After a fruitful two-year administration, the Hong Kong Special Administrative Region government is committed to making every effort to accelerate economic growth by reinforcing the city’s competitive edge, exploring new areas of growth, and seizing national, as well as international opportunities, Chief Executive John Lee Ka-chiu said on Monday.
He made the pledge at a reception celebrating the 27th anniversary of the HKSAR’s establishment.
In the past two years, the SAR government has achieved remarkable results in fulfilling Hong Kong’s obligation to safeguard national security, reducing residents’ waiting time for public housing, and putting the economy back on track following the COVID-19 pandemic, Lee said.
With concerted and collective efforts, Hong Kong has successfully reversed poor growth -- from a negative gross domestic product growth rate of 3.7percent in 2022 to a positive growth of 3.3 percent last year. The local economy is expected to grow by between 2.5 percent and 3.5 percent in 2024
With concerted and collective efforts, Hong Kong has successfully reversed poor growth -- from a negative gross domestic product growth rate of 3.7percent in 2022 to a positive growth of 3.3 percent last year. The local economy is expected to grow by between 2.5 percent and 3.5 percent in 2024.
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In addition, the median salary of full-time employees has risen to HK$23,500 ($3,009) -- an increase of HK$2,500 ($320), or 11 percent.
To tap the opportunities in the domestic and overseas markets, the government will step up its drive to attract enterprises to set up their headquarters in Hong Kong. It’ll also make full use of the city’s advantages in financial services and deepen mutual access with the Chinese mainland’s financial markets, Lee said.
Vowing to continue pursuing innovation and technology and developing new quality productive forces, he said he’ll adopt an industry-oriented approach in promoting new industrialization and emerging strategic areas, such as pharmaceutical research and new energy transport.
The SAR must capitalize on the advantage of enjoying the nation’s strong support, while being closely connected to the world, while consolidating and strengthening the “eight centers” of development.
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Lee said Hong Kong will firmly grasp the opportunities of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative, maintain a high degree of internationalization, and promote regional cooperation, such as with the Association of Southeast Asian Nations and markets in the Middle East, as the city strives for accession to the Regional Comprehensive Economic Partnership as soon as possible.
“Good can always be better,” he said, emphasizing that Hong Kong is united in safeguarding harmony and stability, and its policies in the past two years, including the completion of local legislation for Article 23 of the Basic Law, are producing results.
The SAR government has also improved district governance and fully implemented the principle of “patriots administering Hong Kong”.
To upgrade residents’ livelihood, Light Public Housing projects, as well as the Advance Allocation Scheme, have been smoothly implemented, while the waiting time for public rental housing will be shortened to about 4.5 years by 2027.