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Officials to grasp fiscal opportunities

June 21, 2017

Newly appointed Principal Officials today outlined their plans to seize economic opportunities to boost Hong Kong’s development.


Secretary for Commerce & Economic Development (Designate) Edward Yau said Hong Kong can do better if it can ride on business opportunities, especially those arising from the fast-progressing Mainland market as well as the progressive national economic and trade policies.


Mr Yau said: "For this to be achieved, we must work hand-in-hand with various sectors of the community and all stakeholders. In particular, we must put our acts together within the Government and among different bureaus and departments."


He said Hong Kong is not just a Chinese city, but the international trade and commerce centre of China with its talent, entrepreneurship and can-do spirit.


Secretary for Innovation & Technology (Designate) Nicholas Yang said Hong Kong must step up its efforts in innovation and technology.


"During the past 19 months, my team and I have spared no effort to improve Hong Kong's innovation and technology eco-system," he said.


Innovation and technology can foster both economic growth and social development, and the key is to find the right execution angle.


"We will maintain and sustain the momentum we have started, leverage our strengths and identify new growth directions to put Hong Kong on the forefront of global innovation."


Secretary for Financial Services & the Treasury (Designate) James Lau said financial stability is key to a stable and growing economy that improves people’s livelihood.


"My team and I will continue to develop our financial markets and enhance our competitiveness, and Hong Kong should leverage more on the opportunities brought about by development, such as Fintech and green finance.


"We will step up efforts to internationalise our equity market and make sure our existing platform remains competitive."


Mr Lau noted the Mainland is pursuing the Belt & Road Initiative and developing the Guangdong-Hong Kong-Macao Bay Area, and Hong Kong has just been admitted as a new member of the Asian Infrastructure Investment Bank.


He said Hong Kong must capitalise on these opportunities for the financial services sector and explore more channels to connect with Mainland financial markets for the continuous development of Hong Kong as an offshore renminbi hub.