Chief Executive Pledges to Explore Economic Areas with High Potential
In April, Chief Executive Donald Tsang, speaking after the fourth meeting of the Task Force on Economic Challenges (TFEC), said that economic areas where Hong Kong enjoyed clear advantages would be explored to realize their full potential.
"In the previous two meetings of the Task Force on Economic Challenges, members have focused on short-term measures to stimulate the economy and preserve jobs," Mr. Tsang said.
Mr. Tsang said that members of the task force had now set their sights on the long-term competitiveness of Hong Kong.
The TFEC will study how to further develop the following six economic areas:
(1) Testing and certification
Hong Kong has a robust accreditation system in place. With the high reputation of the local testing and certification industry as well as a vast Mainland of China market, Hong Kong is well positioned to compete with international testing and certification brands.
(2) Medical services
Hong Kong's excellent healthcare personnel and medical equipment, advanced medical technology and well-regulated Chinese medicine sector would attract people from the peripheral areas to use medical services in Hong Kong. The government will continue to provide land for the development of private hospitals and encourage cooperation between public and private medical institutions.
(3) Innovation and technology
Hong Kong has good hardware and software as well as a sound legal system for applied research and development (R&D) to flourish. Hong Kong can also make good use of the advantage of the Pearl River Delta region in manufacturing and the vast Mainland of China market to achieve economies of scale for R&D products.
(4) Cultural and creative industries
With its East-meets-West culture, Hong Kong has a large pool of creative talent and a robust intellectual property protection regime for creative work. The Mainland of China will serve as a vast market for such work. Hong Kong has already made progress in industries such as design, film and digital entertainment.
(5) Environmental industry
Local enterprises have rich experience in pollution prevention and control, and are adept at commercializing environmental technologies. The dedication of the Mainland of China in tackling environmental problems in recent years provides substantial business opportunities for the environmental technologies in Hong Kong.
(6) Educational services
Hong Kong provides a biliterate and trilingual environment as well as an internationally recognized curriculum. Together with the heavy investment in tertiary education, research funding and academic facilities on a par with international standards, and the keen demand for local tertiary education by Mainland of China students, there is ample room for the development of the education industry in Hong Kong.
To take the development of these areas forward, the Central Policy Unit will arrange a series of focus group discussions with the participation of relevant stakeholders including trade representatives, academia, researchers, TFEC members and Hong Kong government officials, and will report the outcome to the TFEC at its next meeting.
"The global economic situation is still severe," Mr. Tsang said. "We will closely monitor the situation and consider introducing more measures if necessary to help people weather the economic difficulties."
Chaired by the Chief Executive, the Task Force on Economic Challenges is tasked with monitoring and assessing the impact of the financial crisis on local and global markets, and providing timely evaluation of its impact on the local economy and major industries.
The Central Policy Unit's major function is to provide advice on policy matters to the Chief Executive, the Chief Secretary for Administration and the Financial Secretary.
The Task Force on Economic Challenges: http://www.fso.gov.hk/tfec/eng/index.html
HONG KONG ECONOMIC AND TRADE OFFICE IN WASHINGTON D.C.
1520 18th Street, N.W., Washington, DC 20036
Tel: (202)331-8947 Fax: (202)331-8958
To subscribe or unsubscribe, please send an e-mail to hketo@hketowashington.gov.hk
Copyright @ 2003, Hong Kong Economic and Trade Office in Washington D.C.
Hot Topics:
Useful Links:
Hong Kong Government Information Center
Hong Kong Trade Development Council