been conducted in 66 economies worldwide.
The report may be downloaded at the link below:
https://entrepreneurship.bschool.cuhk.edu.hk/gem_hk/gem2016
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Savantas E-Newsletter: April 2018 Issue
E-newsletters
Savantas E-Newsletter - April 2018 Issue
Mrs Ip's Column: "Hongkongers see homeownership as an investment. This has to stop"
Authored by Mrs Regina Ip, published by SCMP on 7th April 2018. Regina Ip says Hong Kong must address the four factors of supply, demand, liquidity and expectations that are causing the lack of affordable housing in the city. The task force on land supply is moving in the right direction by exploring all possibilities Please click here for the full article
Topical Issue: Three Cheers for the Craftsmen
Written by Ben Kong, Policy Officer at Savantas Policy Institute "While the numbers suggest getting a degree is a rational choice for most, the problem is whether the same holds true for those who are less academically inclined. Tertiary education is a considerable investment for many people: it includes tuition and the opportunity cost of the years spent in school. The return on four years of experience for many trades and skills are huge. While those who are attuned to academic pursuit will likely do well enough to yield the aforementioned expected returns on their investment, it is important to consider the academically weak who were ushered into getting higher education regardless of their own strengths and weaknesses. This is especially the case for Hong Kong where the dominant Chinese culture emphasizes on pursuing academic achievements." (Excerpt) Please click here for the full article
© 2018 匯賢智庫政策研究中心版權所有 Copyright © 2018 Savantas Policy Institute. All rights reserved. 更新訂閱設定 取消訂閱
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Savantas E-Newsletter - January 2018
E-newsletters
【Free Seminar】The Age of Voyages in China – Marine Story from Historical Figures
The Age of Voyages began in the late 15th century and lasted into the early years of the 16th century. The period is characterized as a time when Europeans began exploring the world by opening new routes across the Atlantic Ocean to America, new routes along Africa to India, and achieving the first circumnavigation of the globe. However, the Age of Voyages also took place in China, and had started with marine historical figures. Maritime Silk Road Society (MSRS) and Savantas Policy Institute (SPI) are pleased to invite Mr Liang Erping to present a talk on “The Age of Voyages in China – Marine Story from Historical Figures”. Less-known stories of marine history will be shared in the talk, which enable participants to gain a fresh insight into two thousand years of maritime history through historical paintings. Mr Liang is a veteran journalist, senior editor, columnist, oceanic culture scholar, and Art Director of Ocean Art Research Center of Shenzhen University. Since 1980s, Mr Liang has visited various provinces in China and over 30 counties, and written some books on travelling. From 2000, he has focused on oceanic culture. He is also an author of several books covering marine history and geography. He has published several volumes of essays, some of which were translated to other languages and introduced to other countries and regions. Those who are interested in the talk are invited to register. Details of the talk are as follows: Date: 30 January 2018 (Tuesday) Time: 2:00pm - registration; 2:30pm - commencement Venue: HKUST Business School Central, 15/F Hong Kong Club Building, 3A Chater Road, Central, Hong Kong Language: Putonghua Admission: Free of charge, by registration Please kindly register on or before 26 January 2018 by clicking the following link: https://goo.gl/forms/bBq5O0uNEyeTXmjX2 Seats are available on a first-come-first-serve basis. Should you have any enquiries, please contact us by phone at 2111 9262 or by email at seminar@maritimesilkroad.org.hk.
【Free Seminar on Finance】Green Bonds
CE Carrie Lam released her first policy address last year on 11th October. In it, she mentioned that the government shall offer green bonds so as to promote it in the Hong Kong capital market. But what exactly is green bond? What is its market roles and history? What is its current status? Savantas Policy Institute is honoured to have invited Professor Stan Ho, Professor of Practice in the Department of Economics at Lingnan University to provide us with some insight on the matter. Here are the details for this event: Date: 26th January 2018 (Friday) Time: 7PM - 8:30PM Venue: Germaine Lau Conference Room, A-B, 11/F, China Overseas Building, 139 Hennessy Road, Wanchai, Hong Kong Language: Cantonese Please click here to register for our event. First come, first serve.
© 2017 匯賢智庫政策研究中心版權所有 Copyright © 2017 Savantas Policy Institute All rights reserved. 更新訂閱設定 取消訂閱
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Savantas E-Newsletter -- December 2017
E-newsletters
As the end of the year approaches, Savantas Policy Institute and Savantas Liberal Arts Academy would like to thank you for your support throughout the year. We would like to take this opportunity to wish you a Merry Christmas and a Happy New Year.
