Vibrant Economy Preamble The Government will play a limited but proactive role in the economy, focusing on maintaining a market-oriented and business-friendly environment. We will aim to attract and develop talent and to boost Hong Kong's role in the Pearl River Delta. We will promote sectors that generate higher value for our economy, including financial, logistics, professional, and producer services, as well as sectors like tourism and local community economy which provide more job opportunities for the people. While doing this, we will maintain our traditional institutional strengths including the rule of law, a level playing field, clean and efficient Government, free flow of information, low and simple taxes and good order. New Initiatives We will:   Foster interaction with the Pearl River Delta as a key to economic revival in Hong Kong. A bridge linking Hong Kong (Lantau Island), Macau and Zhuhai is being pursued as a priority project. Pursue a series of measures to facilitate the movement of people and goods across the boundary including co-location of immigration and customs facilities, preparation for automated passenger clearance and automated vehicle clearance and a new bridge to connect Lok Ma Chau and Huanggang. Study the feasibility of a new express railway linking Hong Kong, Shenzhen and Guangzhou. Maintain Hong Kong's position as an international financial centre and the premier capital formation centre of China through enhancing the quality of our financial market. Specific initiatives include upgrading corporate governance, enhancing investor protection and facilitating the introduction of new products by the market. These are achieved through company law reform, deposit protection, streamlining of prospectus-related requirements to facilitate the offerings of shares and debentures, etc. Decide on the study findings of the merging of the MTRCL and the KCRC. Re-engineer the methodology for the planning and implementation of infrastructural projects with a view to improving efficiency and cost effectiveness. Select a suitable site in North Lantau for the development of a modern Logistics Park to provide efficient and high value-added logistics services. Develop a Digital Trade and Transportation Network (DTTN) System to facilitate information flow and sharing amongst the trade and logistics industry stakeholders. Relocate departments now occupying the Central Police Station, Victoria Prison and former Magistracy to enable the private sector to convert the compound into a retail, dining, cultural and entertainment area. Work with industry and professional representatives to devise a programme to position Hong Kong as a fashion hub for the region, and to promote innovation and design in industry and strengthen the design industry in this process. Set aside $50 million from the Film Development Fund for the proposed Film Guarantee Fund and implement the proposed loan guarantee arrangement by April 2003. Implement various measures to improve the four existing Small and Medium Enterprises (SMEs) schemes to provide further assistance to SMEs. Implement new measures to help place the middle-aged unemployed in jobs. Implement the series of housing measures set out in the Statement on Housing Policy made by the Secretary for Housing, Planning and Lands on 13 November 2002. Evaluate divestment options for the Housing Authority's retail and car-parking facilities with a view to developing an implementation plan.   Ongoing Initiatives We are:   Working to secure an early and beneficial outcome to our discussion with the Mainland on the Mainland/Hong Kong Closer Economic Partnership Arrangement. Together with the Pearl River Delta municipalities, attracting more overseas enterprises to invest in Hong Kong. Assisting the Airport Authority to develop intermodal connections such as transit passenger ferry service between the Hong Kong International Airport and the Pearl River Delta. Developing a new exhibition centre at Chek Lap Kok jointly with the Airport Authority and a private sector consortium. Promoting Science Park and Cyberport more aggressively overseas through Invest Hong Kong, our Economic and Trade Offices, the Hong Kong Trade Development Council and specially commissioned agents. Furthering the development of the Hong Kong Jockey Club Institute of Chinese Medicine as a centre of excellence in pioneering science and evidence-based Chinese medicine. Providing a platform for the sports sector to engage business partners in organising international sports events. Inviting proposals to develop the former Marine Police Headquarters in Tsim Sha Tsui as a tourism project and to award the project in the first half of 2003 for completion in 2007. Pressing ahead with the implementation of the Kowloon Southern Link; commencing detailed design of Shatin to Central Link; beginning construction of the Shenzhen Western Corridor/Deep Bay Link and assessing the viability and timing of the Island Line Extensions and South Hong Kong Island Line. Encouraging departments to cut red tape, remove outdated or unnecessary regulations, and improve services to the business community. Taking forward the recommendations by the Standing Committee on Company Law Reform on enhancing our corporate governance regime; commencing operation of the Securities and Futures Ordinance to promote a fair, transparent and orderly market with upgraded intermediary services for better protection of investors and minority shareholders; and continuing to improve the quality of the capital market to maintain Hong Kong's competitiveness as a premier capital formation centre particularly for the Mainland. The Securities and Futures Commission will step up regulation of sponsors for initial public offerings of securities. Introducing the Copyright (Amendment) Bill to make permanent the main effects of the suspension arrangements, and introducing legislative amendments to extend the exemptions or relax certain provisions in the Copyright Ordinance. Strengthening tripartite cooperation among the Government, employers and employees to maintain harmonious labour relations and help resolve employment issues. Stepping up enforcement and publicity to combat illegal employment. Stepping up enforcement against wage offences. Pressing ahead with the Youth Pre-employment Training Programme and Youth Work Experience and Training Scheme to cater for youths aged 15 to 24. Exploring further opportunities for outsourcing the Housing Authority's services. Introducing a title registration system to give greater security to interests in land and property and simplify conveyancing.   Contents | Next   2003 | Important notices Last revision date: January 8, 2003