In face of the China-US trade and tech wars, the trading and logistics industry has borne the brunt of them while tourism, which has come to a grinding halt during the pandemic, will take more time to recover. [...] How to break the historical deadlock of the economy? In my opinion, further to its transformation into a manufacturing-oriented economy in the 1960s, followed by another one in the 1990s towards the service domains of finance, real estate, logistics, etc., Hong Kong must now undergo a third economic transformation. [...] The establishment of a hi-tech manufacturing industry should use the local market as the starting point while targeting the global market as the ultimate goal. [...] In terms of the financial sector, the SAR Government and the Hong Kong Monetary Authority have already become aware of the importance of internet banking, big data, and fintech. [...] Economic theory as the basis of industrial policy In the final analysis, the “big market, small government” non-intervention policy advocated by the British colonial government of Hong Kong during the 1960s and 1970s was the most appropriate economic policy approach and philosophy in the absence of market failure.
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