Hong Kong was once a prosperous 20 years ago, but its economic stagnation is dwarfed compared to the Rise of China, even to a point that I see where neighboring Providences like Guangzhou and Shenzhen is equal or better than Hong Kong in terms of technological innovation and lack of economic integration to Hong Kong.
Let’s be accurate here, the Rise of Hong Kong in the years leading up to Hong Kong is because China was opening up and Hong Kong was the gateway to the world, not because of British rule. Now that China has already opened up to the world, it no longer needs Hong Kong to be its gateway. Because of this, much of the economic prosperity has been bypassed by China. For example, Hong Kong was innovative when it used Octopus cards for Cashless Payments. China has eclipsed Hong Kong’s innovation in Mobile Payments yet Hong Kong largely failed to adopt them.
Another Criticism of Hong Kong’s government is that they try to bolster up its existing industries like tourism, financial hub, services, and retail instead of trying to create new industries like IT, health and renewable energy. In fact, much of Hong Kong has not been built up like in the New territories like what it has been built up in the southern parts like in Kowloon and Hong Kong Island. The new Chief Executive Carrie Lam doesn’t have the priority is not doing this, but rather try to fix the housing problem.
Another problem is with its Lego failed Hong Kong because of political deadlock which failed to implement many legislation but instead there was lots of political infighting. In fact, much of Hong Kong has been trying isolate themselves of “International City” instead of integrate with China as a gateway to Hong Kong’s economy. Until then, Hong Kong will probably flounder for the next 20 years.