September 14, 2022
HONG KONG – Chief Executive John Lee Ka-chiu pledged that when he makes the Policy Address next month, he will recommend directions and measures that can elevate Hong Kong’s economic momentum.
The chief executive made his remarks at a ceremony organized by the commercial and industrial circles in Hong Kong, held in the city on Tuesday to celebrate the 73th anniversary of the founding of the People’s Republic of China and the 25th anniversary of the establishment of the Hong Kong Special Administrative Region.
Other political heavyweights who also attended the ceremony included Leung Chun-ying, a vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference and a former Hong Kong chief executive.
The administration also strives to develop the city as an international artwork dealing hub so that art industry and creative industry can bestow new dynamics to the city’s economy.
John Lee, Chief Executive, HKSAR
“The SAR government will be proactive to propel economic development and development in innovation industries through innovations so as to strengthen the city’s economic fundamentals,” Lee said during the ceremony.
“The administration also strives to develop the city as an international artwork dealing hub so that art industry and creative industry can bestow new dynamics to the city’s economy.”
As an international financial center, Hong Kong is repeatedly ranked as the world’s freest economy and one of the most competitive economies in the world, Lee noted, adding that talent will be an important pillar to support the city’s economy as the city is ranked as Asia’s first in terms of talent competitiveness.
Lee also highlighted the importance of Hong Kong in elevating the manufacturing industry level on the mainland, enlarging the global trade network of the mainland, and facilitating the internationalization of the renminbi.
The chief executive said he is listening to the opinions and recommendations of the city’s industrial and commercial sector in drafting his first Policy Address, which is due to be made next month.
Yuen Mo, chairman of the Chinese General Chamber of Commerce, said that the city’s business sector will contribute to the city’s economic prowess by reinforcing its existing niches in traditional industries, exploring new potential in innovation and technology industries, leveraging mainland and international networks to foster close cross-border collaboration, and devoting resources to elevate industry competitiveness.
“The mainland economy is facing new challenges as the factors of rapid deterioration of global geopolitics, inflation and interest rate hikes surfaced. These factors also take a toll on the Hong Kong economy as the economy is bracing a downward correction,” Yuen cautioned.