(Hong Kong, 14 May 2024) – Global Prosperity Summit 2024 (GPS 24) was held at The Fullerton Ocean Park Hotel Hong Kong today, bringing together global leaders and experts from across disciplines for in-depth exchange on the most pressing issues impacting global prosperity. Leveraging Hong Kong’s distinctive advantages under the “one country, two systems” principle, the Summit also aims to enhance the city’s role as an intermediary between Mainland China and the rest of the world by facilitating dialogue and communication.

Mrs. Regina Ip, a founder of GPS 24 and Chairperson of the Savantas Policy Institute, said in her opening remarks, “We have decided to hold a conference on global prosperity because prosperity is vital to our future, but global commitment to promoting greater prosperity for all is not salient. Multiple threats to the continued spread of prosperity loom on the horizon. Great power obsession with challenge to its global dominance has led to protectionist policies of tariff hikes, financial sanctions and export controls to deny developing countries access to advanced technologies. The world is being fractured into opposing geopolitical blocs.”

“The free trade and investment environment in the past few decades, which have helped lift hundreds of millions of people out of poverty, seems to belong to a bygone era. With national elections in 64 countries, plus elections in the European Union, affecting 49% of the world’s population taking place this year, politics seems to trump economics in elections that matter greatly to the future of mankind. In addition, there are troubling signs of rising polarisation and political violence, not to mention extremely dangerous wars being fought in Ukraine and the Middle East. Hong Kong being a small but open economy, we have a high degree of exposure to global risks, and a keen interest in promoting common ground toward resolving these problems.”

“For this reason we decided to pinpoint five most pressing issues impacting global prosperity for discussion - from great power competition to de-globalisation, national security obsession, and the need for greater cooperation in science and technology development and in fighting climate change. With so many talented speakers and seasoned moderators, I am sure we will have a very productive day filled with inspiring discussions.”

Moderator:
Ms. Henny Sender, Former Managing Director at BlackRock and Founder of Apsara Advisory

Speakers:
Mr. Iñaki Amate, Chairman of the European Chamber of Commerce in Hong Kong
Professor Steve Hanke, Professor of Applied Economics, and Founder and Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at the Johns Hopkins University
Dr. Eric Li, Chairman and Managing Partner, Chengwei Capital
Professor Liping Xu, Director of the Center of Southeast Asian Studies and Chief of the Department of Asia-Pacific Social and Cultural Studies at the National Institute of International Strategy, Chinese Academy of Social Sciences

Henny Sender
The panel’s moderator, Ms. Henny Sender, emphasised the importance of reversing the trend of de-globalisation, or anti-globalisation, and asked the audience whether they felt that this trend of anti-globalisation was reversible.

Mr. Iñaki Amate
- Mr. Amate also pointed out that “today, organisations and companies in the private sector are a lot more scrutinised by the stakeholders that look up what are the different” environmental and social impacts the organisations are bringing into the community. He noted that “European organisations [are] really trying to bring in best practices” to Hong Kong.
- Mr. Amate cited the example of the Spanish government in addressing its high youth unemployment rate to suggest how the Hong Kong government could “incentivise [companies in] bringing more diversity into Hong Kong.”

Dr. Eric Li
- Dr. Eric Li pointed out that although China has the largest industrial output in the world, bigger than the US, Germany, and Japan put together, the “value-add of [China’s] industrial capacity is still relatively low, about 12%.” He noted that in the 1960s and 70s, “when America was at the height of industrial power,” the US had around 30-40% of value-add in its industrial capacity. For China to keep developing and increase its GDP per capita, it will have to shrink this 30% gap.
- Dr. Li also cited the example of Apple manufacturing iPhones in Mainland China, showing it also grew domestic demand at the same time. The market share of Mainland Chinese consumers has increased from 3.5% ten years ago to 26% nowadays.
-Regarding whether the ongoing trend of anti-globalisation was reversible, Li contended that we cannot go back to globalisation, “because you can’t go back, we gotta go forward... what we are going through is deglobalisation… and how do we reglobalise.” Li added that “the reglobalised world will be very different from the last globalised world.”

