HONG KONG SAR - Media OutReach Newswire - 16 January 2025 - As 2025 unfolds, the global economic landscape is being reshaped, with innovative technologies redefining industrial development. This marks a crucial period for Hong Kong, poised to spearhead future economic growth through innovation-driven productivity. Hong Kong Productivity Council (HKPC) hosted its thought-provoking annual signature event, “ForeSight 2025” (the Forum) today, themed “Navigating the Future of Hong Kong’s Economy with New Productive Forces.” Professor Justin Yi-fu LIN, Dean of Institute of New Structural Economics at Peking University, delivered the keynote speech to an audience of over 400 distinguished representatives from the technology, finance, and manufacturing sectors. The “ForeSight Leaders Panel” held later at the event had an in-depth discussion on how Hong Kong can harness New Productive Forces to foster sustainable economic development.
Hon Sunny TAN, Chairman of HKPC, emphasised the crucial role of New Productive Forces in shaping Hong Kong’s economic future. He stated that the HKSAR Government is actively aligning with national development strategies, leveraging Hong Kong’s strengths in fundamental research and its international standing to accelerate the development of New Productive Forces. This focus aims to foster emerging industries and transform traditional sectors. HKPC has launched the “New Productive Forces Service Platform,“ designed to empower businesses, particularly SMEs, to capitalise on emerging opportunities, enhance competitiveness, and contribute to high-quality development.
Hon Sunny TAN added that the Forum featured a keynote speech by Professor Justin Yi-fu LIN, former Chief Economist of the World Bank, who has analysed Hong Kong’s distinct industrial advantages and development prospects from the perspective of “New Structural Economics,“ exploring strategic pathways for Hong Kong to enhance New Productive Forces within the current global context. Furthermore, the Forum convened influential industry leaders to examine how Hong Kong can strategically deploy innovation and technology (I&T) to maximise its unique advantages in new industrialisation, facilitating SMEs’s global expansion, and strengthening intellectual property protection. Through this Forum, HKPC aims to equip businesses with the insights and tools necessary to seize innovative opportunities and contribute to a more prosperous Hong Kong.
Professor Justin Yifu LIN, Dean of the Institute of New Structural Economics at Peking University, offered insights into Hong Kong’s unique advantages in developing new productive forces from the perspective of “New Structural Economics”. As the first scholar from a developing country to serve as the World Bank’s Chief Economist, Professor LIN noted that new productive forces stem from technological revolutions and industrial transformations, characterised by “high-end technology, high quality, and high efficiency.” To cultivate these forces, it is essential to foster emerging industries such as new energy, advanced materials, artificial intelligence (AI), electronic information, and biomedicine. Additionally, developing future industries like quantum computing and controlled nuclear fusion is crucial. This process also requires the effective integration of digitalisation, intelligent automation, and green technologies to enhance and upgrade traditional industries.
Professor LIN further emphasised that Hong Kong should adopt a pragmatic “build before breaking and adapt to local conditions” development strategy for fostering new productive forces. Leveraging its world-class educational resources, rich talent pool, and strong connections to the extensive manufacturing ecosystem in Mainland China, Hong Kong is uniquely positioned to commercialize research and development outcomes and upgrade traditional industries. Hong Kong boasts a well-established innovation ecosystem that serves as a vital bridge between Mainland and global markets. This strategic advantage will enable Hong Kong to achieve significant breakthroughs in areas such as smart manufacturing and green finance, effectively capitalising on the opportunities presented by the Fourth Industrial Revolution.
ForeSight Leaders Panel Focuses on Innovative Development
The “ForeSight Leaders Panel”, moderated by media veteran Professor Vincent WONG Wing, focused on the pivotal question: “How New Productive Forces Can Propel Hong Kong’s Economy to New Heights.” Professor Simon WONG, Vice President of the Chinese Manufacturers’ Association of Hong Kong (CMA), highlighted the CMA’s initiatives to promote sustainable development among local businesses, encouraging SMEs to embrace digital transformation, and implement ESG principles to enhance competitiveness and foster sustainable economic growth. Mr Jude CHOW, Deputy Chairman of the Federation of Hong Kong Industries (FHKI), shared the FHKI’s successful collaboration with HKPC on environmentally friendly technology innovation projects. He reaffirmed FHKI’s commitment to facilitating industry collaboration through networking events, enabling Hong Kong businesses to capitalise on opportunities from the Belt and Road Initiative and the green economy for high-quality development. Dr Kang QU, Managing Director of Sustainability Strategy, Deputy General Manager of the Economics & Strategic Planning Department and Deputy Head of the Hong Kong Financial Research Institute at Bank of China (Hong Kong), underscored the crucial role of green finance in driving new productive forces. He pointed out the strong global demand for green investments and Hong Kong’s potential to attract substantial green capital by leveraging opportunities in Belt and Road Initiatives, with its robust financial system and leading green bond market.
HKPC Walks Hand-in-Hand with Industries
Looking ahead, HKPC will continue to empower businesses with advanced technologies to seize opportunities in this area. As the first institution selected to establish a Technology and Innovation Support Centre (TISC) under the joint endorsement of the China National Intellectual Property Administration (CNIPA) and the World Intellectual Property Organisation (WIPO), HKPC will help businesses unlock their innovation potential. This includes support for creating, protecting, managing, and commercialising intellectual property, strengthening Hong Kong’s position as a regional intellectual property trading hub. HKPC is also actively empowering SMEs to expand overseas by providing comprehensive support. This encompasses consultation on Government funding schemes, remote factory management, automation, ESG consulting, green solutions, and technical training to assist expansion into ASEAN and “Belt and Road” markets.
In this evolving landscape, HKPC will continue to work hand in hand with the industry, collaborate with various sectors including the Government, industry, academia, research, and investment to accelerate the transformation of research achievements and the implementation of advanced manufacturing technologies. HKPC is committed to contributing to Hong Kong’s development as an international I&T hub, promoting New Productive Forces and new industrialisation.
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