Hong Kong Burnishes China Ties As It Loses Business Clout

Every few generations, Hong Kong transforms itself, from a marshy fishing town to a 19th century colonial port, to a capitalist outpost and factory after China's 1949 revolution, to a 21st century financial hub, Zen Soo and Joe McDonald reported for the Associated Press (AP).

Photo Insert: Authorities in Hong Kong believe the city should become a technology leader, relying on relationships with surrounding Chinese factory cities rather than worldwide trade.

As the former British colony celebrates the 25th anniversary of its return to China, recovering from financial constraints that crippled industry and a crackdown on its pro-democracy movement, authorities in Hong Kong say it is time to modernize once more.

They believe the city should become a technology leader, relying on relationships with surrounding Chinese factory cities rather than worldwide trade.

The government of Chief Executive-elect John Lee is under pressure to find new sources of economic growth, moving beyond the COVID outbreaks and anti-virus controls that have devastated tourism and business, as well as uncertainty about the legal climate following a crackdown on the city's pro-democracy movement.

During his election campaign in April, Lee promised to "start a new chapter" for the city, better known as one of Asia's busiest ports and stock exchanges, and to "strengthen its competitiveness" in technology, innovation, trade, and finance.

Lee provided no details, but did mention the Greater Bay Area, a Chinese government project to connect Hong Kong with surrounding mainland cities such as Shenzhen, a technology and finance center, and Dongguan and Foshan, manufacturing powerhouses.

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