Hong Kong Economic Policy Green Paper 2025 Policy Recommendations to Turbocharge Hong Kong's Economy

HONG KONG, Jan. 10, 2025 /PRNewswire/ -- HKU Business School yesterday unveiled the "Hong Kong Economic Policy Green Paper 2025" ("Green Paper"). This comprehensive document delves into various facets of Hong Kong's economic domain, from fiscal deficits, stock market dynamics, the MPF system, housing concerns, to the exploration of novel pathways for fostering a vibrant startup ecosystem. Moreover, the Green Paper also scrutinizes Hong Kong's role within the global supply chain, advancements in AI development, and the implications of climate risks on the city's economic future.

This is the 4th year the School has been collaborating with like-minded scholars who share a vested interest in Hong Kong's future development to co-author the annual "Hong Kong Economic Policy Green Paper". This year's edition will once again play a significant role in contributing to the development of Hong Kong's economy.

Professor Hongbin CAI, Dean and Chair of Economics of HKU Business School said, "Deeply rooted in Hong Kong, the HKU Business School has been committed to analysing Hong Kong's economic landscape and proposing policy recommendations through our expertise and exceptional research. Building on the success of the previous Green Papers, this annual publication serves as a testament to our dedication to fostering innovative solutions and stimulating constructive discussions about Hong Kong's future development. By collaborating with esteemed faculty and international scholars, we aspire to provide actionable strategies across a range of key sectors that will revitalize our economy and secure a prosperous future for our city."

Professor Heiwai TANG, Associate Dean (External Relations) & Victor and William Fung Professor in Economics of HKU Business School and Associate Director of Hong Kong Institute of Economics and Business Strategy added, "As Hong Kong navigates the complexities of evolving global supply chains, it must redefine its strategic role, not just as a bridge to the West, but as a vital gateway to emerging markets across Asia and beyond. In addition, Hong Kong's robust financial system and comprehensive professional services ecosystem uniquely position it to thrive as a global supply chain management hub, meeting the demands of a rapidly changing trade environment."

Professor Yang LIU, Associate Professor in Finance of HKU Business School stated, "Hong Kong's fiscal challenges won't simply be resolved through natural economic recovery. The city's reliance on land-based revenues has proven to be a double-edged sword, exposing it to substantial financial risks when the real estate market cools. Looking ahead, the Hong Kong government should fully leverage the government bond program to raise funds for infrastructure investment, an approach that would preserve long-term fiscal sustainability while fostering capital market development and supporting the internationalization of the renminbi."

Professor Alberto MOEL, Professor of Practice in Finance of HKU Business School stated, "According to the research, the startup ecosystem is weakest at the intermediate "Valley of Death" stages – precisely where they need the most support. By fostering partnerships that bridge academia and industry, we can better translate innovative ideas into market-ready products. Initiatives that encourage cross-university collaboration and industry engagement will be crucial to unlocking the full potential of Hong Kong's startup ecosystem."

Professor Alan KWAN and Professor Mingzhu TAI, Associate Professors in Finance at HKU Business School and authors of the article about MPF system, stated, "The MPF is a crucial aspect of financial inclusion in Hong Kong. However, its return performance is less than satisfying. Our findings uncover three primary drivers of its underperformance, which include: overly conservative asset allocation; inferior products, even after accounting for asset allocation; and high fees. With the upcoming launch of the e-MPF platform, it presents a well-timed opportunity to drastically improve Hong Kong's primary retirement savings system and the government has an opportunity to strengthen Hong Kong's financial services ecosystem, draw in more capital, and position Hong Kong as the wealth management hub for the region."

The Green Paper comprises eight articles, the key points are as follows:

Hong Kong Fiscal Deficits Analysis

Reviving Hong Kong's Stock Market: Key Challenges and Strategic Solutions

Oh, My Poor Funds - A Timely Revisit of Hong Kong's MPF System

Anatomy of a Housing Affordability Crisis: Hong Kong, 2001-2021

Understanding the Hong Kong Startup Ecosystem: A Framework and Future Directions

Opportunities and Strategies for Hong Kong to Become a Global Supply Chain Management Center

Artificial Intelligence and the Future of Hong Kong

Transform Climate Risks to Development Opportunities — Implications for Hong Kong's Economic Development in an Era of Climate Change

The full version of Green Paper can be accessed here. Hi-res photos are available here.

About HKU Business School

Established in 2001, HKU Business School is one of the youngest and most dynamic members of The University of Hong Kong (HKU). The School strives to nurture first-class business leaders and foster academic and relevant research to serve the needs of Hong Kong, mainland China and the rest of the world in the new Asia-led economy. As a top international business school in Asia, the School engages leading scholars from all corners of the globe and they instil in students global knowledge with an Asian perspective. The School attracts top students from Hong Kong and beyond.

