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| No.7 October, 2009 |
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Chief Executive lays out his vision for Hong Kong |
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 The Chief Executive of the Hong Kong Special Administrative Region, Mr Donald Tsang, has announced a comprehensive set of strategies to break new grounds in economic development and laid out his vision to ensure sustainable growth and improve the quality of life in Hong Kong.
In delivering his Policy Address entitled “Breaking New Ground together” on October 14, Mr Tsang said the global financial crisis had underscored the need for Hong Kong to diversify the economic base in areas that complemented the traditional pillar industries of financial services, tourism, trade and logistics and professional services. In this connection, six economic areas where Hong Kong enjoyed clear advantages have been identified. They include education services, cultural and creative industries, medical services, testing and certification services, innovation and technology; and environmental industries. |
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"With appropriate policies to remove obstacles to their development, the six industries will enter a new phase of development, propelling Hong Kong towards a knowledge-based economy," said Mr Tsang.
On education, Mr Tsang said new measures would be introduced to further internationalise the sector, and an additional HK$2 billion (A$286 million) in funding has been committed for more self-financing degree-awarding programmes.
To develop cultural and creative industries, Mr Tsang said the Government would continue to promote regional co-operation under the Closer Economic Partnership Arrangement (CEPA) –Hong Kong's own free trade agreement with China.
He highlighted the success of the film industry using this model, saying that six out of the top 10 box office hits in the Mainland last year were Hong Kong-Mainland co-productions.
On developing medical services, the Chief Executive said that creating more training places and promoting Hong Kong as a centre for Chinese medicine would be a high priority.
On innovation and technology, the Government will allocate HK$200 million (A$29 million) to launch a scheme that will provide a 10 per cent cash rebate to eligible enterprises that invest in research and development.
On environmental industries, Mr Tsang has proposed extending the scope of the Cleaner Production Partnership Programme to further assist factories in the region adopt cleaner production techniques.
But the traditional pillar industries still remain the bedrock of Hong Kong’s economy. New measures have been announced to strengthen Hong Kong's position as an international financial centre. Reinforced efforts will be made to attract more international capital, financial institutions, products and talent; to strengthen Hong Kong's role as a testing ground for Renminbi products and the internationalisation of China's currency; to serve as a preferred capital raising centre for Chinese enterprises; and to strengthen links between Hong Kong and Mainland Chinese financial markets.
In his latest Policy Address, Mr Tsang has identified several new challenges for Hong Kong including promoting stronger regional co-operation and maintaining Hong Kong's status as a global financial centre.
He said Hong Kong should collaborate with Shanghai in developing the country’s financial services industry, adding that competition between the two cities was not a "zero-sum game".
"As a prime global financial centre in the Asian time zone, Hong Kong enjoys many advantages, including a highly open and internationalised market, a regulatory regime aligned with major overseas markets, the rule of law, and the free flow of information and capital," Mr Tsang said.
He also said in the next decade, integration between Hong Kong and the Pearl River Delta would speed up and increase in breadth and depth, covering economic, cultural and social areas.
The latest Policy Address has included policies to ensure that Hong Kong's quality of living will not be compromised in the face of rapid economic growth. To this end, the Chief Executive pledged to promote a high quality living environment and unveiled new measures to help the elderly and other vulnerable groups. To promote a high quality living environment, dedicated resources will be devoted to enhancing the harbourside environment; revitalising old buildings; and improving air quality through the use of cleaner fuel and the promotion of electric cars.
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