Hong Kong Needs a healthcare Boost, Says He Zhuguo

He Zhuguo, a former standing committee member of the National Committee of the Chinese People’s Political consultative Conference, recently revealed his battle with lung cancer and called for Hong Kong too develop its medical sector. Speaking on a business station last week, the 75-year-old revealed his recent diagnosis and subsequent treatment in the US, highlighting the need for Hong Kong to foster a thriving healthcare economy.

From Retail to Healthcare: A Shift in Focus

He Zhuguo has long advocated for Hong Kong’s diversification away from its heavily reliant retail sector. “The performance of the retail market proved what I saeid was true,” he said,referring to the struggles faced by the industry. He believes the time has come to embrace new industries to support Hong Kong’s economic growth, with healthcare identified as a key area for development.

“I have already suggested to the government that we develop healthcare into an important industry to supplement the lost businesses in other industries,” He Zhuguo stated. Citing the success of the United States and South Korea in attracting global wealth through their robust medical sectors, he believes Hong Kong, with its existing solid healthcare infrastructure, can emulate these strategies.

Addressing the Housing crisis

He Zhuguo also expressed concern about the state of Hong Kong’s real estate market, calling it “so miserable.” He recommended a three-year freeze on land sales to address the financial difficulties plaguing developers, arguing that further land sales could lead to systemic instability. “If too many houses are provided, the developer will have financial problems, and the consequences will be ‘larger than the government’s deficit’,” he warned.

he criticized the Lantau Tomorrow Vision project, stating that relying on loans to fund it is unsustainable. “Hong Kong doesn’t have natural resources to allow for unlimited borrowings,” he stated, questioning the government’s long-term financial strategy.

Building Confidence and Stability

He Zhuguo believes that halting land sales is essential to rebuild public confidence and stabilize asset prices. “Isn’t it foolish to keep selling land with revenues now?” he questioned. He urged the government to prioritize a cautious approach to land development, focusing on restoring stability to the housing market and preventing future risks to the banking system.

A Call to Action

He Zhuguo’s insights underscore the urgent need for hong Kong to diversify its economy and address its pressing challenges. By embracing healthcare as a key growth sector and adopting a more prudent approach to land development, Hong Kong can chart a course towards a more sustainable and resilient future.

What specific policy recommendations does He Zhuguo propose to foster teh development of hong Kong’s healthcare economy?

Hong Kong Needs a Healthcare Boost, says He Zhuguo

From Retail to Healthcare: A Shift in Focus

Mr. He Zhuguo, former standing committee member of the National Committee of the Chinese Peopel’s Political Consultative Conference, has been vocal about Hong Kong’s dependence on the retail sector. Recently, he shared his own experiences with lung cancer and subsequent treatment in the US, which has strengthened his conviction in the need for Hong Kong to foster a thriving healthcare economy.

Archyde: Mr. He, you’ve been an advocate for economic diversification in Hong Kong for some time now. How does your personal experience with healthcare reflect this?

He Zhuguo: My diagnosis and treatment in the US have opened my eyes to the potential of healthcare as an industry. With Hong Kong’s solid healthcare infrastructure,I believe we can emulate the success of countries like the US and South Korea in attracting global wealth.

Addressing the Housing Crisis

He Zhuguo also expressed concerns about the state of Hong Kong’s real estate market, suggesting a three-year freeze on land sales to stabilize the financial situation of developers and prevent further risks to the banking system.

Archyde: Mr.He, you’ve been critical of ongoing projects like Lantau Tomorrow Vision. Could you elaborate on why you think relying on loans to fund such projects is unsustainable?

He Zhuguo: Hong Kong simply doesn’t have the natural resources to support unlimited borrowings. Relying on loans for such large-scale projects can lead to financial instability in the long run, which is not a responsible strategy for our government.

Building Confidence and Stability

According to He Zhuguo, halting land sales is crucial to restoring public confidence and stabilizing asset prices in Hong Kong’s housing market.

Archyde: given the current state of the market, how do you think a halt in land sales would help restore confidence and stability?

He Zhuguo: Its foolish to keep selling land without a plan for the future. A pause would allow the government to reassess its strategy, reassure the public, and prevent further risks to the banking system.

A Call to Action

He zhuguo’s insights highlight the urgent need for Hong Kong to diversify its economy and address its challenges head-on, with healthcare identified as a key growth sector and a more prudent approach to land development.

Archyde: Lastly, Mr. He, what can readers take away from your insights and how can they contribute to Hong Kong’s future economic resilience?

He Zhuguo: I urge everyone to share their ideas and thoughts on how we can better develop our healthcare industry and address our housing issues. Now is the time for collective action to secure a enduring future for Hong Kong.