Savantas and the Maritime Silk Road Society to Host Seminar on Finance within the Guangdong-Hong-Kong-Macao Greater Bay Area on 30 January
Savantas Policy Institute conducted a research on the Guangdong-HK-Macao Greater Bay Area this summer and compiled our findings into the "Greater Bay Area Development Proposals". The result had been presented to the Central Government and the HKSAR Government in October. The proposals made many suggestions regarding the field of finance, such as a double ledger within the Greater Bay Area to facilitate a freer flow of capital, purpose-specific investment funds and the promotion of FinTech. In order to follow up on our various policy suggestions in our proposals, we plan to host a series of seminar focusing on the situations in the various fields and industries. The seminar on Finance within the Guangdong-HK-Macao Greater Bay Area will be hosted at 2:30 PM on 30th January 2018 at HKUST Business School Central, 15/F, The Hong Kong Club Building, 3A Chater Rd, Central. The event will be conducted in Chinese. We are honoured to have invited Mr Andrew Fung Hau Chung, Chief Financial Officer of Henderson Land Development; Mr Tse Yung Hoi, Chairman of BOCI-Prudential Asset Management; Mr Archie Ying Kei Ng, Head of External Division at theHong Kong Monetary Authority; and Dr Yim Fung, Chairman and Executive Director of Guotai Junan International Holdings. You are cordially invited to attend. Please click here to sign up.
Savantas Hosted Seminar on the Controversy of HK Independence; Calls on All Sides to Engage in Dialogue, Addressing the Problem with Sensitivity
It has been 20 years since the handover of Hong Kong, yet a more widespread acceptance of our Chinese national identity among the people of Hong Kong remains elusive. Since 2011, various problems had given rise to a localist movement. A few youngsters in recent years have gone as far as to advocate for an independent Hong Kong. These trends are worthy of our reflection. Savantas Policy Institute sought to explore the root causes of such separatist sentiments and its effect on the relationship between the Mainland and Hong Kong. On 2nd December, Savantas Policy Institute hosted a seminar on the controversy of Hong Kong independence. Mrs. Regina IP LAU Suk-yee, chairperson of Savantas Policy Institute; Mr. Jasper TSANG Yok-sing, Former President of the Hong Kong Legislative Council and Convenor of the Hong Kong Vision Research Programme; Mr. IP Kin-yuen, Hong Kong Legislative Council Member for Education Constituency; Professor Joseph CHAN C.W., Professor at the Department of Politics and Public Administration at the University of Hong Kong; and Mr. Tommy CHEUNG Sau-Yin, Former President of the Students' Union of CUHK took turns to deliver their presentations and engaged in discussion, followed by questions from the floor. The seminar was very successful. Speakers spoke from different angles but reached a similar view that it is impossible for Hong Kong to realise its own independence. Some Hong Kong people still question their national identity. While the path ahead may be rugged, as long as all sides continue to engage in dialogue, addressing our problems with greater sensitivity, consensus can be reached, and our problems may be solved. Please click here for the full press release.
Copyright © 2017 Savantas Policy Institute Ltd, All rights reserved. Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.
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(Photo taken from Wikicommons, taken by KOKUYO)
The Bauhinia Foundation Research Centre recently published an article on Sing Tao Daily, analysing the demand and supply of self-financing bachelor degrees and associate degrees, and how the degree holders respond to the demand of Hong Kong’s labour market. The article noted that self-financing programs are more flexible and sensitive to the ebbs and flows of the market, but pointed out that some associate degree providers affiliated with a publicly-funded university (such as HKU SPACE) have a greater appeal to students when compared with self-funded institutions offering self-financing bachelor degrees. This is problematic because, by 2022, there will be a shortage of manpower with bachelor's degrees and an excess of manpower with associate degrees. The article concludes by suggesting that the government should encourage society's recognition of associate degrees, and that stakeholders in higher education should promote the merits of associate degrees to the private sector and employers.
The debate on the value of associate degrees occurs against the backdrop of academic inflation. With more and more youngsters receiving tertiary education, the wage premium of a degree is not as significant as it once was when only 2% of secondary school graduates were admitted to university. Starting salaries for university graduates in Hong Kong have been stagnant, leading towards general anxiety and doubt towards the worthiness of getting a degree.
If we look beyond the starting salary and anecdotal evidence, the long-term data suggests being a degree holder still means you will enjoy a better standard of living for the rest of your life. While economists find it hard to determine why a college degree is worth the investment, they agree that it is an investment that yields significant returns. Professor Steven D. Levitt, Professor of Economics at the University of Chicago and co-author of Freakonomics, noted that "the best estimates that economists have are that each extra year of education that you get is worth about maybe an 8% increment to your earnings each year for the rest of your life."
