In a recent address, Michael Kadoorie, chairman of CLP Group, emphasized the resilience and agility of Hong Kong's economy, urging stakeholders not to underestimate the city's potential for recovery. Speaking on September 26, 2024, Kadoorie highlighted the importance of private sector involvement in revitalizing the economy, a sentiment echoed by Chief Executive John Lee Ka-chiu during a town hall meeting on August 25, where he called for local businesses to embrace new technologies [6b00398a][f1bf3c6f].
Kadoorie's remarks come at a time when Beijing has introduced stimulus measures to combat an economic slowdown, reflecting a broader strategy to support growth amid global uncertainties [f1bf3c6f]. The Kadoorie family, with a long-standing history in Hong Kong's energy sector since the founding of CLP in 1901, represents a blend of historical and future perspectives on the city's economic landscape [f1bf3c6f]. As of 2024, Michael Kadoorie ranks as the 13th richest individual in Hong Kong, with a fortune of US$6.3 billion, underscoring his significant influence in the business community [f1bf3c6f].
During the town hall meeting, Lee noted that the economy had grown by 3.3% in the second quarter of 2024, buoyed by a recovery in tourism and local attractions like Ngong Ping 360 [eafe50e8]. He also discussed the need for mental health resources in care homes, indicating a comprehensive approach to community well-being alongside economic recovery [6b00398a].
The recent public forum on August 18 further illustrated community engagement in economic discussions, with residents proposing innovative ideas to enhance tourism, such as recruiting volunteer tourism ambassadors [9f379bd3]. Kadoorie's insights align with these community-driven initiatives, as he pointed out the cyclical nature of economic downturns and the importance of adapting to changing circumstances [f1bf3c6f].
Additionally, there is a growing interest in promoting sailing tourism in Hong Kong, which experts believe could create jobs and attract affluent families to the region, complementing the city's broader tourism initiatives [fa450964]. However, challenges remain, particularly regarding Hong Kong's international image, which has been affected by the 2019 social unrest and the Covid pandemic. Bernard Chan, chairman of Our Hong Kong Foundation, emphasized the need to rebuild this image to attract international visitors [cf6e3da9].
As Hong Kong navigates these economic challenges, the collaboration between the government, private sector leaders like Kadoorie, and community members will be crucial in shaping a sustainable and prosperous future for the city.