Swiss voters overwhelmingly rejected a proposal to introduce what would have been the highest minimum wage in the world in a referendum last month, worrying that rising wages would seriously erode the country’s competitiveness. The Swiss experience has triggered concern and discussion in Hong Kong’s society.

The HKSAR Government completed the first round of consultation on the Methods on Selecting the Chief Executive in 2017 and for Forming the Legislative Council in 2016 earlier this month, in which various sectors of society eagerly presented their proposals and demands. In the past few months, CGCC has held seminars, forums and other activities to encourage our members and the business community to express their views.

Premier Li Keqiang stated in his first work report that Hong Kong must promote democracy in accordance with the law. During the NPC and CPPCC sessions, Zhang Dejiang, Chairman of the National People’s Congress Standing Committee (NPCSC), reiterated the Central Government’s stance that it firmly supports Hong Kong’s democratic development in accordance with the law.

The consultation paper issued by the Steering Committee on Population Policy predicts that as the population is gradually aging, Hong Kong’s workforce will begin to shrink in 2018, which will have a crucial impact on the sustainability of Hong Kong’s long-term economic and social livelihood development.

Ushering in the Year of the Horse, I would like to wish all Committee Members, members and friends of CGCC great success in their every endeavor.

Chairman's Message

Gearing up for Challenges and Opportunities in New Year
As we enter a new year, the global economy is still filled with uncertainty. Particular attention has been drawn to the implications of the US’ launch of the QE exit on the global economy.