Economic Policy

21.         There are currently two major trends in economic development. First, the global economic gravity is shifting to the East. Second, the implementation of the National 12th Five-Year Plan will usher in a new wave of development for the Mainland economy.

22.         The National 12th Five-Year Plan explicitly supports Hong Kong in reinforcing and enhancing its status as an international financial, trading and shipping centre. Over the past three decades, we have contributed significantly to the resounding success of the Mainland's reform and opening up. Hong Kong has also benefited from this national achievement. Our competitive edge, together with Government's "appropriately proactive" approach, makes Hong Kong well placed to diversify its industries to meet the needs of our people for start-up initiatives, investment, business operation and employment. We must deepen and expand our industries. For deeper development, we must play to Hong Kong's strengths to increase business volume. To expand development, we must diversify the products and services of our existing industries, and identify new areas for development.

23.         Our goal is to formulate a holistic industrial policy. I will soon announce the establishment of the EDC. From a high-level, cross-departmental and cross-sectoral perspective, the EDC will explore ways to make use of our long-standing advantages and the opportunities offered by our country. It will focus on efforts to broaden our economic base, work on the overall strategy and policy to enhance our long-term development, and identify industries which present opportunities for Hong Kong's further economic growth. Under the EDC, Working Groups on Transportation, Convention and Exhibition Industries and Tourism, Manufacturing Industries, Innovative Technology and Cultural and Creative Industries, and Professional Services will be set up to make concrete recommendations to the Government.

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