Hong Kong has repeatedly found itself in cycles of change and adaptation. Recent years have struck economic blows and the world we face looks quite different to what it was 10, or even five, years ago.
Hong Kong has often been described as a bridge between the East and the West, including by myself. The city rightly has a hard-earned reputation for bringing together leading institutions within the highest levels of business support structures with an unrivalled understanding of and reach in China.
The role that Hong Kong plays is not just as a springboard into and out of mainland China, providing the services, support and financing that companies require. Our city now needs to be a platform for discussion and market leadership, where ideas are formed and problems solved. We have much to offer in terms of experience and insight, and we need to go out with confidence about the value we can add.
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John Lee’s uphill battle to secure Hong Kong’s future | Talking Post with Yonden Lhatoo
John Lee’s uphill battle to secure Hong Kong’s future | Talking Post with Yonden Lhatoo
The acceleration of generative AI and quantum computing means predicting needs that will require the assessing of global technological information. One thing I am certain enough to predict is that we will see a sweeping need for knowledge and skills, the absence of which will restrict progress.
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How a Hong Kong school embraces ChatGPT in the classroom
How a Hong Kong school embraces ChatGPT in the classroom
That companies give students access to the right training early on is important. Internships are highly prized and competitions such as the Asia-Pacific Business Case Competition, jointly organised by HSBC and the University of Hong Kong, give students real-life challenges to work on.
There are many such initiatives, and they should be encouraged and supported as they act as the bridge of skills development in the transition from university to the workplace.
Knowledge is important but hard to achieve in developing technologies. This makes the development of soft skills paramount. Unlike specialised expertise which can be less transferable, soft skills can be applied across a range of domains, providing the versatility that is now a necessity.
It is vital that we nurture a workforce with these characteristics, leveraging Hong Kong’s strengths and bringing an innovative approach, including to other markets around the world.
We must have the mindset of continued investment in education and skills development, both for the workforce and the students coming through. The World Economic Forum’s “Future of Jobs Report 2023” found that 60 per cent of workers globally will require training before 2027 but only half had access to adequate training. We must ensure such a dynamic does not take hold in Hong Kong.
We must strive for the latest knowledge and understanding but not forget the skills that will allow us to apply these. Employers need to value the soft skills in graduates and young talent, while recognising that knowledge can be obtained.
Peter Wong is chairman of the Hongkong and Shanghai Banking Corporation Limited and the Hongkong Bank Foundation