Professor Steve Hanke
- Professor Steve Hanke started off by displaying the book Architect of Prosperity: Sir John Cowperthwaite and the Making of Hong Kong, sharing that the five pillars of prosperity had previously been “light taxes, small government, stable money, smart regulation, and free trade.” He added that Hong Kong has “been so prosperous” because it “started with the five pillars.”
- Referring to the US government’s subsidies of 14.5 billion to TSMC and Intel, Hanke remarked that the factory is located in Arizona, which happened to be an arid state dependent on the Colorado River and the Green River for water source. There is a so-called water shortage because the State allocates the water there. Most of the water is actually allocated for agriculture, there is very little water for non-agricultural purposes.
- Professor Hanke concluded by stating the challenge of realising the deficiency of what he referred as “the iron wall of state capitalism”, which leads to projects that are over budget, over time, under benefits over and over again.

Professor Liping Xu
- As ASEAN plays an increasingly active and prominent role in global governance, Professor Liping Xu reaffirmed that ASEAN and Hong Kong share the same aspiration in regional peace, stability, prosperity and development, and that Hong Kong will continue to be the pivotal conduit and gateway for China's global engagement, thanks to Hong Kong’s unique advantages that include its geography, talent pool, and its role as an international finance center.

Moderator:
The Hon Mrs. Regina IP LAU Suk-yee, GBM, GBS, JP, Convenor of the Non-official Members of the Executive Council, Hong Kong, and Chairperson of Savantas Policy Institute

Speakers:
Professor Huang Ping, Executive Vice President of the Chinese Institute of Hong Kong, the Director of the Centre for Taiwan, Hong Kong and Macau Studies at the Chinese Academy of Social Sciences
Ambassador Kurt Tong, Managing Partner, The Asia Group, USA.

Mrs. Regina Ip remarked that the US was a friend and ally of China during WW2 and helped China defeat the Japanese. The US also supported China's accession to the WTO. But in recent years, there has been a significant change of strategy - from engagement and integration into the world economy to containment. She kicked off the discussion by asking what has brought about the new trend.

Ambassador Kurt Tong
- Mrs. Regina Ip asked: “National Security Advisor Jake Sullivan had said that the US does not seek a ‘technology embargo’ on China, but wants to build ‘a small yard with high fence.’ Is this really feasible? The yard seems to be getting bigger and bigger with more and more Chinese entities sanctioned and US allies prohibited from exporting sensitive technologies to China. Many US tech companies, Apple, Nvidia and Tesla, all do great business with China. Will this not end up hurting US companies and the business of other US allies?”
- Ambassador Tong replied that there “is an atmosphere of distrust and overall sense of competition” in the US towards China. He noted that “domestic push will be in the direction of making that yard” in the doctrine of small yard high fence, and so “there is an active dialogue between American companies and [the] US Government about trying to prevent that yard from being a golf course.”
- Kurt Tong commented on the trend of weaponising technology, “Every technology could be a dual technology. If that's the case, then if you're suspecting the other side of making every item on the planet into a weapon, then there will be no more trade. So we do need to figure out the difference between goods for trading and for effective for national security purposes. That's a really complicated exercise. I think what the Biden team is trying to do is - do that while communicating its intentions and direction clearly to the Chinese side. And China is also doing it to some extent in return; that's being managed. I wouldn't say well, but OK at the current point, but it's a potential problem that doesn't have an easy solution to it going forward. The other problem might go back to is the underlying concern about the effects of globalisation on the US economy, and in particular those effects when so much manufacturing capacity is being concentrated in China.”
- Mrs. Ip asked what Hong Kong can do to help to ease tensions in the US-China relationship and stabilise it. Ambassador Tong referenced how the Chief Executive, John Lee, spoke last night about Hong Kong being “the world’s super connector.” Some specific examples raised by Tong included reopening Hong Kong’s direct flight to Washington, and to “figure out more opportunities for Hong Kongers to travel to the US and speak for themselves and for Hong Kong,” communicating more with Americans. This will allow Hong Kong to “rebuild those bridges that are still there,” and reinforce the ties to make them stronger.

