We have the luxury of debating this stuff because Canada has a staggering reserve of natural resources. Hong Kong is wealthy because they have virtually NO resources, so it only leaves adding value to imported resources for economic activity. In other words, outside of the speculative (real estate and stock market) side, Hong Kong has an economy founded on creating wealth.
What we CAN learn from them is that wealth is created by adding value to resources. Merely extracting resources and selling them off does NOT create wealth, it simply redistributes it from our finite reserves to our cash account - where we thoughtless just give the money to someone else who DOES add the majority of value.
Our model is sustainable only until the resources run out.