Policy Address

V. New Impetus to the Economy

Economic Outlook

36. Economic development is the basis for a stable life for people. As the COVID-19 pandemic has dealt a heavy blow to economies around the world, reviving the economy and creating employment have become the most pressing issues. Over the past year, Hong Kong’s economy has been severely hit by social unrest, the pandemic and international political situations. The labour market is also under immense pressure. The Government forecasts the economy to contract by 6.1% in 2020.

Development Strategy

37. As the overall strategy guiding economic development, the current-term Government emphasises leveraging our unique advantages under “One Country, Two Systems”, integrating proactively into national development, striving to resolve the two major bottlenecks of land and talents, and investing substantially in I&T industries. At the same time, we continue to connect with the world to explore business opportunities. While promoting free trade and maintaining our market economy, the HKSAR Government is committed to playing the role of a “facilitator” and “promoter” and will join hands with enterprises to explore more market opportunities and assist professional service providers to go beyond Hong Kong.