Dr Charles YEUNG (Chairman of thr 48th, 49th terms of office) December 2015
We hope the authorities would actively unite all sectors of society to jointly inject new impetus for Hong Kong’s development and foster new economic growth engines by increasing support for industries where Hong Kong has competitive advantages and also SMEs, while further developing Hong Kong's competitive advantages to capture the opportunities arising from the country’s new strategic development.
Late last month, the Chamber submitted its views to the HKSAR Government on the next Policy Address and Budget. We hope the authorities would actively unite all sectors of society to jointly inject new impetus for Hong Kong’s development and foster new economic growth engines by increasing support for industries where Hong Kong has competitive advantages and also SMEs, while further developing Hong Kong's competitive advantages to capture the opportunities arising from the country’s new strategic development. We also hope for more resources be allocated to meet social and livelihood needs such as housing, poverty alleviation, elderly care and youth development for building a harmonious and stable society.
Supporting sustainable development of industries where we have advantages
In the Chamber’s view, to promote Hong Kong’s long-term economic development, we must strengthen the competitive advantages of its industries, including reinforcing the pillar industries. Among them, the tourism industry has an important contribution to the local economy and employment. The authorities should further improve its development. For example, the Travel Industry Authority should be set up as soon as possible to effectively regulate the operations of the industry. In addition, the port facilities and customs clearance efficiency should be enhanced; new tourist attractions should be developed to attract more new visitors to promote the long-term healthy development of tourism in Hong Kong. Besides, the HKSAR Government should increase efforts to support SMEs, which are the mainstay of Hong Kong’s economic development, such as extending financing guarantees, increasing subsidy amounts and lowering taxes to provide a better business environment for SMEs.
The authorities should also devote major efforts to support emerging industries, which are an important part of promoting high value-added economic development. We believe the newly established Innovation and Technology Bureau will help co-ordinate the development of related industries. We look forward to the authorities simplifying the application and approval procedures for the existing support schemes, further encouraging cooperation among industries, academia and research institutes, and providing fiscal support to facilitate technology transfer and commercialisation of projects. We also suggested that the HKSAR Government set up a high-level coordinating body for the development of cultural and creative industries, and strengthen cooperation with the business community to promote cross-industry matching. Especially, the Government should allocate more resources, such as fiscal support and personnel training, to several areas where Hong Kong relatively has advantages, such as movies, digital entertainment and design.
Continuing to focus on social and livelihood needs
In addition to promoting industrial development, we believe the HKSAR Government must implement appropriate policies and measures for improving people’s livelihood and promoting employment, particularly with regard to housing. We think that the Government should consider relaxing the plot ratio and height restrictions for new public housing units and releasing green belts to satisfy social and livelihood development needs. 。
We also hope the authorities will continue to provide relief measures for the people and allocate more public resources on increasing funding for education, poverty alleviation and elderly care to lighten the burden on the grassroots and meet the needs of the elderly. The HKSAR Government can also collaborate with the business community to create space for the diversified development of our young people by reinforcing vocational training and providing internship opportunities.
Strengthening Hong Kong’s role in the new situation
In response to the country’s “13th Five-Year” plan and “One Belt and One Road” new strategic development, the HKSAR Government should drive Hong Kong to capitalise on its unique strengths and lead all sectors of society to actively participate in the new developments. This includes deepening cooperation with the Mainland in high value-added areas such as finance, trade, logistics and professional services; and speeding up cooperation with the Guangdong FTZ in order to strive for greater development space for Hong Kong’s businesses.
We also recommended the HKSAR Government to consider setting up an offshore RMB investment and financing platform and bond trading centre in Hong Kong to provide financial products and services for countries participating in the “One Belt and One Road” initiative, and deepen cooperation between Hong Kong and ASEAN. Also, through the establishment of private funds, Hong Kong can provide financial support for construction and investment within the region on the basis of the initiative, jointly capture the new business opportunities arising from the “One Belt and One Road” initiative and further develop Hong Kong’s functional role as a “Super Connector”.
In summary, the CGCC looks forward to the HKSAR Government leading all sectors of society to work together to implement more policies favourable to Hong Kong’s diversified economic development while improving people’s livelihood and enhancing administrative efficiency in order to capture the new opportunities arising from the country’s development, thus creating a better tomorrow for Hong Kong.
