Photo: Zhao Juecheng

The border reopening is a very important milestone, proving that Hong Kong's resumption has begun and it is a good time for the financial hub to reimagine itself as the city's future lies in transformation and upgrading of its industries, according to Hong Kong lawmaker Wendy Hong Wen.

"Three years of border closure has made Hong Kong rethink about its future as many things have been overturned, and a new way must be found. This is a good time for Hong Kong to rethink a long-term development path through this reconstruction," Hong said. 

While the long-anticipated border reopening doesn't mean Hong Kong will retrieve what it has lost over past three years, it can transform and upgrade itself," Hong told the Global Times.

Science and technology innovation, cultural creative industry, industries closely related to the digital economy, and manufacturing that combines with artificial intelligence - these are four future directions of Hong Kong in the path of seeking transformation and industrial upgrading which allows the participation of all talents, Hong contends. 

The Hong Kong SAR government will also lead investment in strategic industries and further make good use of fiscal reserves to promote industrial and economic development.

"The government is willing to shoulder its responsibility and make up for the defects of the market through moderate combination of the market as facts in past years have proved simply relying on market doesn't work, so I think it is quite a big breakthrough." 

Hong Kong has to go its own way, and it cannot simply copy the guiding investment funds of the mainland or the Singapore state investment firm Temasek Holdings, Hong said, who is optimistic about the SAR government-led investment fund. What matters is not how much financial return the investment fund can achieve, but how it drives industrial development. 

A former member of the Central Policy Unit, Hong believes the establishment of chief executive's policy unit can help the SAR government to enhance its capabilities in research and advocacy on long-term and strategic issues.