14 hours Ago By SCMP Editorial
Leading one of the top universities in the world is a challenge at the best of times. But becoming president of Chinese University of Hong Kong (CUHK) when the city is facing an economic crisis and cutting costs is all the more daunting. It was therefore good to learn from Professor Dennis Lo Yuk-ming that the university may weather government funding cuts without compromising its main priorities.
The government has slashed HK$2.8 billion, or an average of 4 per cent, in funding for public universities for the next three years in its latest annual budget. Authorities said academic institutions would need to dip into their reserves to pay back a total of HK$4 billion – HK$1 billion of it from CUHK alone, the most of all eight publicly funded institutions.
Lo assumed office as the ninth president of CUHK in January, a month before Financial Secretary Paul Chan Mo-po delivered his austere budget. When short of time, it makes sense to prioritise, and Lo is wisely doing that. Non-urgent projects or those that lacked strategic significance may face delays to help offset the reduction in funds, Lo said.
He also made it clear the focus would be on CUHK targets: developing research in innovation and technology, hiring top talent, and enhancing the learning experience for students, including the building of a postgraduate college. Concentrating on building hi-tech research capability makes sense for Lo, who is a scientist, and for CUHK, the home of more than a few unicorn start-ups. Ironically, the geopolitical turmoil between China and the United States has been helpful in recruiting overseas professors to the university.
Some seeking to avoid turbulence may choose to base themselves in Asia, and maybe at CUHK, said Lo, who added that a low tax regime and easy access to the innovation and hi-tech of the Greater Bay Area were among the city’s advantages. The ability to see opportunities in times of crisis is representative of Hong Kong’s spirit of resilience. Universities have seen troubled times before, and with leadership, prudence and a sharp sense of priorities should weather the latest storm.
It is encouraging to see their rise in recent university rankings. The way forward is to keep investing in research and recruit talent from around the world..
