Tung Spells Out Vision of Hong Kong's Future

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Last updated at: (Beijing Time) Thursday, January 09, 2003

Tung Spells Out Vision of Hong Kong's Future

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Tung Chee Hwa Delivers 1st Policy Address in 2nd Term

Hong Kong's Chief Executive Tung Chee-hwa has officially delivered his 2003 Policy Address to the SAR's Legislative Council. This is Tung's first ambitious government agenda since he took office as the 2nd SAR Chief Executive last July.

In the address, Chief Executive Tung Chee-hwa attached great importance to what difficulties Hong Kong is now facing, how the SAR will have to meet its regional and international challenges, and in turn how to put the region on the road to economic recovery.

According to Tung Chee-hwa, Hong Kong faces the region's most severe economic difficulties in decades. These difficulties include deflation lasting over four years and totaling 13 percent, the wealth pool shrinking as asset values decline, increasing unemployment and a bigger fiscal deficit. All these, in his diagnosis, have been caused by global factors such as globalization of the knowledge-based economy, as well as local and regional factors, and the bursting of Hong Kong's economy bubble following the 1997 Asian financial crisis. Added to this are persistent problems including long-term deflation, a weaker technological base and a mismatch in human resources.

With these difficulties and problems in mind, Tung spells out a clear direction for Hong Kong over the coming years.

"Backed by the Mainland and engaged globally, we are building Hong Kong into Asia's World City, consolidating and developing our position as an international financial center, a producer services center, a hub for information services and logistics, and a premier tourist destination."

Tung Chee-hwa says to realize such goals, his government will strive to further sharpen the SAR's existing areas of competitive advantage, promoting economic restructuring, further strengthening economic cooperation with the Chinese mainland, and reducing government expenditure by 20 billion Hong Kong dollars by 2007.

Tung Chee-hwa emphasizes that the SAR has now entered a critical moment in its development. He hopes all communities in Hong Kong will join hands with his government in coordinated pursuit of an earlier economic revival.

"The SAR government and I are confident, determined and certain that we can lead HK out of its current difficulties and accomplish the mission of revitalizing our economy."

The annual policy address, traditionally delivered in early October, was re-scheduled to allow more time for deliberation among the new leadership team and to tie closer to the government budget in March.

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