New bodies:
Secretary for Financial Services & the Treasury Prof KC Chan and Secretary for Commerce & Economic Development Gregory So brief the media on the Economic Development Commission and the Financial Services Development Council.
New bodies:
Secretary for Financial Services & the Treasury Prof KC Chan and Secretary for Commerce & Economic Development Gregory So brief the media on the Economic Development Commission and the Financial Services Development Council.
Economic body to boost HK
January 17, 2013
The newly formed Economic Development Commission will study how to make the best use of Hong Kong’s advantages and the opportunities brought by the Mainland, Secretary for Commerce & Economic Development Gregory So says.
The Chief Executive announced in his maiden Policy Address yesterday the setting up of the commission, as well as the Financial Services Development Council.
Speaking at a press conference co-chaired with Secretary for Financial Services & the Treasury Prof KC Chan today, Mr So said the Government will continue to collaborate with Hong Kong enterprises, particularly small and medium firms, to tap the vast and thriving Mainland market.
Mr So said there are three industries where Hong Kong enjoys clear advantages.
On the innovation and technology sector, the Government will focus on the development of highly competitive industries.
“We will continue to facilitate the technology community to foster co-operation with the Mainland.”
Regarding testing and certification, he said the Government will keep improving Hong Kong’s accreditation service and promote the Tested in Hong Kong, Certified in Hong Kong brand.
On creative industries, the Government will inject an additional $300 million into the CreateSmart Initiative, doubling the current amount.
Meanwhile, Prof Chan said the Financial Services Development Council will provide a high-level and effective platform for stakeholders to explore ways to complement the internationalisation of the Mainland's financial market.
“It will also help facilitate the further development of Hong Kong's financial services industry, including advising the Government on areas related to diversifying the financial services industry and enhancing Hong Kong's position and functions as an international financial centre of our country and in the region.”
The council will be formed as a company limited by guarantee to project an independent image as well as enhance its operational flexibility, transparency and governance.
Prof Chan said his bureau will absorb the costs required for the council’s operation within its existing resources on an operational need basis. If additional resources are required, the bureau will seek funding approval in accordance with established procedures.
In the long term, the council should operate on a self-sustaining model, he said.
On improving the Mandatory Provident Fund System, Prof Chan said the Mandatory Provident Fund Authority has been pressing ahead with the implementation of various short and medium term measures within the existing legislative framework, to increase the scope of fee reduction by trustees.
“These proposals include implementing industry-wide initiatives to deliver end-to-end online and electronic payments and data processing; introducing measures to facilitate scheme members' account consolidation; and facilitating industry consolidation of MPF schemes, investment funds, trustees and administration platforms.”
