How HK must invest, act to create a bright future | High-flier | Jeffrey Lam

Financial Secretary Paul Chan Mo-po released the new Budget last week. Amid global economic uncertainty, the government achieving fiscal balance is a commendable feat. Some still cry out that Hong Kong is “POOR,” arguing that our fiscal reserves – around HK$657 billion – are only enough to cover a few months of government expenditure. I can only smile at such remarks. In reality, Hong Kong’s reserves remain ample compared to many other places. We should not fixate on a single figure, exaggerate it out of proportion, or create unnecessary panic. If fear of spending leads to inaction, Hong Kong will stagnate and lose vitality – then it will become “POOR,” leaving no opportunities for the next generation.

We must know how to be smart and how to invest wisely. This Budget features a major breakthrough – thinking out of the box – by allocating HK$150 billion from the Exchange Fund for the first time in many years to support Northern Metropolis development and other infrastructure projects. This shows the government’s determination and signals to investors that Hong Kong is ready to advance boldly. 

As Hong Kong’s socio-economic structure changes, government thinking must evolve too. Without a crystal ball, refusing to take the first step and sticking to old ways will prevent any new path. I fully support this decisive action.

Another set of figures deserves attention: Over 400 companies are currently queuing to list on the Hong Kong Stock Exchange, including more than ten international enterprises. These companies are voting with their actions by showing confidence in Hong Kong.

Opportunities are already here; we must raise efficiency, streamline procedures, and seize them quickly. At the same time, we should carefully select high-quality companies to offer investors excellent choices. Opportunities wait for no one – this is the moment for Hongkongers to demonstrate our flexibility and adaptability.

In summary, as long as we invest smartly in the future, dare to take action, and skillfully seize opportunities, we can create a bright prospect for our next generation.

The Honorable Jeffrey Lam Kin-fung is a non-official member of the Executive Council and chairman of the Vocational Training Council