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Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, departs during a Senate Health, Education, Labor and Pensions Committee hearing on efforts to get back to work and school during the coronavirus disease (COVID-19) outbreak, in Washington, DC, US June 30, 2020. [Photo/Agencies]

Another challenge is to find the right balance between government intervention and letting markets play a decisive role. Substantial progress has been made over the past two years; for instance, with reducing excess industrial capacity and the housing overhang, and government intervention played a critical role here. However, it is also broadly accepted that well-regulated and competitive markets are critical for increasing economic efficiency and productivity. This is exactly what China needs to achieve a high-income economy in the coming years.

Another 31 percent showed a neutral attitude. The lack of top-tier services at the private residences is the main reason for the luxury travelers' indifference.

Another important task is to assess how passionate and involved the executive is in the whole innovation process. "Ask detailed questions such as who first put forward the idea, what were the challenges, what they did to resolve the problems and when they knew it was going to work. You can tell from the way they express their ideas when retelling the story how they really felt," Lim added.

Another university alumni, Choy So-yuk, a former lawmaker from the city, said Tai had been unqualified for the post by advocating breach of law, and, hence, the HKU, a prestigious university in the city, should not continue to tolerate this.