HKSAR Emblem The 2007-08 Budget The Government of the Hong Kong Special Administrative Region Brand Hong Kong
GovHKTraditional ChineseSimplified Chinese
Search Site Map
Contact Us
The 2007-08 Budget The 2007-08 Budget
Budget Speech
Press Releases
Related Documents
Previous Budgets
Related Links


Budget Speech

Print this page




Directions for Development

18.        The recovery of our economy has allowed us more room to consider and map out the directions for our future development.  In promoting economic development, I consider the following three principles to be crucial:


l first, market leads and government facilitates;

second, maintain strict fiscal discipline and manage public finances prudently by keeping expenditure within the limits of revenues, striving to achieve a fiscal balance and keeping the budget commensurate with the growth rate of GDP; 

l  third, maintain a low and simple tax regime.  


19.        Our ability to undergo continuous economic restructuring is a key element underpinning Hong Kong's competitiveness.  Service industries account for 91 per cent of our GDP, and those enjoying the fastest growth include financial services, import/export and logistics.  To retain our share of the highly-competitive international market, Hong Kong must keep moving towards high value-added production and a knowledge-based economy.  Our economic integration with the Mainland is pivotal to our future development. Hong Kong's restructuring should complement the economic development of the Mainland, and create a "win-win" situation.  To achieve this, we should focus on the following three areas:



first, reinforce our competitive edge by vigorously developing our financial services, trade, logistics and tourism industries, thereby fostering growth in a broad range of economic activities;


second, create a favourable environment for a knowledge-based economy by pooling talent, encouraging creative industries and facilitating research and development;


third, care for the disadvantaged, helping them to achieve self-reliance and improve their livelihood.



 Content | Next


2006 | Important notices

Last revision date : 28 February, 2007