In the past, Hong Kong and Western countries followed neoliberal economic policies. However, due to changes in the geopolitical and economic landscape, as well as frequent disruptions to supply chains, many governments have shifted their focus to economic security and have implemented industrial policies in recent years.
Prof. Heiwai Tang, Associate Dean of HKU Business School and Director of Asia Global Institute, shared about the Hong Kong economic policies in an interview with EDigest. He pointed out that Hong Kong's economic "upstream" faces numerous issues, such as loans, rent, and raw material supply. These factors have kept the operating costs high for "downstream" businesses. Resolving these problems in a society that upholds small-government free-market principles is undoubtedly a tremendous challenge.