As one of the world’s most vibrant financial hub, Hong Kong’s has been experiencing slower growth in recent years. However, experts say that HK’s ‘low-level’ urban planning is one of the major reasons. Already, Shanghai is growing really fast as a regional financial center and with facilities such as Yantian container port catching up fast with Hong Kong. On the other end, Singapore is also offering tough competition to HK.
The underlying factor for Hong Kong's ‘stagnating growth’ is inefficient urban planning based on the current demands. The city must provide the increasing population and offer better facilities that will keep more people coming. To achieve this, Hong Kong must come up with a revised urban to fix the current and tomorrow's challenges.
Key Areas Hong Kong Urban Plan Will Need to Address
Transport Infrastructure
First, the revised urban plan must address the issue of connectivity within the city. The current plan was made decades ago when the population was small hence current challenges. The ease of moving of the locals and people coming to HK for business must be improved. Although something has been done to improve transport infrastructure and connectivity in the city, a lot needs to be done. So for the port of HK is to regain its stature, the infrastructure must be above the competition.
Real Estate
Secondly, the expansion if the real estate market has to be in the city’s revitalization plan. The current slow growth in real estate is hampering HK’s growth in many ways. So for Hong Kong to exist in the future as a leading global financial hub, it must provide living space to families and skilled workers from abroad. There must be enough houses for international citizens who are key to the survival of the city in the future. Conveyancing Hong Kong needs to be greatly improved to handle demand
Social facilities
The resident must be involved in the revitalization of the city to ensure their welfare is taken into consideration. Things like health, schools and other social facilities are best discussed with the residents. Otherwise, the plan might lack the support it needs to implement.
A Futuristic Plan
Lastly, the urban plan has to be futuristic. For Hong Kong to be competitive in the next 100 years, the urban plan must be futuristic. Therefore, the plan must be forward thinking to help address future problems. Population growth is a key factor in determining the future of Hong Kong.
