City connects the country with global markets, thriving amid economic shifts
The Hong Kong Special Administrative Region is uniquely positioned to flourish in a rapidly evolving multipolar world economy, thanks to the city’s blend of “dual advantages” under the “one country, two systems” framework, its vibrant competitiveness, and strategic government policies.
During an economic forum organized by the SAR government on Tuesday, two Nobel laureate economists, Joseph Stiglitz and Michael Spence, along with heavyweights from the city’s finance and business sectors, discussed Hong Kong’s vital role amid a rapidly shifting, multipolar world.
Addressing the forum, Hong Kong Chief Executive John Lee Ka-chiu emphasized that Hong Kong plays a “critical role in global economic transformations in these times of economic uncertainty” by connecting the nation’s commitment to “high-quality development” with the rest of the world, particularly the Global South.
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The forum was jointly organized by the SAR government and the National Academy of Economic Strategy, a Beijing-based research and publishing institute specializing in Chinese economic policy.
Offering a macro perspective, Stiglitz said that the traditional world order — shaped after World War II and long dominated by the United States — has fractured irreversibly. The Columbia University professor warned that growing inequality and the breakdown of global systems demand new regional alliances, green investment, and policies that reject the failures of trickle-down economics.
Spence said, “The only alternative is to reconstruct some version of a multilateral system that’s more complicated and practical.”
Zhao Zhimin, secretary-general of the Chinese Academy of Social Sciences, concurred, saying, “The world is going to be multipolar, inevitably and undeniably.”
In navigating the shifting waters of global economic transformation, “China is the answer,” added Spence.
With China standing at a pivotal point in the emerging multipolar world, the Hong Kong SAR is strategically positioning itself as a global hub that bridges China with the world while fostering innovation and international business, Zhao said.
Spence, who is also a senior fellow at the Hoover Institution, detailed how the global economy is being fundamentally altered by supply chain disruptions, great power rivalry, and the artificial-intelligence revolution. The Canadian-American scholar stressed that the old playbook of efficiency and open markets is giving way to national security priorities, technological competition, and the need to reimagine multilateral cooperation.
“We’re entering a world that’s very different from what we’ve known,” he said, noting that Hong Kong’s capacity for adaptation and its centrality to regional innovation make it a key player in the emerging order.
Lee said he believes the city is gaining momentum for a new phase of growth. He highlighted robust third-quarter growth and noted that the SAR is now among the top three Asian financial centers and ranks first regionally for economic freedom.
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Jonathan Choi Koon-shum, chairman of the Chinese General Chamber of Commerce, said, “Hong Kong is also a ‘CIO’ in the process — a connector, an investor, and an operator in the business world, especially in the newly emerged trends from green investment to artificial intelligence.”
As the focus shifts from a single-market orientation to proactive internationalization, Hong Kong’s infrastructure and world-class logistics keep cross-border e-commerce and supply chains running efficiently, said Andrew Sheng Len-tao, a member of the International Advisory Council at the National Financial Regulatory Administration.
The city is becoming a springboard for mainland Chinese enterprises to “go global”, and for global investors to tap into Chinese capital markets, amplifying two-way flows, he added.
Contact the writers at jessicachen@chinadailyhk.com