Professor Huang Ping
- In response to Mrs. Regina Ip’s question that China is viewed as threat by some, Professor Huang Ping highlighted the importance of sharing opportunities, or building connections over the notion of disconnection, decoupling or the soft term “de-risking”. In his view, when it comes to US-China relations, geopolitical and political factors should not be the focus, which has led to the weaponising of technology and trade.
- Professor Huang reflected upon the experience during the 1990s when China’s strategy focused on “co-petition”, the combination of cooperation and competition. He urged the US to move forward from the 19th century narrative of zero sum game towards cooperation.
- Regarding Mrs. Ip’s comment on potential cooperation in areas like AI governance and climate change, Professor Huang emphasised that Hong Kong is a unique city, not just in China, but in the world, and that Hong Kong is a bridge between not only China and the US, but also other between China and other Western and non-Western countries, and that Hong Kong can potentially play a role in narrowing the gaps as it acts as a platform for engagement.

Moderator:
Professor Nancy Y. IP, SBS, BBS, MH, JP, President, The Hong Kong University of Science and Technology.

Speakers:
Professor Roger D. Kornberg, Mrs. George A Winzer Professor in Medicine, Professor of Structural Biology at Stanford University’s School of Medicine, Nobel Laureate (2006).
Dr. Michael Spence, President & Provost of University College London
Professor Wang Xiaodong, Director and Investigator, National Institute of Biological Sciences, Beijing
Professor Andrew Chi-Chih Yao, Turing Award Winner, Dean of the Institute for Interdisciplinary Information Sciences and Dean of College of Artificial Intelligence, Tsinghua University, Dean of Shanghai Qi Zhi Institute.

- Professor Nancy Ip kicked off the panel by asking panelists: “In light of the immense challenges and opportunities facing the global community today, could you share key areas where international collaboration is crucial for scientific research? Additionally, what do you see as the primary barriers to international collaboration – be it capital, policy, or other factors, and how can these be effectively addressed to enhance cooperation.”
- Professor Roger D. Kornberg emphasised: “For those in government and commerce in the audience, it is important to understand there is no problem with the free flow of scientific information. There is simply a failure to understand, especially on the part of governments around the world, that everything that we find in the course of our research is published and is all freely available. That has always been true and will always be true. That is the nature of science itself, which can only flourish and succeed in that way.”
- Professor Michael Spence echoed Professor Kornberg’s point, adding that “strategic competition between countries can create barriers that are often artificial, because information produced in universities is ultimately available for everybody.”
- Professor Wang Xiaodong added that “people who try to artificially block scientifically collaboration do not know what science is, and how science is conducted. For science and technology, it is all about putting everybody’s heads together” to try to solve the current unsolvable problem.
- Professor Kornberg and Dr. Spence had a brief debate over the role of lawyers in universities. Professor Kornberg argued that “lawyers have taken over” universities, “mak[ing] it almost impossible for us to get our own work done even in the laboratory,” which was a far cry from when genetic engineering was developed at Stanford in the late 1970s, and could subsequently be adopted globally. Dr. Spence, however, argued that intellectual property can help with the dissemination of research, as long as one is not too greedy.

Professor Roger D. Kornberg
- Professor Kornberg emphasised that universities need to make long-term investments in both knowledge and the people who require it, investing in basic knowledge and the pursuit of knowledge for its own sake without a particular solution in mind.

Professor Wang Xiaodong
- For the scientific leadership and the community leadership, if they want high tech industry to happen in their neighbourhood, they should make it easy to set up companies for the university professors to do tech transfers.

Professor Andrew Chi-Chih Yao
- “Science has progressed to a stage which is in some sense very scary… because we are advancing at such a fast pace that even a small group of knowledgeable people might be able to destroy the world.” However, if we use science “for the good, you can eliminate poverty, distribute wealth.”

Photo caption

Photo 1
Panel 1 “Globalisation and De-globalisation” panellists shared insights on globalisation or anti-globalisation trends.

Photo 2
Panel 1 “Globalisation and De-globalisation” speaker: Mr. Iñaki Amate,
Chairman of The European Chamber of Commerce in Hong Kong.

Photo 3
Panel 1 “Globalisation and De-globalisation” speaker: Dr. Eric Li, Chairman and Managing Partner of Chengwei Capital.

