C. Meeting the Challenges of Globalisation
42. Madam President, globalisation
brings not only opportunities but also severe challenges,
such as intensified competition, corporate restructuring,
loss of jobs, more poverty and the marginalisation of
certain communities. The entire world faces these economic
and social challenges that carry far-reaching implications.
People in Hong Kong have also experienced asset depreciation,
prolonged deflation and lower wages. They have had to
bear the additional burdens arising from the need to
reduce the fiscal deficit and from the SARS attack last
year. In facing up to the challenges of globalisation
and in dealing with economic restructuring, we have
to devote at the same time serious attention to people's
livelihood and social stability, and to help Hong Kong
people upgrade themselves and manage these changes.