Chief Executive Donald Tsang has put foward an action agenda, that maps out how Hong Kong can leverage the Mainland's 11th 5-year plan. This blueprint is based on 50 strategic recommendations and 207 specific measures presented by four focus groups set up during last September's economic summit.

Mr Tsang noted this was the first time the Government had drawn on collective wisdom from industrial, commercial and professional sectors to come up with a detailed plan and implementation schedule in developing economic development plans for Hong Kong.

"When economic strategies were formulated in the past, it was a usual practice for the Government to deliberate and draw up specific recommendations behind closed doors before presenting them to individual industries for discussion," he said.

The way forward: Chief Executive Donald Tsang (left) and Financial Secretary Henry Tang expressed gratitude to the focus groups' members for their thoughtful recommendations on Hong Kong's economic development.

Community formed consensus

"After the Asian financial turmoil, we were thinking hard about our way forward. Proposals kept coming up and views were divergent, but then we gradually formed a consensus on the direction of Hong Kong's future development. Hong Kong, as a cosmopolitan city, should use this strength to push forward with our economic development."

He stressed Hong Kong's strengths lie in services sectors - finance, logistics, IT, trade, shipping and tourism. The key is to now consolidate these strengths.

"We should not be distracted by whimsical thoughts and should not divert our resources to try on every type of industry. This would be like a good forward football player trying playing a full back, ending up wasting his own strength," he said.

Four groups submit action agenda 

Under the "One country, two systems" principle, the Central Government has highlighted Hong Kong's role and the direction of the city's economic development in its 11th five-year plan.

During a special economic summit on September 11, the Chief Executive established four focus groups to consider how best  to develop financial, logistics, tourism and IT industries and preserve the city's status as an international financial, trade and shipping centre.

The four groups - Trade & Business; Financial Services; Maritime, Logistics & Infrastructure; and Professional Services, Information & Technology, & Tourism - today submitted their reports, including an action agenda, to the Chief Executive.

"The action agenda not only outlines a blueprint and sets a direction but also lists a detailed schedule of division of labour and a timetable to enable the Government, public corporations, industrial and commercial sectors, professionals, labour sector, academia and the community to know how to do their part in implementing the recommendations to achieve the effect of 'know it, do it'," Mr Tsang said.

'Win-win' situation for HK, Mainland

"I believe the recommendations are conducive to the country at large and our neighbouring provinces and cities, creating a win-win situation. Their implementation will give full play to our strengths and help contribute our part to the country's emergence as a global economic powerhouse."

He added the Government would take a three-pronged approach to follow up. It included:

* instructing all bureau secretaries to immediately study the recommendations in depth and draw up polices and implementation plans as soon as possible, making anything that must start in the first half of this year and items that will require discussions with the Central Government or Mainland provinces and cities a priority;

* handing over the action agenda to the next term of government as a reference on economic strategy for the next five years; and

 * submitting the report and action agenda to the Central Government.

The Chief Executive expressed his warmest gratitude to all four convenors and the dozens of expert members for their valuable contributions in the past months.

FS warns of future challenges

Reviewing the work of the focus groups, Financial Secretary Henry Tang noted the 11th 5-year plan unequivocally supported Hong Kong in the development of its services industries such as financial services, logistics, tourism and information services. It also supported maintaining the city's status as an international financial, trade, and maritime centre.

"While the 11th 5-year plan opens up immense development opportunity for Hong Kong, we should not overlook the challenges we face. The work of the four focus groups is very timely in providing strategic and yet concrete recommendations in response to these opportunities and challenges," Mr Tang said.

He commended the focus groups for their reports and suggestions.

Collective efforts will help HK scale new heights

"For all focus group convenors and expert members, the work of the Economic Summit has drawn to a close today," the Chief Executive concluded.

"But it marks the beginning of a new phase of work. From 'thinking', we now proceed to 'action'. It is a race against time. So we must not only move forward, but also move forward at a fast pace.

"The Government is determined to strengthen Hong Kong's comeptitiveness. I am hopeful that with the collective efforts of the community, the firm action of the Government and the staunch support of the Central Government, Hong Kong will scale new heights in its economic development."