Ma confident in SAR prospects but there's work to do

Former commerce and economic secretary Frederick Ma Si-hang said he is "very confident" of Hong Kong's development prospects, but the SAR should make use of its integration with the Greater Bay Area and focus on its advantages.

Ma said the national security law is a "stabilizer" for Hong Kong, leading the transition from chaos to order, adding that the city's social environment has improved.

"I still remember the chaotic situation in Hong Kong in 2019. Without the national security law, business in Hong Kong would suffer and many companies would have left the SAR as they cannot even ensure their employees' safety," he said.

"Many foreign media reports on Hong Kong are not accurate so many overseas companies and people still have a negative view of the SAR."

Ma said the city has resumed stability and will try to boost its economy.

The government and business sector should enhance the promotion of Hong Kong's current situation to correct foreigners' wrong impression, he said.

Ma also said Hong Kong's economy will not reach a dead end as long as the SAR can maintain a stable financial market and an independent judicial system.

Judicial independence and the common law system in Hong Kong can attract many foreign companies, along with an uncorrupted and effective government, free flow of capital and people, internet where information flows freely and high-quality universities, he said.

Hong Kong has also successfully overcome various challenges, such as the SARS outbreak in 2003, Ma said, expressing his confidence in the SAR's long-term stability and prosperity in the future.

Ma said the Greater Bay Area has great potential for more high-value-added industries in the future.

"The development of the Greater Bay Area is beneficial to Hong Kong as it has a larger population and higher gross domestic product," he said. "If the Northern Metropolis could attract more high-value-added industries to Hong Kong, the SAR could ideally serve as a base to sell the products to GBA."

Ma said the new trend of Hongkongers heading to the mainland for consumption is a result of the successful integration of Hong Kong and GBA. He admitted the trend would affect local consumption, saying local catering businesses should improve their service quality.

Hong Kong should also focus on its advantages and avoid a price war with other cities, he added.

wallis.wang@singtaonewscorp.com