Hong Kong Competes to Catch Up With Singapore

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TREC is similar to Hong Kong's Lan Kwai Fong and Singapore's Clarke Quay entertainment districts. Photo: Khalil Adis Consultancy.
 

The government of Hong Kong recently rolled out a Budget deemed by some as daring and focused, as it will channel significant amounts of funds into technology and innovation that will impact the future generations. This may provide serious competition to Singapore in the near future.

This year Hong Kong enjoyed a bumper surplus equivalent to S$23.4 billion (HK $138 billion). Paul Chan, the Financial Secretary, said on February 28 that HK $50 billion will be invested into technology and innovation. A significant portion of that amount will be spent on an initiative that will bolster global companies, the Hong Kong-Shenzhen Innovation and Technology Park.

Aside from having significant funds for technology, innovation and to attract the best and brightest in the field, Hong Kong will also Strat strengthening the Science Park and Cyberport, to encourage research and development, which is advantageous for local entrepreneurs as well as start-ups.

This infusion of funding into technology and innovation may be a result of Hong Kong’s rank of sixth place in the World Economic Forum’s index for global competitiveness, released in September 2017. Hong Kong’s came in three places behind Singapore, which ranked third. In the category of innovation, Hong Kong ranked 26th, well below Singapore, which ranked ninth on the list.

Associate director of research at Fletcher’s Institute for Business, Ravi Shankar Chaturvedi, claims that Singapore’s institutional environment—its capacity for following rules—is it’s strongest point, a trait that Hong Kong has lost momentum in. Mr. Chaturvedi also said that when it comes to momentum in innovation, China, Singapore and Hong Kong all have similar ranks, with China taking a slight lead.

Mr. Chaturvedi also says that Singapore’s robust institutions and innovation, as well as its growth momentum in both characteristics, has caused it to become the “most digitally-competitive” county in South East Asia.

This may be why Hong Kong has decided to emulate Singapore, in order to get ahead in the race. But considering Singapore’s advantage in robotics and finch, it is uncertain just how much Hong Kong will be able to catch up, though it now poses as a serious contender.

15 COMMENTS

  1. HK don’t use English as medium , but Cantonese as their mother tongue, their population of Chinese is greater then Sinkie land . However sinkie land have all the immigrants from Asia and most of them are not chinese

  2. For a country that has practically no taxes (for the individual), no gst/vat or similar, and can provide deeply discounted health care for its citizens, they’re doing pretty damn good.

    But they don’t really have a military budget as well. hmm.

  3. Was this written by someone who is financially literate ? What are the revenue items in HK and Singapore ? How are land sales booked there vs Singapore ? If we sell a lot more land in Singapore for private housing, how would it impact the price of affordable housing vis-a-vis HK. I am ok with firing criticism at ourselves, to better our way of life. But if you are a farmer, simply wanting to throw stones every day at your green house ? What the shit !

  4. When the BRI progresses further, there’ll be a natural shift northwards as the growing network of rail roads will draw businesses and population to be relocated closer to quicker and more economical transportation. Just as the development of rail networks opened up the interior of the US. HK will gain