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Directions for Development: Enhancing Innovative and Value-adding Capabilities

19.   With its rapid growth and development, the Mainland has become the economic engine of the Asia-Pacific region. Hong Kong is poised to leverage on the strengths of the 幈ne Country, Two Systems?principle enshrined in the Basic Law. Our open markets, free flow of information and ideas, independent and sound judiciary, clean and efficient government, simple and low taxes, world-class regulatory framework and corporate governance system, creative and vibrant population, rich pool of professionals, and law and order are all strengths which have made us what we are today. The advantages they bring to Hong Kong are unique in the region.

20.   Opportunities also bring challenges. We should therefore continue to promote our economic restructuring, move up the value chain and exercise creativity.  The Mainland itself is growing at a fast pace, and will have different policy priorities for the various stages of its development, as in the case of its economic interactions with Hong Kong. We should identify those of our own strengths which can complement our motherland's development. I believe that taking this direction will contribute to our country's economic reform, sustain our own economic growth, accelerate the current restructuring and create more employment opportunities, thus achieving a win-win outcome.

21.   For several decades, Hong Kong's economy has been undergoing structural changes. In recent years, our financial markets have, for example, evolved into the predominant fund-raising platform for Mainland enterprises. In the process, these enterprises have improved their corporate governance and promoted their brand names globally.  Our professionals continue to provide more services to the Mainland and its overseas markets and, in so doing, make a positive contribution to our nation's development. Hong Kong's external trade has gradually shifted from re-exports to supply chain management and high value-added logistics services. This has contributed to the notable growth of our offshore trade.

22.   The development of high value-added commercial, financial and professional services has stimulated growth in other sectors, such as convention and exhibition, electronic trading, transportation, hospitality and retail services, and has enhanced our status as a cosmopolitan city. Today, Hong Kong is an important hub promoting the flow of capital, people, goods and information worldwide. We cannot, however, afford to be complacent over our achievements. To progress further, we must continue to enhance our competitive advantages.

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2005 © | Important notices Last revision date : 22 February, 2006