Developing a Diversified Economy
36. Our economic development relies heavily on service industries. In particular, financial services, tourism, trading and logistics, and professional and business support services are the pillars of our economy and employment, collectively accounting for over 57 per cent of our GDP in 2017. These service industries share one thing in common, that is, they are highly susceptible to changes in the external economy. Any economic downturn in the major markets will deal a direct blow to these service industries and hence Hong Kong's economic outlook. As such, I believe Hong Kong should endeavour to diversify its economy. Apart from strengthening the industries currently enjoying competitive edges, we should identify new areas of growth by vigorously developing emerging industries. This will not only broaden the foundation of our economy, but also provide a wider range of quality employment opportunities for our young people to unleash their potential.
37. Owing to the lack of natural resources and high land and production costs, it is difficult for Hong Kong to revert to labour-intensive production industries or pursue land-demanding economic activities. We should therefore develop "talent-intensive" industries and focus on high value-added activities.
38. A holistic strategy is needed for the development of industries. We must recognise our positioning, strengths and weaknesses, and leverage Hong Kong's edges by utilising resources and policy measures. I will illustrate this by elaborating on two major areas, namely financial services and I&T.
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