business · Bastillepost

Chan: Talent Quality Crucial in Cross-Border Economic Competition

Bastillepost · 2 SOURCESabout 3 hours ago2 MIN

Summary

Financial Secretary Paul Chan Mo-po told a press conference that talent represents the most valuable asset for any economy, and that competition between different economies ultimately depends on talent quality. He highlighted that Hong Kong possesses its own advantages while facing two significant challenges: population aging and the imperative for economic transformation. The city needs to develop emerging industries such as technology and innovation, but relying solely on local talent cultivation cannot satisfy the rapid development demands of these industries, necessitating the importation of relevant talent from overseas and mainland China.

Key Points

Paul Chan Mo-po stated at a press conference that talent is the most valuable asset in any economy
Hong Kong faces two major challenges: population aging and economic transformation requiring new industries
The city must develop emerging industries such as technology and innovation to stay competitive
Local talent cultivation alone cannot meet the demands of rapid industry development
Hong Kong needs to import talent from both overseas and mainland China to supplement local workforce
Talent equipped with conditions, experience and professional skills to support economic development is crucial for future growth

Why It Matters

This underscores the strategic importance of talent attraction in Hong Kong's economic planning. With an aging population and an ongoing shift toward knowledge-based industries, the city must successfully draw skilled professionals from abroad and the mainland to maintain its competitiveness as a regional financial and innovation hub .