World-renowned economist Professor Jeffrey D. Sachs expressed a positive outlook for Hong Kong amidst the evolving global order during a keynote address today. Professor Sachs, a prominent professor at Columbia University and a leading public policy analyst, delivered his insights on “Sustainable Development in Hong Kong and East Asia” at an event hosted and organized by the Hong Kong Association of External Friendship (HKAEF), co-organized by HKUST Business School, the Hong Kong WTO Research Institute, and the International Academy of the Belt and Road. The event attracted over 300 attendees.

Professor Sachs highlighted Hong Kong’s unique position to capitalize on shifting global dynamics. He emphasized the city’s robust common law framework, deep integration with the international financial and trading systems, and its partnership with other cities in the Greater Bay Area (GBA). Furthermore, he underscored Hong Kong’s potential to contribute to global financial innovation and global sustainable development. In the context of current economic and trade uncertainties, Professor Sachs noted the special role of China in leading the transformation to Sustainable Development. He also pointed to the move towards a multi-currency system, in which digital currencies and the Renminbi will play much larger roles. Hong Kong will play a significant role in the monetary transition.

Professor Sachs expressed great optimism about the development of the Greater Bay Area (GBA) and the Belt and Road Initiative (BRI), foreseeing positive implications for emerging and developing economies all over the world. He believes Hong Kong, as an integral part of the GBA, is well-positioned to advance the BRI and GBA’s development as a world-leading financial center.