While the numbers suggest getting a degree is a rational choice for most, the problem is whether the same holds true for those who are less academically inclined. Tertiary education is a considerable investment for many people: it includes tuition and the opportunity cost of the years spent in school. The return on four years of experience for many trades and skills are huge. While those who are attuned to academic pursuit will likely do well enough to yield the aforementioned expected returns on their investment, it is important to consider the academically weak who were ushered into getting higher education regardless of their own strengths and weaknesses. This is especially the case for Hong Kong where the dominant Chinese culture emphasizes on pursuing academic achievements.
One of Professor Levitt's takeaway from a study he participated in is that "the single biggest impact of school choice in Chicago schools was giving kids who were not doing well in the traditional kinds of schools the opportunity to go to trade, culinary school, or schools that actually taught them real skills." This is worthy of Hong Kong’s reference.
Currently, associate degrees are treated by students as another road to the same destination of attaining a bachelor’s degree, albeit more indirect and winding. Associate degree students often lack the grades to be admitted into publicly-funded undergraduate programmes because they are less academically inclined. The result of the aforementioned conditions is that the academically weak commit themselves to two years of higher education, yet fail to reap the reward as they cannot excel because their forte is not in academia. Beyond the exorbitant tuition they have to pay for the self-financing associate degrees, students also lose out on the two years of work experience they would have obtained, had they worked proper jobs instead of pursuing an associate degree.
Rather than painstakingly sustaining associate degrees which have only received lukewarm responses from employers, the government’s attention and effort will be better spent on increasing the availability of skill-based programmes, such as nursing, culinary arts, information technology and mechanical repairment. Hong Kong society generally prefers fancy-sounding titles such as bachelor degree to assuage their worry on the return of such investment; if it is within the academic decorums and standards to award such titles, then the government should try its best to accommodate such desires, so as to attract more people to the technical fields where there are significant shortages of labour.
Recognizing that the information age brings unexpected and frequent volatility to the labour market, it is also arguable that young people are better served by equipping themselves through full-time work with soft skills that make themselves adaptable in different working environments and a genial colleague to work with. While this may be out of the government’s hand, the general public should be reminded that training and education are in themselves investments, with tuition and opportunity costs of work experience being the price; such investments may not always yield the returns one may hope for. Perhaps there would be less disgruntled young people being tied down by their student loan had they learnt of this advice early on.
The greater challenge is to slowly shift the public’s obsession with academic credentials to accepting technical training and education as equally worthy credentials. Hong Kong’s labour market is experiencing an all-time low of unemployment, with many fields that require technicals skills especially deficient in manpower. A government with foresight ought to identify technical skills that are high-value and seek to ensure there are available opportunities for young people to pursue such paths. With this in mind, availability of opportunities such as the Higher Diploma in Aircraft Maintenance Engineering offered by VTC signify a step towards the right direction.
As Adam Smith believed society’s level of prosperity lies in the extensiveness of its division of labour, Hong Kong as a society will be better served by a labour force of diverse talents and skills, preferably adaptable to the jolting and precarious nature of modern times as well.
It has been 20 years since the handover of Hong Kong, yet a more widespread acceptance of our Chinese national identity among the people of Hong Kong remains elusive. Since 2011, various problems arising from competition for resources, such as mainland children born in Hong Kong and the scramble for powdered milk for babies, had given rise to a localist movement in Hong Kong. A few youngsters in recent years have gone as far as to advocate for an independent Hong Kong. These trends are worthy of our reflection: whether there is any constitutional, legal or philosophical basis for the arguments for Hong Kong independence, its practicality, and the impact it would bring to Hong Kong. Savantas Policy Institute sought to explore the root causes of such separatist sentiments and its effect on the relationship between the Mainland and Hong Kong.
Yesterday (2nd December), Savantas Policy Institute hosted a seminar on the controversy of Hong Kong independence. Mrs. Regina IP LAU Suk-yee, chairperson of Savantas Policy Institute; Mr. Jasper TSANG Yok-sing, Former President of the Hong Kong Legislative Council and Convenor of the Hong Kong Vision Research Programme; Mr. IP Kin-yuen, Hong Kong Legislative Council Member for Education Constituency; Professor Joseph CHAN C.W., Professor at the Department of Politics and Public Administration at the University of Hong Kong; and Mr. Tommy CHEUNG Sau-Yin, Former President of the Students’ Union of CUHK took turns to deliver their presentations and engaged in discussion, followed by questions from the floor.
Southern District Council Member Ms. Judy CHAN Ka-pui delivered the welcome remarks, thanking the speakers, who represent different stances in the political spectrum, for sharing their insights. By shedding light on the many contributing factors that led to the recent rise in Hong Kong Independence sentiments from a variety of angles, as well as the constitutional basis, legal considerations, moral arguments and practicality of Hong Kong independence, and evaluating whether Hong Kong Independence will be recognized on a national and international level, the speakers stimulated thoughtful discussions on this topic.
