VVA Catalyst To Restructure The Economy —Prof Donald Low’s View Professor Donald Low, a respected academic in public policy, emphasizes the importance of strategic economic reforms for Hong Kong’s future. The budget for the financial year 202526, presented by Financial Secretary Paul Chan, highlights significant shortcomings in addressing structural economic challenges. Focused on costcutting to reduce the persistent budget deficit, this approach is inadequate given the city’s lackluster recovery post-COVID-19, where growth has lagged behind regional competitors like Singapore. With external pressures such as trade tensions and inflation, expectations for a rapid economic turnaround are unrealistic. Rising health and social expenditures will likely exceed any savings from austerity measures, underscoring the need for a comprehensive reevaluation of Hong Kong’s revenue system. The government must shift from reliance on land sales to a diversified tax base, potentially including a Goods and Services Tax (GST) and wealth taxes. Viewing the current budget crisis as an opportunity, Hong Kong can undertake necessary reforms to foster a more resilient and equitable economy, ensuring sustainable growth in the years to come. Professor Julien de Troullioud de Lanversin from the Division of Public Policy at HKUST offers a timely and thought-provoking analysis in his recent op-ed, highlighting how Ukraine’s dramatic drone assault on Russian strategic bombers has redefined modern warfare. The operation—code-named “Spider’s Web”—involved dozens of low-cost, firstperson-view drones penetrating deep into Russian territory, striking at nuclear-capable aircraft across multiple airbases. He argues that this unprecedented attack illustrates a turning point in global security. No longer confined to powerful states, the ability to damage nuclear deterrence infrastructures can now be achieved by actors using commercially available, AI-assisted drones costing less than US$1,000 each. His commentary warns that such asymmetric capabilities threaten the fragile balance of strategic stability. As drones become more accessible to both smaller states and non-state actors, the risks of accidental escalation—including nuclear conflict— grow alarmingly real. Professor Julien de Troullioud de Lanversin calls for urgent international cooperation to regulate drone technology, likening the need for control over existing frameworks for small arms. Without decisive action, the unchecked spread of cheap drones could undermine decades of global arms control efforts and heighten the danger of future crises. Cheap Drones, Big Threats: How Small Tech Is Reshaping Global Security — Prof Julien de Troullioud de Lanversin’s view 48 News and Upcoming Events
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