Sharing is caring

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Very inspiring article. I hold the same belief as Adam that shared economy is a mega trend and can help address multiple SDGs concurrently across the globe. Having a supportive regulatory regime is vital to groom up-and-coming shared economy start-ups such as JustPark. Notwithstanding that Hong Kong has a close historical relationship with the U.K., Hong Kong’s currency regulatory framework does not allow companies like UBER or AirBnB to operate freely in the city. As an example,
over twenty UBER drivers were arrested by the Hong Kong police (due to absence of hire car permits and third-party insurance) in May 2017. While car pooling in Hong Kong is legal, the Road Traffic Regulation disallows the carriage of passengers for hire or reward without a permit. In a recent survey commissioned by the Sharing Economy Alliance, 70% of respondents in Hong Kong said the government was overly conservative and protective of vested interests in the context of promoting the sharing economy. It rated Hong Kong as lacking behind not only global leaders Singapore and Seoul, but also neighboring Shenzhen and Taipei, in terms of innovation and technology. In contrast, China is a global leader in peer-to-peer lending, accommodation and transport sectors, which largely benefit production and consumption and spur sustainable economic growth. In March 2016, Premier Li Keqiang praised the sharing economy sector and said it can energize the economy as a whole owing to its ability to optimize the use of idle resources. Hong Kong’s new chief executive Carrie Lam has established a Policy Innovation and Co-ordination Unit to actively review related policies and regulations. We are hopeful that Hong Kong can (through construction of “smart city” and public-private partnership etc) catchup and breakthrough on shared economy development.

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