Leung Stresses Importance to Develop Local Community Economy

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Last updated at: (Beijing Time) Wednesday, March 06, 2002

Leung Stresses Importance to Develop Local Community Economy

Hong Kong Financial Secretary Antony Leung stressed the importance of developing local community economy as he delivered his maiden annual budget speech at the Legislative Council Wednesday.

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Hong Kong Financial Secretary Antony Leung stressed the importance of developing local community economy as he delivered his maiden annual budget speech at the Legislative Council Wednesday.

Leung said apart from the more externally-oriented economic sectors, economic activities in the local community closely linked to the daily life are also important. This local community economy covers a wide range of activity, including cultural, recreational, sports, social and personal services.

Development of the local community economy can promote domestic consumption, create employment opportunities and highlight Hong Kong's unique characteristics, he said. He added that he would chair an inter-bureau working group to promote the development of the local community economy.

"We already command a leading position in the region in fields such as financial services, logistics, tourism and pop culture. We have to keep up this good work to stay ahead of the competition," he noted.

Leung said the key to success in business is either a competitive price or product differentiation.

"I believe all of us, irrespective of age, occupation or academic qualifications, and all our businesses, regardless of scope or scale, can harness these attributes of quality, speed and creativity," he said.

Speaking about the nurturing and attracting talent, Leung said the first step is to improve the quality of Hong Kong's basic education, enhance higher education and promote lifelong learning in the community.

The second important task is to attract to Hong Kong individuals with the right knowledge and skills or who have entrepreneurial spirit, he added.

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