Scholars discuss reasons for Hong Kong’s success

Hong Kong’s strength lies in its ability to generate new economic opportunities.

A panel of scholars meeting in Toronto, Canada talked about the key role economic freedom plays in Hong Kong’s economic success over the past decades. Hong Kong has retained its position as the world's freest economy, said the Fraser Institute in Canada and the US-based Heritage Foundation.

Professor Li Kui-wai of the Economics and Finance Department of City University of Hong Kong said that with a reliable civic and economic system, the path of economic freedom in Hong Kong is the ability to generate new economic opportunities to help others prosper.

Professor Li emphasized the need for mainland China and Hong Kong to preserve the foundations of Hong Kong's success.

"Economic integration with the mainland economy has been an ongoing activity in Hong Kong . . . the exploration of mutual advantages seems to be the best outcome for both economies,” he said.

Li said Hong Kong needs new investment and restructuring, allowing new jobs, industries and businesses to emerge and prosper

"Hong Kong should look for ways to attract new investment locally, from Mainland China and from foreign countries,” he said. "The rising mainland economy should be a blessing for the next phrase of economic development in Hong Kong,"

Li noted that economic freedom is an effective bridge that will link Hong Kong’s past success to future new economic heights.