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Hong Kong’s economy grapples with several long-standing structural challenges, such as monopolies by large corporations and an over-reliance on the financial sector, which presents a pressing need for economic diversification. Prof. Heiwai Tang, Associate Dean of HKU Business School and Director of the Asia Global Institute, notes that despite the Central Government’s push for multi-industry development, including high-tech advancements and enhancing collaboration with the Greater Bay Area, talent loss due to emigration and a conservative civil service culture are hindering significant breakthroughs. While the government has launched various talent attraction policies, such as the “Top Talent Pass Scheme”, Prof. Tang highlights the need for Hong Kong to attract leading enterprises to the city, which will naturally draw in the skilled professionals required for sustainable growth. As Hong Kong adapts to geopolitical shifts, a two-legged approach is recommended to strengthen its ties beyond the West, extending connections to ASEAN and the Middle East. This involves improving academic research and education related to Islamic culture and finance.

In recent years, Hong Kong's economy has entered a period of uncertainty, with increasing reports of layoffs and business closures. However, while the public's perception of the job market is less than positive, the unemployment rate is kept at a low level. What is happening? The unemployment rate refers to the ratio of the number of unemployed individuals to the total labour force. Prof. Heiwai Tang, Associate Dean of HKU Business School and Director of the Asia Global Institute, explained that the low unemployment rate is largely due to recent emigration, which has decreased both the labour force and the number of unemployed individuals. He highlighted that ongoing business closures are likely to exert upward pressure on the unemployment rate. Many emigrants are skilled professionals, while new arrivals often prioritise settling their families, leading to job mismatches.

China in 2017 laid out an ambitious plan to turn the Greater Bay Area into a high-tech powerhouse, aiming to rival Silicon Valley and Tokyo Bay. With 2035 set as the target, is the region on track to meet those goals, or are there hurdles slowing progress? Professor Heiwai Tang, the director of Asia Global Institute, discussed the prospects and challenges of the Greater Bay Area amid growing geopolitical rivalry in the region.

The gig economy is rapidly growing, raising critical questions for policymakers about balancing workers' rights, business interests, and technological advancement. By 2027, gig workers are expected to make up 51% of the US workforce. Hong Kong faces similar challenges, necessitating improvements in its traditional labour protection system.

The gig economy is rapidly growing, raising critical questions for policymakers about balancing workers' rights, business interests, and technological advancement. By 2027, gig workers are expected to make up 51% of the US workforce. Hong Kong faces similar challenges, necessitating improvements in its traditional labour protection system.

Professor Heiwai Tang was recently interviewed by RTHK on the development of the semiconductor industry in Hong Kong. He mentioned that the development of the semiconductor sector could drive growth in both the upstream and downstream industries.

The 20th Central Committee of the Communist Party of China adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session. In an interview with Southern Finance 南方财经全媒体, Prof. Heiwai Tang, Associate Dean of HKU Business School and Director of Asia Global Institute, believes that the resolution charted a clear course for Hong Kong's development.

HKU Business School recently announced its forecast for Hong Kong's economy in Q3 2024. In an interview with Now News, Prof. Heiwai Tang, Associate Dean of HKU Business School and Director of Asia Global Institute, believes that investment and consumer confidence are key factors for economic recovery. "Affected by the wealth effect, due to the negative conditions in the stock and property markets, the public's investment and consumption confidence is naturally not high. In the long run, it will depend on the government's economic transformation policies over the next three years, which will provide new drivers of economic growth."

China has achieved an annual GDP growth rate of over 8% for the past 45 years. It boasts an enormous domestic market, yet consumption accounts for only 39% of its GDP, one of the lowest ratios in the world nowadays. Can China maintain a growth rate of 6% or 7%? Prof. Heiwai Tang, Associate Dean of HKU Business School and Director of Asia Global Institute, believes China has the potential for economic growth, but it has now become very difficult due to concerns about aging populations and the desire to live to an advanced age, leading to high saving rates.