In the Media

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 latest "Asia's Top 500 Brands" list was unveiled on the 25th in Hong Kong, with Toyota, State Grid, and Industrial and Commercial Bank ranking in the top three. China has the most entries among the countries. Dr. Sara Kim, a marketing professor at the HKU Business School, stated that Asian brands are having a transformative impact on the global economic landscape.

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.

Since ChatGPT was introduced, large language models (LLMs) have quickly become a focus in the global tech competition. LLMs are being applied in various fields, presenting ample opportunities for AI development. The U.S. currently leads in technology development and innovation, with its models excelling at the technological forefront. In contrast, Chinese models focus on optimizing for local languages and practical applications. Striking a balance of competition and cooperation between the two countries will be crucial in the coming years.

Over the past 5 years, the US government's fiscal deficit has persistently exceeded $1 trillion, positioning the country among global leaders in debt levels. Economists and international institutions are concerned that the government's fiscal deficit has consistently exceeded 3% of GDP. Currently, US public debt stands close to 100% of GDP, projected to rise to 116% by 2034, posing a significant burden on the country's long-term economic development.

Hong Kong sailor Russell Aylsworth expresses gratitude for the support from the public and hopes that this Olympics will inspire more young people to participate in sailing.

Household spending is a key factor in personal and family financial planning, as well as policymaking to improve people's livelihoods. While the government's Consumer Price Index (CPI) is a mainstream indicator, it often fails to accurately reflect the daily living costs of the public. CPI has limitations, such as over-emphasising non-essential goods and services (e.g. Rental expenses and furniture), and people's subjective inflation perceptions tend to be higher than the actual data.

EY survey: Chinese EV makers must overcome trust gaps to win global buyers. 35% Asia-Pacific & 30% Europe won't buy Chinese EVs due to lack of trust. Prof. Zhiwu Chen says trust reflects broader China perceptions.

The authors have found that pressuring businesses to implement a completely fair pricing system may actually backfire and lead to tacit collusion where consumers will ultimately suffer.