The 2016-17 Budget
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Budget Speech

New Economic Order

39.    Since the 2008 financial tsunami, the global economy has undergone sweeping changes.  With the global economic gravity shifting towards the East, emerging markets are playing a much more important and influential role.  Breakthroughs in IT development have also brought about paradigm shifts in different economic and social spheres, changing our daily lives and business modalities.

40.    These two new forces have changed the global economic landscape, gradually shaping a "new economic order" globally, offering new directions and providing room for developments for both traditional and emerging industries.  They have also lowered the threshold for start-ups and created a more open market ecosystem.  These ground-breaking paradigm shifts have disrupted the conventional modalities, and unavoidably impacted on existing market players.

41.    We should not shy away from challenges in today's ever-changing world.  Instead, we should rise to the challenges by taking a longer perspective and keeping an open mind.  We should weigh the impact of these changes on the society and solve problems with an innovative mindset.  Government will uphold the long-held principles of technology-neutrality and protection of consumer rights in promoting the application of technology, ensuring the healthy development of the market with appropriate regulatory control.

42.    Over the years, Hong Kong has sustained its competitive edge because our trade network is highly internationalised, our market is transparent and open, and our society is clean and law-abiding.  Under the "new economic order", we must act swiftly, get prepared, identify development opportunities and position Hong Kong as a key player in the competition.  Building on our strengths, together with Hong Kong people's flexibility, resourcefulness and market acumen, we shall, as always, be able to stand out in the face of stiff global competition.


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Last revision date : 24 February 2016