Shenzhen: A Model for Hong Kong’s Bold Reforms
Shenzhen’s Experience Offers a Blueprint for Hong Kong
Former Hong Kong leader Leung Chun-ying has urged the city to draw from the Shenzhen experience and take bolder, faster steps to push for increased competitiveness through reforms such as high-end industrial development. Leung made the call on Saturday after the recently concluded third plenum of the Communist Party of China highlighted Beijing’s policy support and goal to enhance Hong Kong’s status as an international financial, shipping, and trading centre.
Urgent Need for Reform
“Hong Kong should develop a stronger sense of reform … The regional competition from the neighbouring cities is intense,” he told a TV programme, now a vice-chairman of the country’s top political advisory body, the Chinese People’s Political Consultative Conference. “And just like the 45 years of reform and opening up on the mainland, Hong Kong should be bolder and faster in pushing for reforms.”
- Leung highlighted Shenzhen’s innovative strategies as valuable references for Hong Kong’s transformation.
- Experience suggests that bold actions can yield significant economic benefits.
Learning from Shenzhen
He also pointed out that as Hong Kong’s economic development was faced with numerous challenges, Shenzhen’s experience was worth referencing as the city also grappled with similar transformation issues. “The problems we are encountering now need to be addressed through reforms.
One of the things Shenzhen has done is a practice known as ‘emptying the cage and changing the bird,’” he noted. “It means when an unsuitable bird in a cage is relocated to other places like Hunan, it can free up land, human resources, and capital for higher value-added activities.”
Transitioning to High-Value Industries
“Shenzhen’s achievements over the past 40 years owe much to its bold and innovative reforms. I believe it serves as a good reference for Hong Kong, like giving up such low-end industries in exchange for novel industries,” he added.
- Hong Kong should diversify and not solely rely on traditional shipping industries.
- Leung emphasized transitioning towards high-value-added services, enhancing competitiveness.
“We cannot cling to outdated successes, merely saying that we are still an international maritime centre and that the throughput of container terminals will continue to increase,” he cautioned. Today’s high-output international maritime centres are not judged by how many containers they handle in their port.
“London is the world’s most profitable and highest-grossing international maritime centre, yet it has no port.” He emphasized that there was a strong demand for professional services on the mainland, and both upgrading and transforming Hong Kong’s industries could not only boost the economy but also provide development opportunities for professionals.
“The whole thing calls for a determination to reform with a set of policies to develop and support certain industries … It requires a deeper understanding of our strengths and what our nation needs,” he concluded.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.