HKU Business School offers a full spectrum of business education, and has achieved remarkable growth in faculty strength and research capability in the last two decades. The School ranks world's 13^th and Asia's No.1 in Financial Times' Aggregated Research Ranking in 2024; Asia's No.1 in UTD Research Rankings in 2021 and 2022; its full-time MBA has been ranked Asia's no. 1 in the World MBA Rankings released by the Economist Intelligence Unit (EIU) for 10 times and Hong Kong's no.1 in QS Global MBA Rankings for 5 consecutive years. The School has well-established and strategic partnership with world renowned universities and corporate partners, providing market-oriented content, superior learning and instrumental resources for our students.

To better serve our students and alumni in various cities and regions and facilitate collaboration opportunities with business communities around the globe, HKU Business School has established a unique international network that extends to Beijing, Shenzhen, Vietnam and Tel Aviv. The School is well-positioned to be a leading, globally-impactful academic institution of business and economics.

HKU Business School is fully accredited by the European Quality Improvement Systems (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB).

Visit us at https://www.hkubs.hku.hk/    

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Hong Kong Economic Policy Green Paper 2025 Policy Recommendations to Turbocharge Hong Kong's Economy

Collaborating to Drive Expansion in Hong Kong Auto Insurance Market

HONG KONG, Jan. 10, 2025 /PRNewswire/ -- On January 9, AXA Hong Kong and Macau ("AXA"), AXA Tianping P&C Insurance Co., Ltd. ("AXA Tianping"), and China People's Property and Casualty Insurance Co., Ltd. ("PICC Property and Casualty ") officially signed a Memorandum of Understanding (MOU) for the "Green Action Global" project. The three parties will leverage their respective market advantages to jointly promote the expansion of the auto insurance market in Hong Kong by sharing extensive channel resources, technical expertise, and successful experiences, while supporting the development of Chinese new energy vehicle insurance in Hong Kong.

Three parties collaborate to expand the auto insurance market in Hong Kong

In the presence of Yu Ze, Vice President of PICC Group and President of PICC Property and Casualty; Sally Wan, Chief Executive Officer of AXA Greater China; Kenneth Lai, Chief General Insurance Officer of  AXA Hong Kong and Macau; Kevin Chor, Chief Executive Officer of AXA Tianping P&C Insurance Co., Ltd.; Yao Rui, Deputy General Manager of Vehicle Insurance Department of PICC Property and Casualty; Billy Wong, Chief Underwriter Officer, General Insurance, of AXA Hong Kong and Macau; and Scott Yin, Chief Actuary and Chief Pricing Officer of AXA Tianping, as well as General Manager of the Shanghai Reinsurance Operations Centre signed an MOU. This partnership signifies that two leading insurance groups are committed to collaboratively fostering the sustainable development of the insurance industry. Their initiatives will include enhancing service networks and investing in the research and development of innovative products and technologies. Additionally, AXA will leverage its extensive distribution network to provide customers with diverse and comprehensive insurance solutions, while supporting mainland Chinese enterprises in expanding their businesses.

Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau, said, "This collaboration fully demonstrates AXA's commitment to promoting green finance and sustainable development. We will leverage our global resources and professional expertise to support the development of related businesses in Hong Kong through our well-established distribution network. This partnership will enhance AXA's risk management capabilities for new energy vehicle insurance in Hong Kong. We look forward to deepening our connections with PICC Property and Casualty, building closer relationships, and jointly bolstering the sustainable development of the insurance industry."

Yu Ze, Vice President of PICC Group and the President of PICC Property and Casualty Company, said, "The signing of this MOU marks a significant milestone in our deep collaboration at the business level, as well as an innovative exploration of global insurance cooperation models. This carries profound significance and influence. Our collaboration will not only bolster the competitive edge of mainland China and Hong Kong insurance companies in the global market, but it also represents a crucial step in promoting the global layout of mainland China's automobile and supply chain industries. Furthermore, it will aid in the development of a high-quality framework for mainland China's insurance industry that embraces two-way opening up."

About AXA Hong Kong and Macau 

AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 51 markets and serving 94 million customers worldwide. Our purpose is to act for human progress by protecting what matters. 

As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers' needs and leveraging and investing in technology and digital transformation.

We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles - as an investor, insurer and an exemplary company.

THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE: AXA.COM.HK

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AXA, AXA Tianping, and PICC Strengthen Cooperation, MOU signed on "Green Action Global" project