Blog
Powering industry-oriented development through innovation and technology
In a week's time we will celebrate the Chinese New Year. As we bid farewell to the Year of the Rabbit and usher in the Year of the Dragon, we all have our hands full with year-end clean-up and new year shopping. Festival lighting and decorations can be seen all over the place and the festive atmosphere is getting even stronger with the organisation of mega events in the city. Making use of mega events as an opportunity, we will host a series of publicity and promotional campaigns so as to bring about greater economic and other benefits to the city.
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| I attended the opening ceremony of Kwun Tong Night Market in the Year of Dragon last week and dotted the eyes of the lion for the lion dance. |
The new year marks a new start. We believe that overall market conditions in the Year of the Dragon will steadily improve. It has been a market consensus that external interest rates have peaked. While expectations vary on the pace of decline in interest rates, the trend is conducive to easing pressures on asset markets. Last year, Hong Kong's real GDP was estimated to grow by 3.2%. The unemployment rate has stayed below 3% for seven consecutive months. Inflation has also remained moderate. Together with the steady development of our country's economy, they will be favourable to stabilising market expectations.
On retail, tourism and catering, we hope that a series of mega events, complemented by enhanced associated publicity and the industries' efforts to introduce innovative products and improve customer experience, will help infuse modernity and sophistication into Hong Kong's image as a hospitable and charismatic city.
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| Talking to stall owners during my visit to Kwun Tong Night Market in the Year of Dragon. |
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| Talking to and taking photos with students during my visit to Kwun Tong Night Market in the Year of Dragon. |
On the economic front, we will focus on using innovation and technology to drive economic growth and create capacity. We will adopt an industry-oriented approach to expedite the development of various sectors with advantages, and open up new areas which can help Hong Kong's economy achieve higher-quality development. Take green transformation for example. We are striving to develop Hong Kong into an international centre for green technology and green finance. Our goal is to accelerate the development of green industries through innovation in green technology, and harness green finance as a catalyst for green transformation, serving the needs of the real economy.
On 26 February, we will hold the inaugural "Hong Kong Green Week" focusing on green technology and green finance. More than ten events comprising symposiums and various activities will take place in six consecutive days. Amongst other events, the "Hong Kong GreenTech Summit 2024" will kick start the Hong Kong Green Week. It will provide a platform to connect Mainland and overseas experts as well as industry representatives to exchange their views on the latest development and application of green technology. This event will also include an exhibition zone to showcase the technologies and solutions by dozens of start-up companies engaged in cutting-edge green technologies. The Summit will help us broaden our horizons and promote more new cross-disciplinary collaboration. Furthermore, a "New Energy Bus Experience Day" will be featured, during which participating members of the public can enjoy free rides on new energy bus at designated routes, as well as learn more about new energy through exhibition, education booths and workshops.
Another highlight of the Hong Kong Green Week is the three-day Climate Business Forum: Asia Pacific (CBF) co-hosted by the Hong Kong Monetary Authority (HKMA) and the International Finance Corporation (IFC), a member of the World Bank Group. The forum will bring together esteemed business leaders and industry representatives from the Asia-Pacific region to discuss the key steps to unlock the needed financing for achieving more inclusive green development in Asia and the Pacific, covering important subjects such as carbon markets, supply chains and green transition.
Green development, life and health sciences, pharmaceutical research and development, etc. are all key strategic directions of Hong Kong's industry-oriented development. They will bring new impetus and capacity for our economic growth. That said, a stable and secure environment is a prerequisite to economic growth and social development, as it provides the essential condition for safeguarding our hard-earned achievements.
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| Last week, I hosted a briefing session for the financial sector on local legislation for Article 23 of the Basic Law. |
In the year ahead, we will pursue the mutual reinforcement of governance and prosperity.
Last week, the Government officially launched the public consultation on the legislation for Article 23 of the Basic Law. Taking forward legislation for Article 23 is not only the constitutional duty of Hong Kong, but also an effort to improve the legal system and enforcement mechanisms for safeguarding national security in Hong Kong. The security of Hong Kong is premised on that of our Motherland, and the security of our home is premised on that of our country. Safeguarding national security means protecting people's safety, rights and fundamental interests. It is also an essential precondition for social stability and prosperity, as well as the well-being of the people.
The entire Government team, along with various bureaux and departments and public organisations, are in full support of the relevant legislative work. A number of briefing sessions have been held to explain the relevant legislative intent, applicable principles and specific legislative proposals, from the legal perspective and with specific examples. More such sessions will follow. We will be listening to the participants and gathering their views. We will make best endeavours to carry out explanatory work. Safeguarding national security will ensure that we maintain a conducive and favourable business and investment environment.
February 4, 2024
