HK charts a roadmap to recovery
Print Edition
Chief Executive of China’s Hong Kong Special Administrative Region Carrie Lam delivered the 2020 policy address yesterday at a meeting of the HKSAR Legislative Council, highlighting support from the central for Hong Kong to overcome the economic recession.
The policy address came as Hong Kong strives to recover from the impact of prolonged social unrest and the COVID-19 pandemic.
As Hong Kong experienced multiple blows from social unrest to the pandemic, the primary objective of the policy address is to look at ways to get Hong Kong out of the impasse and to restore confidence, Lam said.
Lam had delayed its release, originally scheduled for mid-October, to include supportive measures from the central government for Hong Kong to bring new impetus into the battered economy.
Lam cited favorable policies by the central government for Hong Kong to further integrate into the development of the Guangdong-Hong Kong-Macau Greater Bay Area, consolidate Hong Kong’s status as an international financial center, and boost the development of innovation and technology.
She emphasized the innovation and technology cooperation between Shenzhen and Hong Kong, and said the Guangdong and Shenzhen governments will support a program of the HKSAR to help young people work in mainland cities in the Greater Bay Area.
With Hong Kong’s GDP expected to contract 6.1 percent this year, Lam said the economic development of the mainland will inject impetus to relaunch the economy of Hong Kong.
As the 14th Five-Year Plan (2021-2025) states a new development pattern featuring “dual circulation,” which takes the domestic market as the mainstay while enabling domestic and foreign markets to interact positively with each other, the opportunities for Hong Kong are evident, Lam said.
Hong Kong can focus on business opportunities on the mainland, better integrate into the development of the country, take the Guangdong-Hong Kong-Macao Greater Bay Area development as an entry point, and proactively become a “participant” in domestic circulation and a “facilitator” in international circulation.
The HKSAR will implement measures to further improve people’s livelihood, from increasing land supplies to looking after the underprivileged.
Recurrent spending on social welfare and health care have increased from HK$65.3 billion (US$8.5 billion) and HK$62.6 billion in 2017-2018 to HS$93.9 billion and HK$87.1 billion in 2020-2021.
Lam added additional funding of HK$300 billion has been earmarked for the development of public health care facilities and health care teaching facilities.
Lam highlighted measures to create more job opportunities in green, construction and creative sectors, among others.
When delivering the policy address, Lam said over the past four months, the national security law in the HKSAR has been remarkably effective in restoring stability.
The advocacy of “Hong Kong independence” and collusion with external forces have progressively subsided, Lam said, citing radical organizations ceasing operation or dissolving, suspects of violating the law absconding, and street violence significantly on the decline.
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