Hong Kong Sees More Opportunities in Stronger China: Tung Chee HwaA more open and stronger Chinese economy will not deprive Hong Kong of its competitive edge but rather offer more opportunities for Hong Kong, Tung Chee Hwa, Chief Executive of the Hong Kong Special Administrative Region (SAR) of China, said here Thursday.Tung made the remark while addressing the Asia Pacific Economic Cooperation (APEC) CEO Summit 2001 that opened in Shanghai Thursday. "By 2020, China's economy will be one of the largest in the world. As China continues to open up, some will say Hong Kong's competitive advantage will narrow. So long as we have a clear target in Hong Kong, so long as we continue to build on our strength, and as long as we continue to move up the value chain, our competitive advantage will still be there," Tung said. The Chief Executive said he sees opportunities for Hong Kong to continue to contribute to the mainland economic development by providing services in the area it excels in. Such areas, in his point of view, include financial services, professional services, legal services, logistics and supply chain management as well as marketing and advertising. ""We see enormous opportunities as accumulation of wealth will make China one of the largest economic markets in the world," he said. Tung added that Hong Kong sees opportunities "particularly working together with the Pearl River Delta to create one of the largest and most vibrant economic region." Tung dismissed concerns over the competition between Shanghai and Hong Kong, saying that the two cities will continue to be the two most powerful engines to lift the Chinese economy into the 21st century. He claimed that Hong Kong has over the past four years successfully achieved its historical mission of turning the innovative concept of "One Country, Two Systems" into an everyday reality. This, he said, is demonstrated by the enormous inflow of capital into Hong Kong as well as the return of many Hong Kong residents who migrated overseas before Hong Kong's return to China in July 1997. Tung also highlighted his government's plan to address the economic difficulties brought about by the slowdown in world economy, notably by speeding up public work projects and enhancing much needed social services. In the long term, Tung said Hong Kong will raise its investment in human resources, improve its hard and soft infrastructure, simplify business-relevant bureaucratic procedures to make Hong Kong more business friendly, extend greater support to small and medium-sized enterprises and work with neighbors on the mainland to enhance Hong Kong's environment. |
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