Leung Stresses Development of High-Value-Added Economy

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

Leung Stresses Development of High-Value-Added Economy

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Hong Kong needs to focus on high- value-added economic activities to provide the impetus for economic development, financial secretary of the Hong Kong SAR government Antony Leung said in his 2002-03 budget report delivered Wednesday.

Leung said financial services, logistics, tourism and producer and professional services are four areas which are of particular importance as they can foster the development of other sectors, give impetus to economy and create employment.

For financial services, Leung said more financial product issuers, capital and investors from the mainland and overseas need to be attracted to Hong Kong and continuous efforts have to be made to modernize Hong Kong's financial system further and make it more user-friendly and in line with international standards.

For logistics industry, he urged to improve speed and efficiency, expand cargo catchment area and develop high-value- added logistics parks in order to attract enterprises to use Hong Kong to support low or even zero-inventory modes of production in the region.

For tourism sector, the financial secretary said the government must develop more attractions, improve facilities and develop different types of tourism, such as business tourism linked with exhibition and conferences, and family, ecological and cultural tourism.

For producer and professional services, Leung said enterprises in this industry need to devote more resources to research and development, become more innovative and make wider use of technology to provide competitive services to clients in Hong Kong, the mainland and throughout the world.

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