There is no doubt that Hong Kong is going through challenging times. The local economy is still recovering, the Chinese economy is struggling to regain its footing, Hong Kong’s international perception is less than satisfactory, and it is caught in a vise between the geopolitical competition between China and the US. And Hong Kong’s new positioning in view of the tremendous global changes and technological advances is still unclear.
However, there are signs that Hong Kong is slowly moving through the doldrums with more confidence. AmCham’s annual Business Sentiment Survey, released in late January, showed members are cautiously optimistic about their business in Hong Kong and about Hong Kong itself. Respondents’ biggest worries are US-China relations, the Hong Kong economy, and international perceptions of Hong Kong. But they also have slightly more confidence about the future and about the rule-of-law in Hong Kong than last year. Still, they are concerned that Hong Kong is not doing a good job telling the world about the special characteristics of Hong Kong, including more emphasis on economy and less focus on security. And they are concerned about US policies which blur the differences between China and Hong Kong.
But Hong Kong is persevering. In March and April, there will be Art Basel, there will be the iconic Rugby Sevens in the brand-new spectacular Kai Tak Sports Park, there will be major global conferences here, and there will be large entertainment events. Our own China Conference will feature experts and former US Deputy Secretary of State Kurt Campbell. All these events, together with the extreme trail running events which took place in the mountains and wilderness of Hong Kong these past couple of months, showcase the vitality and importance of Hong Kong.
In this issue, you will read about some of the attractions and work going on in Hong Kong, along with the usual insightful articles on China. Finally, you will read about our Women of Influence, celebrating its 21st year, highlighting the women of Hong Kong who help make this city a great place to live and work. They are part of the Hong Kong spirit.