Taoist teachings could aid economic wisdom
Forty years ago, I wrote a letter to the Post published under the headline, “Policy motto for 1984”. Back then, there were 13 years to go before 1997. In 2024, with 23 years to go before 2047, we are fortunate or unfortunate to be facing more challenges: an economic slowdown, a huge budget deficit and a property slump, amid a global backdrop of war and economic decoupling.
As Hong Kong has returned to the motherland, 2047 is different in nature from 1997, however; time is on our side.
This year has been earmarked for the enactment of Article 23 legislation, a goal I believe we can achieve without encountering any serious obstacles.
But how do we revive the stock market, property market and the eateries?
Here, we might consider the Taoist teaching of wu wei. The man in the street may have the misconception that wu wei (literally, “no action”) means lying flat or doing nothing. Actually, it is relevant to public administration, particularly in difficult times.
The practice of wu wei could be consistent with economic and fiscal wisdom. Bearing in mind that it would not be wise to burn the candle at both ends, should we go ahead with our mega projects in our current fiscal circumstances? Perhaps only if we have adequate funds for a rainy day.
Meanwhile, could we consider listing our cross-harbour tunnels, bridges and airport? In so doing, we would have a bigger crop of initial public offerings. The government would also be providing investment opportunities to members of the general public and encouraging them to be stakeholders. This would contribute to people’s sense of belonging, and thus social stability and harmony.
Hong Kong is an economic city, not a political city. If we can maintain our status as a unique Chinese city while upholding the principle of “one country, two systems”, Hong Kong will shine brighter and continue to contribute towards the development of China in the years ahead.
Lo Wai Kong, Tsuen Wan