Family businesses will need to respond to higher demands on sustainability, Hong Kong’s finance chief said on Saturday, stressing that family capital can and should play a catalytic role in this transformation by scaling up green solutions and supporting systemic change.
Around the world – with only a few exceptions – green is high on the agenda of consumers, investors and governments, Paul Chan Mo-po said while delivering a speech at Family Education and Legacy Forum 2025 in the city.
Speaking on creating a legacy, the financial secretary said: “I understand you do care about the collective good of our community and the world. But my point is not exactly philanthropy, but the well-being of the people, which must be embedded as a core value of businesses.”
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Referring to the stories of the Six Little Dragons of Hangzhou like DeepSeek and Unitree Robotics, he said while people often focus on their technological prowess, he believes the success of the companies is also driven by their deep aspiration that innovation should be affordable, accessible and inclusive.
Chan, in this connection, cited some examples from the Hong Kong Special Administrative Region. “For instance, a surgical robot company born out of the Chinese University of Hong Kong is producing affordable surgical robots for broad applications in Hong Kong, the mainland and beyond, benefiting thousands of patients with limited means.”
Several fintech firms are exporting innovative financial solutions to Southeast Asia, making credit and financial services more accessible to underserved communities, he said, adding that the founders of the companies share the same vision of inclusiveness.
Pointing out that the forum was taking place at a time when the world is facing protectionism and unilateralism unseen for decades, he highlighted Chinese values that emphasize on harmony, consensus building, shared progress, and common prosperity.
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Sharing his personal reflections about family businesses, the financial secretary said: “While pursuing one’s dreams and being open to new opportunities, one must manage their risk exposure, in particular liquidity and leverage level.”
Recognizing megatrends and associated opportunities and risks is important, he said.
Talking about a few forces that will define the coming decade, he said, “We must recognize that strategic competition among major powers will likely persist. The days of seamless globalization are giving way to geo-economic fragmentation, marked by tariffs, technology barriers and polarization of international politics.”
Going forward, three regional blocs may emerge – the Asia-Pacific; India, the Middle East and Europe; and the Americas, he said, adding that within a region, there will be more collaboration and partnership; but between regional blocs, competition will be more intense.
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“For family business owners, this means recalibrating strategies, managing risks across jurisdictions, and identifying new regional opportunities.”
Saying that artificial intelligence is deeply integrated across sectors and that the "AI+ era" is unstoppable, he said, “To embrace it is not only about resources and investments but more importantly, a shift in mindset.”
Among those present at the forum were the Chair of the forum organizing committee Yanice Mak, Vice President of the United Nations Educational, Scientific and Cultural Organization Hong Kong Association Professor Enoch Young and Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim.
