HK mogul: Hong Kong will open a brand-new chapter of prosperity

By Zhang Rui
0 Comment(s)Print E-mail, June 30, 2022
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Choi Kin Chung, a business mogul who has made extraordinary achievements in Hong Kong, told in an exclusive interview about his belief in Hong Kong's future and confidence in its integration into the Greater Bay Area.

Mr. Choi Kin Chung. [Photo provided to]

"Hong Kong has been returned to China for 25 years, the foundation of its current and future prosperity still remains the same, that is, it feeds from the care of the motherland," Choi said, adding that as the new chief executive of Hong Kong, John Lee, has the full trust and support of the central government. "I believe that with the continued integration into the Greater Bay Area, Hong Kong will soon open a brand-new chapter of its growth and prosperity."

Choi, 88, created Globe Dyeing Factory Limited in 1969. After decades of sustained growth, he sold his shares in the company to his partners in 1996, and soon started Pacific Textiles Holdings Ltd later that year. Now the company has become a leading global manufacturer of customized knitted fabric in the textile industry. Choi retired in 2005, although remains chairman emeritus of the company.

"Personally speaking, my business enjoyed the low tax rate in Hong Kong and the advantage of the vast supply of talent and land, among many other resources. The stability of the society and the growing economy in Hong Kong and the Chinese mainland in the past decades have no doubt made me personally and my business the beneficiaries of the great China development and prosperity story," he said. 

In his opinion, Hong Kong has benefited greatly under the "one country, two systems" principle, which has helped its economy grow rapidly. 

Choi sees the adaptability and dexterity of the Hong Kong people as the best in the world, while they have always had international vision. "I am confident that most of the Hong Kong people are extremely encouraged by the recent circular from the State Council regarding the overall plan to further deepen opening-up in Nansha district of Guangzhou, aiming to boost comprehensive cooperation between Guangdong, Hong Kong and Macao."

"The future of Hong Kong relies on its growth along with the Greater Bay Area, relies on its continued opening to the world, with the full support of the motherland," the renowned businessman added.

Talking about the chaos in Hong Kong in previous years, he said, "It is similar to the situation in Hong Kong before the 1997 handover. However, if 1997 serves as a historical indicator, we should see a new wave of prosperities and growths in Hong Kong; all should return normal soon. I believe that the central government understands the situations fully, and has backup plans in place. As soon as the domestic circulation of market supply and demand, the ground work of the Greater Bay Area planning, and all the operational issues are in place and resolved, Hong Kong should see a new level of prosperity, and the noise will dissipate."

Choi Kin Chung and members of the SCUT Hong Kong Alumni Association pose for a group photo at an event in Hong Kong marking the 25th anniversary of Hong Kong's return to the motherland, the 70th anniversary of South China University of Technology (SCUT) and the 53rd anniversary of the alumni association, June 12, 2022. [Photo courtesy of SCUT Hong Kong Alumni Association]

Choi is also a distinguished alumnus of South China University of Technology (SCUT) and honorary chairman of the university's Hong Kong and Greater Bay Area alumni associations. As the oldest university alumni organization in the city, the Hong Kong chapter includes scores of talented and successful members who have contributed greatly to the development of Hong Kong and the mainland over the past 53 years.

Choi Kin Chung cares deeply about general education in China, and especially the development of his alma mater and its alumni associations. Over the years, the patriotic entrepreneur has donated more than HK$40 million to his former university for scientific research, education scholarships and sports development, as well as making donations and contributing to the university's Liwu Science and Technology Building. In addition, he has also made numerous donations to primary and secondary schools, for school buildings and development funds, and has promoted and contributed to the development of art and science education, domestically and internationally.

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