The discussion session followed immediately after the guests have delivered their speeches. Dr. Derek YUEN Mi-chang, Policy Consultant of Savantas Policy Institute, pointed out the social, political, economic, cultural and historic roots that led to the current controversy of Hong Kong Independence. The rise of localist camps and self-determination advocates, confirmation form for elections, the recent interpretation of the Basic Law by the Standing Committee of the National People's Congress, and the disqualification of LegCo members are all tumults that have evolved from the said controversy. Dr. Derek Yuen pointed to the fact that the advocacy of independence has touched a nerve in the central government. However, society should not avert from its discussion but should talk about it rationally instead. By tackling the problem with greater sensitivity, the relationship between the Mainland and Hong Kong may return to one of mutual trust.
The speakers and the audience furthered their discussion and exchanged opinions on many issues, such as the changes in Hong Kong since the Handover, the implementation of national education, the youth's experience with working and living in the Mainland, state leaders' thoughts on the governance of Hong Kong, opportunities presented to Hong Kong by the Belt and Road Initiative and the Guangdong-Hong-Kong-Macau Greater Bay Area, and the possibility of Hong Kong's youth enlisting in the military.
The seminar was brought to an end with Southern District Council Member Ms. Judy CHAN Ka-pui delivering the conclusion. She stated that today's seminar was very successful, and proved that there is still great freedom of speech in Hong Kong to accommodate rational and civil discourse as well as different viewpoints. Today's speakers spoke from different angles but reached a similar view that it is impossible for Hong Kong to realise its own independence. Some Hong Kong people still question their national identity. While the path ahead may be rugged, as long as all sides continue to engage in dialogue, addressing our problems with greater sensitivity, consensus can be reached, and our problems may be solved.
: engage the business sector in setting up a "Greater Bay Area Development Fund" (the Fund) and invest part of the Exchange Fund (e.g. the Land Fund) in the Fund. The Fund could be used to purchase land with high development potential at low prices, or acquire land owned by Hong Kong manufacturers who plan to close down their operations. The Hong Kong government should seek to change the land use by paying a land premium for development of new industries as well as living communities for Hong Kong people.
: set up a coordination mechanism headed by a vice-premier-level official in the Central Government to coordinate relevant ministries and municipal governments for effective policy implementation.
: increase resources and manpower of the Hong Kong Economic and Trade Office in Guangdong and set up a SME support division under the office to strengthen support to Hong Kong SMEs in the area, liaise with relevant departments in other cities, proactively help SMEs to increase productivity and expand their market, and help manufacturers to integrate resources and upgrade themselves.
：develop a Greater Bay Area Internship Program to encourage Hong Kong-based large enterprises to provide internship opportunities in the area; increase cultural and sports exchanges, for example by organizing cross-border cycling competitions and supporting cross-border performances by art groups.
We had moved
Today (30th June), Director Liu Wei and Deputy Director Liao Shenghua from Research Center for Science , Technology and Society of Guangdong Academy of Social Sciences visited Savantas Policy Institute today. Guangdong Academy of Social Sciences co-founded a Greater Bay Area Research Institute with Guangdong Development and Reform Commission, Guangdong Hong Kong and Macao Affairs Office and Nanfang Finance Media Group on 29th June. Mr Liu and Mr Liao had an exchange with Savantas Director Germaine Lau regarding the possible cooperation among think tanks in Hong Kong and Guangdong, in hopes of identifying opportunities for Hong Kong people.
Savantas Policy Institute as research partner has collaborated with the Center for Entrepreneurship (CfE) of the Chinese University of Hong Kong (CUHK), Hong Kong University, Hong Kong Baptist University, and the Shenzhen Academy of Social Sciences and published the Global Entrepreneurship Monitor (GEM) 2016 Hong Kong & Shenzhen Report. The last GEM report focused on Hong Kong and Shenzhen was published in 2009, when circumstances for entrepreneurs in both cities were vastly different. Savantas Policy Director Institute Ms Germaine Lau attended the presentation seminar held on 16th February 2017.
GEM’s annual reports are widely recognized as the most authoritative international poll of entrepreneurship in the world. Its indicators are often cited along other prominent indexes, such as the World Bank’s Ease of Doing Business Index, the Political Stability Index, or the World Economic Forum’s Global Competitiveness Index. GEM results are used in academic research and by government and business leaders to devise effective policies for boosting creativity, knowledge transfer, and economic activity. This is the sixth time that we have taken part in GEM. This year, the study has been conducted in 66 economies worldwide.
The report may be downloaded at the link below:
https://entrepreneurship.bschool.cuhk.edu.hk/gem_hk/gem2016