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The Chief Executive, Mr Tung Chee Hwa, said today (Thursday) that Hong Kong will actively promote the development of innovation and technology, which are crucial drivers of economic growth, as we prepare ourselves for economic recovery.

Mr Tung has started meeting Legislative Councillors from various political parties from today until next Wednesday to exchange views with them on matters of public concern.

During separate meetings with the Democratic Alliance for the Betterment of Hong Kong and the Progressive Hong Kong Alliance today, the Chief Executive said that Hong Kong's economy was steadily emerging from the effects of the Asian financial turmoil.

"Innovation and technology are the principal means to improve efficiency and productivity, add value and enhance overall competitiveness," he said.

"The Government will take active steps to create a favourable environment to facilitate the development of innovation and technology."

On small and medium enterprises (SMEs), the Chief Executive said that SMEs were important pillars of our economy.

The Government launched the Special Finance Scheme for Small and Medium Enterprises last year with the aim of helping SMEs to cope with the liquidity crunch problem. So far, about 4,950 applications had been approved.

The Chief Executive said, "The Government will monitor the scheme closely and conduct reviews as necessary."

Regarding environmental protection, Mr Tung said that much had already been done in improving the quality of our air and water as well as waste treatment and disposal. But much more remained to be done, he said.

"The community generally recognise that environmental protection is crucial to upgrading our quality of living. This is the time for action. I hope all of you will support measures to improve the environment in order to provide a world-class quality of life for people of Hong Kong and people who will come to work and live in Hong Kong," he said.

Legislative Councillors at the meeting also mentioned the landslip near Shek Kip Mei Estate last night. Mr Tung said that staff from the Geotechnical Engineering Office were arranging immediate remedial works at the site.

"We will do our best to provide assistance to affected residents," he said.

End/Thursday, August 26, 1999

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