I write regarding the 2026-27 Hong Kong Budget amid geopolitical tensions, to restore Hong Kong status as a leading international hub, prioritize attracting global talent, investment, and collaboration.
Diversify income and capital from overseas sources over mainland reliance. In 2025, Hong Kong welcomed 49.9 million visitors (provisional, HKTB): 76% mainland (37.8 million, +11% YoY), 24% overseas (12.1 million, +15% YoY). Mainland sources held ~32.7% of inward direct investment stock at end-2024 (C&SD). Boosting overseas inflows via MICE and financial services will yield sustainable, high-value revenue.
Focus on two key suggestions:
- Attract more international business and technology meetings/conferences to draw high-value overseas visitors. Allocate funding for incentives: subsidized venue rentals (e.g., 50-100% discounts via expanded ISRE 2.0/Hong Kong Rewards), targeted marketing to Europe, North America, Southeast Asia, Middle East, and Australia, and streamlined visas. Support flagship events in AI, fintech, and open tech (e.g., RISE, PyCon HK, HK Open Source/Data Forum). Promote open source, open data, and open-source AI as enablers of digital sovereignty amid global uncertainty—reducing dependencies, building trust, and positioning Hong Kong as a neutral platform for cross-border innovation and partnerships.
- Support HKEX in establishing an open data portal for Hong Kong Stock Exchange data to enhance transparency and appeal to overseas investors/analysts. Start with daily trade data (timestamps + volumes per order), evolving to hourly releases for historical analytics and non-real-time uses (e.g., modeling, research). Reserve real-time access for licensed agencies to protect revenue. A modest HKD 50-100 million allocation for development, infrastructure, and security would align with practices in Singapore and New York, spurring fintech ecosystems and overseas capital inflows.
These focused investments will help Hong Kong reclaim its edge, foster growth, and reinforce our role as Asia’s world city.