Strategic plan: Chief Executive Donald Tsang says the Task Force on Economic Challenges has agreed to explore ways to further develop six economic areas.

The Task Force on Economic Challenges has agreed to explore ways to further develop six economic areas where Hong Kong enjoys clear advantages, Chief Executive Donald Tsang says.

Speaking after the group's fourth meeting this afternoon, Mr Tsang said the six areas are the testing and certification, medical services, innovation and technology, cultural and creative, environmental, and educational services industries.

"These are not new economic areas. We have had practitioners working in these sectors for quite some time. But what we should think hard about, as we ponder the economic future of Hong Kong, is whether the potential of these economic areas has been fully realised, and if not, what we should do to make it happen."

He said the city needs to ascertain whether increased integration with the Mainland will give new opportunities for these sectors to develop.

The task force will study what the best role of the Government should be in helping these sectors take off, and identify what the possible improvements should be in terms of policy, legislation, resources and land.

To take the matter forward, the Central Policy Unit will arrange focus group discussions with the participation of relevant stakeholders, and report the outcome at the task force's next meeting.

Transparent tax system

When asked whether Hong Kong is a tax heaven, Mr Tsang said the city has a simple tax system with a low tax rate and high transparency.

On the concerns about disclosure of personal information for tax purposes, he said the policy is being changed and appropriate legislation will be tabled to lawmakers in the current session. He said Hong Kong's policy will become compatible with international practices.