Ensure HK attracts more local and overseas talents
The International Institute for Management Development (IMD) published the World Talent Ranking 2018 on Nov 20. Among 63 countries and regions, Singapore ranked first in Asia and 13th in the world in the field of cultivating and attracting talents. As for Hong Kong, its international ranking dropped from 12th to 18th and has lost the top position in Asia. Incorporating this year’s result, Singapore has outperformed Hong Kong three times in the past five years, while our city took the lead in 2016 and 2017.
Firstly, it is noteworthy that Hong Kong’s rankings in the three major scoring indicators — “investment and development of talent”, “attraction and retention of talent” and “talent readiness” — have all dropped from last year. Secondly, Hong Kong ranks 31st and 14th, respectively, in “investment and development of talent” and “attraction and retention of talent”, which is higher than Singapore’s 34th and 15th positions. Nevertheless, Hong Kong ranks ninth in “talent readiness”, which is far behind Singapore’s second place. Thirdly, the World Talent Ranking 2018 notes that Hong Kong is performing well in attracting overseas professionals to maintain a top-level talent pool. However, Hong Kong is falling behind in public education investment, which only accounts for 3.3 percent of Hong Kong’s GDP and ranked 56th in the world. Our city is far less competitive than Singapore in science education, language ability and education system, university rankings, etc.
Chief Executive Carrie Lam Cheng Yuet-ngor said that the SAR government attaches great importance to education and talent, and will not be dismayed by the above rankings. I happen to have some ideas on how Hong Kong can cultivate and attract more talents:
Firstly, the SAR government should endeavor to build an international innovation center and boost efforts to cultivate and attract outstanding talent.
Specifically, the first thing to do is to actively promote collaboration between scientific research centers on the mainland and higher institutions in Hong Kong, so as to nurture and attract top talents while carrying out first-class scientific research projects. On Sept 20, the SAR government and the Ministry of Science and Technology signed an arrangement on enhancing innovation and technology cooperation between the mainland The author is a senior research fellow of China Everbright Holdings and Hong Kong. At the same time, licenses were given to 16 partnered laboratories at local universities to become national laboratories. On Nov 8, the SAR government and the Chinese Academy of Sciences signed a memorandum of understanding on establishing affiliated institution in Hong Kong. The Guangzhou Institute of Biomedicine and Health and the Institute of Automation, two of CAS’ subsidiaries, will establish their presence in the research clusters on healthcare technologies and on artificial intelligence and robotics technologies to be set up at the Hong Kong Science Park. The affiliated institution of the CAS in Hong Kong will also serve as the Secretariat of the Greater Bay Area Academician Alliance to be set up in Hong Kong. On Nov 8, Carrie Lam announced that the University Grants Committee would set up a funding scheme for joint laboratories, which will provide HK$30 million subsidy to joint laboratories accredited by the CAS in the 2018-19 academic year.
I hope the SAR government will consider increasing the relevant funding and promote closer cooperation with the mainland. The more first-class research projects are launched in Hong Kong, the greater the potential for local universities in Hong Kong to cultivate and attract talent.
It is recommended that the government provides housing allowances for the leading figures and key members responsible for the development of the international innovation center. After the IMD report was released, local media analyzed the reasons for the decline in Hong Kong’s ranking, attributing it to the high consumer prices, with cost of living among the highest in the world. This is a negative factor that should not be underrated. An important factor that contributes to the high living costs is the exorbitant property prices and rents. At present, financial talents from overseas can often only live in a 600-square-feet flat in Taikoo Shing, whereas they can be offered a 2,000-square-feet flat or a villa if they choose to work in Singapore.
Hong Kong’s universities are operated under limited budgets and therefore it is difficult to offer inno-tech talent housing allowances that are significantly higher than those of other faculty members. The government may consider setting aside a budget from the funding granted to the Science Park as housing allowance for key figures required for the development of the international innovation center, regardless of whether they are Hong Kong permanent residents or overseas talents.
Secondly, Hong Kong must take proactive steps to integrate itself into the Guangdong-Hong KongMacao Greater Bay Area development, which will help us quickly transform our city to a knowledgebased economy, expand the size and strength of our economy, and provide an arena for talents to exploit their expertise. A good quality of life and abundant research resources are essential conditions for enticing and retaining talents. In comparison with these two factors, however, having the “space” to realize their dream is actually more important. Singapore can compete with Hong Kong in all other areas except for a fundamental condition — The Lion City does not have an economic hinterland as big as that of Hong Kong, provided that Hong Kong is willing to incorporate itself into the national development strategy. As global economic activities gravitate from the West to the East in the 21st century, China is the country that has the highest potential to thrive economically, and it will be an excellent arena for global talents to exploit their expertise.