Wen: Key to Solving HK's Economic Problems Lies in Faster Development

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Last updated at: (Beijing Time) Monday, June 30, 2003

Wen: Key to Solving HK's Economic Problems Lies in Faster Development

The key to fundamentally solving Hong Kong's economic problems lies in faster development, said Chinese Premier Wen Jiabao Sunday in Hong Kong.

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The key to fundamentally solving Hong Kong's economic problems lies in faster development, said Chinese Premier Wen Jiabao Sunday in Hong Kong.

Wen made the remarks when attending the signing ceremony of the Mainland/Hong Kong Closer Economic Partnership Arrangement (SEPA). "I should have come to Hong Kong earlier when Hong Kong was experiencing the hardest time in fighting against SARS," said Wen.

He said that in the six years since returning to the motherland, Hong Kong has gone through one challenge after another. The Government of Hong Kong Special Administrative Region headed by Tung Chee Hwa has united the people in Hong Kong and succeeded in maintaining economic, financial and social stability by steering clear of the brunt of the Asian financial crisis and overcoming the woes of the world economic slowdown.

"This is no easy job," said Wen, adding that "this year, Hong Kong, like the Mainland, was under severe attack from SARS. In theface of new difficulties, the SAR Government responded with calm confidence and resolute measures and our Hong Kong compatriots showed an unprecedented solidarity. They won their tough battle against SARS with flying colors. Thanks to the SAR Government's economic stimulus and relief package, Hong Kong's economy is beginning to show signs of recovery."

Needless to say, the Hong Kong economy still has its problems and difficulties, which are well understood by the SAR Government and personages of various communities. The main problem in Hong Kong's economy is one of structure, which has come to its present magnitude after long years of accumulation, said Wen.

The high unemployment rate and rising fiscal deficit, for example, are all symptoms of an unhealthy economic structure. "We should not overlook our difficulties, but we must not lose sight of the favorable conditions, including the advantages and potentials of Hong Kong's development," Wen said.

Wen stressed that Hong Kong should give fuller play to her advantages and maintain her special characteristics.

Hong Kong is the world's most open free port, a center of international finance, trade and shipping, a hub with extensive economic links with the rest of the world and a city with highly developed infrastructure, advanced market system and fairly sound system of law, he said.

More importantly, Hong Kong can look to the Mainland for backup.Under the "one country, two systems," Hong Kong not only maintains her various systems and advantages, but also benefits from inexhaustible opportunities, greater development space and stronger support from a growing and more prosperous Mainland, Wen said

Hong Kong's economy will surely regain its vigor and splendor if it can give fuller play to its inherent advantages, retain its characteristics as a free economy, invigorate its vitality, enhance its attractiveness to international investors and upgrade its global competitiveness, said Wen.

He said that Hong Kong should readjust structure and optimize the industries. The existing industries in Hong Kong played an important part in shaping Hong Kong's economic prosperity. However, with the dazzling changes in world economy and the development of science and technology, Hong Kong needs to readjust her industrialstructure in light of the new circumstances.

People from various Hong Kong communities have worked hard on this in recent years. The service sector should be further readjusted, developed and upgraded, so that it can better play itsrole as a leader in Hong Kong's economic revitalization. In the meantime, adequate attention should be given to diversifying industrial development, optimizing industrial structure, developing high value-added new industries, nurturing new economic growth points, opening new sources of government revenues, creating more jobs and improving people's welfare, said Wen.

He added that Hong Kong should work hard and be enterprising. Hong Kong's prosperity is a result of generations of hard and creative work under tough conditions. The Hong Kong people should count on this character of theirs to overcome the present difficulties and achieve economic revitalization.

"As an old saying goes, 'difficulties and hardships are what it takes to make a man great.' Our Hong Kong compatriots had a history of rising to challenges. And Hong Kong is now faced with anew opportunity of accelerated development. As long as people in Hong Kong reaffirm their confidence, seize the opportunities and put up a concerted fight, they will overcome the difficulties and put the Hong Kong economy back on its feet," said Wen.

"I am convinced that nothing can stop Hong Kong's march towards greater prosperity and progress. Hong Kong, the proud pearl of the motherland, will shine even more brilliantly in the future," Wen concluded.

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