The Hong Kong Special Administrative Region government is conducting a public consultation for the upcoming 2025 Policy Address.

Reflecting on previous Policy Addresses, including those I have commented on in recent years, it becomes clear that certain patterns have emerged. The administration has rightly focused on critical areas such as talent attraction, housing supply, innovation and technology, and financial development. Each successive Policy Address has built on the one before it — iterative, at times cautious, but increasingly willing to take bolder steps. What now remains is to shift from recovery to reinvention. The 2025 Policy Address must not only continue to respond to short-term needs but also look forward — decisively and ambitiously — toward a sustainable, diversified, and inclusive future.

Despite the negative external economic circumstances, Hong Kong had a good 2024 and is expected to have a better 2025, which will see the city consolidating its status as one of the world’s most significant international financial centers.

One of Hong Kong’s most valuable strategic assets continues to be its position as a bridge — between East and West, between the Chinese mainland and the international market, and between legacy institutions and emerging systems. With China advancing steadily toward a leadership role in global finance and trade realignment, the SAR must double down on its role as the preferred gateway for international investors into the Guangdong-Hong Kong-Macao Greater Bay Area and beyond.

To achieve this, the next Policy Address must consolidate Hong Kong’s leadership in the offshore renminbi business. Pilot projects integrating the digital RMB (e-CNY) into cross-border payments, further expansion of Bond Connect and Swap Connect, and a clearer regulatory framework for digital assets will all be essential.

Hong Kong went through the Asian financial crisis, the SARS outbreak, the global financial tsunami, and the COVID-19 pandemic without diminishing its role as an international financial center. This was so because of Hong Kong’s strength and its resilient nature.

While Hong Kong has indeed been through some rough years, its attractiveness has not diminished at all. Furthermore, the city excels in many other areas, such as arts and leisure, culture, state-of-the-art facilities and infrastructure, and low crime rates, which makes it a very attractive destination for business and leisure travelers.

Let us take that opportunity seriously. Because how we shape this next Policy Address will not only reflect our current challenges — it will define the kind of city Hong Kong will be in decades to come

One of the areas the upcoming Policy Address should focus on is that of attracting more tourists as well as organizing more high-caliber conferences and sports events, which will not only bring more revenue to the city but also help promote Brand Hong Kong.

Hong Kong is a very attractive city for tourists from all over the world, and the numbers prove it. In 2024, the city welcomed a record increase in tourists, a testament to its resilience, allure, and ability to adapt to a changing global landscape: Hong Kong’s hospitality sector saw a 31 percent surge in visitor numbers in 2024, welcoming almost 45 million tourists, according to data from the Hong Kong Tourism Board.

As I mentioned, organizing major international events will play a key role in Hong Kong’s future growth too.

For example, a few months ago Hong Kong hosted the Asian Financial Forum, organized by the government and the Hong Kong Trade Development Council.

This was just one among the many high-profile events celebrated in Hong Kong. For example, Hong Kong FinTech Week, held in late October, aimed at solidifying Hong Kong’s position as a leading global financial and fintech hub.

Then there’s the Hong Kong Sevens rugby tournament, a major sports event which year after year attracts visitors from all over the world, and whose 2024 edition saw all 40,000 three-day passes sold out, and whose 2025 edition was held in a new 50,000-seat venue at Kai Tak Sports Park, with a record three-day attendance of 139,000.

Housing, of course, remains the perennial policy challenge. The new Policy Address must reaffirm that solutions cannot only be about land supply. While projects like the Northern Metropolis aim to address long-term shortages, more must be done to tackle the current housing burden. Transit-oriented development, in which residential units are developed alongside transport and retail hubs, needs to be fast-tracked. Furthermore, the government should consider testing a city-backed affordable rental program tied to key economic sectors — particularly for professionals in public service, education, healthcare, and the creative industries.

To sum up, Hong Kong needs to leverage the upcoming Policy Address to sustain socioeconomic development amid pressing challenges. The consultation process invites every stakeholder — residents, professionals, students and entrepreneurs — to be part of that story. Let us take that opportunity seriously. Because how we shape this next Policy Address will not only reflect our current challenges — it will define the kind of city Hong Kong will be in decades to come.

The author is a fintech adviser, a researcher and a former business analyst for a Hong Kong publicly listed company.

The views do not necessarily reflect those of China Daily.