Photo 4
Panel 1 “Globalisation and De-globalisation” moderator: Ms. Henny Sender,

former Managing Director at BlackRock and Founder of Apsara Advisory.

Photo 5
Panel 2 “Risks of Pan-securitisation and the Impact on Development”

panellists discussed the importance of stable US-China ties and building connections.

Photo 6
Panel 2 “Risks of Pan-securitisation and the Impact on Development” moderator:

The Hon Mrs. Regina IP LAU Suk-yee, GBM, GBS, JP,

Convenor of the Non-official Members of the Executive Council, Hong Kong,

and Chairperson of Savantas Policy Institute.

Photo 7
Panel 2 “Risks of Pan-securitisation and the Impact on Development” speaker:

Professor Huang Ping, Executive Vice President of the Chinese Institute of Hong Kong,

the Director of the Centre for Taiwan, Hong Kong and Macau Studies at the Chinese Academy of Social Sciences.

Photo 8
Panel 2 “Risks of Pan-securitisation and the Impact on Development” speaker:

Ambassador Kurt Tong, Managing Partner, The Asia Group, USA.

Photo 9
Panel 3 “Science and Technological Co-operation and the Future of Mankind”
focused on the importance of cross-sector cooperation in the development of science and technology.

Photo 10
Panel 3 “Science and Technological Co-operation and the Future of Mankind” moderator:

Professor Nancy Y. IP, SBS, BBS, MH, JP, President,

The Hong Kong University of Science and Technology.

Photo 11
Panel 3 “Science and Technological Co-operation and the Future of Mankind” speaker:

Professor Andrew Chi-Chih Yao, Turing Award Winner,

Dean of the Institute for Interdisciplinary Information Sciences and Dean of College of Artificial Intelligence, Tsinghua University,

Dean of Shanghai Qi Zhi Institute.

Photo 12
Panel 3 “Science and Technological Co-operation and the Future of Mankind” speaker: Professor Wang Xiaodong,

Director and Investigator, National Institute of Biological Sciences, Beijing.

Photo 13
Panel 3 “Science and Technological Co-operation and the Future of Mankind” speaker:

Professor Roger D. Kornberg, Mrs. George A Winzer Professor in Medicine,

Professor of Structural Biology at Stanford University’s School of Medicine, Nobel Laureate (2006).

Photo 14
Panel 3 “Science and Technological Co-operation and the Future of Mankind” speaker:

Dr. Michael Spence, President & Provost of University College London.

Link to panel discussion videos:

Panel 1: Globalisation and De-globalisation
https://www.youtube.com/watch?v=QDHPxejawkk&ab_channel=SouthChinaMorningPost
Panel 2: Risks of Pan-securitisation and the Impact on Development
https://www.youtube.com/watch?v=3pYjFDtquCQ&ab_channel=SouthChinaMorningPost
Panel 3: Science and Technological Co-operation and the Future of Mankind
https://www.youtube.com/watch?v=aVsz6DvHjso&ab_channel=SouthChinaMorningPost

About Global Prosperity Summit Hong Kong
Global Prosperity Summit Hong Kong was initiated by a group of business, academic and thought leaders in Hong Kong to provide a platform for frank, objective and rational discussions on dominant issues impacting global prosperity.
About Savantas Policy Institute
Savantas Policy Institute (SPI) was founded in 2006 by a group of Hong Kong belongers with overseas experience who cared deeply about Hong Kong. The core vision of SPI is to enhance Hong Kong’s transformation into a knowledge-based economy. SPI engages mainly in conducting public policy research and analysis; and recommending appropriate long-term developmental strategies; as well as promoting public understanding of and participation in the economic and social development of the Hong Kong Special Administrative Region.
About Shanghai Institutes for International Studies
Established in 1960, Shanghai Institutes for International Studies (SIIS) has played a crucial role in conducting strategic research, providing policy recommendations, and contributing to the understanding of international politics, economics, security, and other related fields. It has evolved into an important institution informing and shaping China’s foreign policy and global engagement, and has been accredited as one of the most influential think tanks in China and around the world.