Five reasons why it's time to shift gears

Frederick Ma Si-hang, a former secretary for commerce and economic development, said that Hong Kong has five reasons to reform.

In a forum held by Hong Kong Metropolitan University, Ma said the city faces aggressive competitors like Shanghai, Singapore and Dubai.

Intensifying geopolitical tensions have also hurt business between China and the US as well as trade with Europe, shifting trade toward the Association of Southeast Asian Nations and the Middle East.

The local retail and tourism industries are confronting increasing challenges: more Hongkongers head north to spend, a stronger US dollar and the development of the e-commerce sector.

The property market is also impacted by the tepid economy -- monthly rent for a square foot in IFC has dropped from HK$200 to HK$120.

Finally, there are financial deficits and an aging population. The government has recorded annual deficits of more than HK$100 billion for three straight years and in the next 20 years, one in three Hongkongers will be over 65 years old.