Policy Address

III. Further Improve Governance

Enhance Governance Systems

18. To improve governance, we have to start with enhancing our governance systems, governance capability and governance efficacy. I will improve our governance systems on various fronts, including the decision-making structure, institutional objectives, leadership roles, distribution of powers and responsibilities, as well as execution mechanisms. The establishment of four task forces in the first month after my assumption of office was an institutional setup to address issues relating to intergenerational poverty, district environmental hygiene, public housing supply as well as co-ordination of land and housing supply. These governance systems have already achieved some positive results. Amongst them, the District Matters Co-ordination Task Force, led by the Deputy Chief Secretary for Administration, successfully tackled a number of hygiene and street obstruction blackspots within a short period of time, including restoring a public back alley in To Kwa Wan that had been illegally occupied for many years. In the ensuing chapters, I will introduce how we establish and improve our governance systems on various fronts.

Establish the Hong Kong Investment Corporation Limited

19. In respect of the governance system on government investments, I have asked the Financial Secretary to set up a new Hong Kong Investment Corporation Limited (HKIC) to further optimise the use of fiscal reserves for promoting the development of industries and the economy. The HKIC will consolidate the Hong Kong Growth Portfolio, the GBA Investment Fund and the Strategic Tech Fund established under the Future Fund in recent years, as well as the Co-Investment Fund mentioned in the ensuing sections. In pooling together relevant resources under the steer of the Government to invest in strategic industries, we aim to attract and support more enterprises to develop their business in Hong Kong.