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The Commission on Strategic Development (CSD), chaired by the Chief Executive, will examine the opportunities and challenges of Hong Kong's development at its fifth meeting on November 6.
The commission will discuss a paper "An overview of the opportunities and challenges of Hong Kong's development", which reviews the macro environment at international, national and local levels. The paper suggests that as the impact of the financial tsunami emerges, Hong Kong is likely to experience a significant economic slowdown in the coming year. In the worst-case scenario when Europe and the US fall into prolonged economic recession, the Mainland may be affected. Hong Kong may also experience the challenges of negative economic growth, falling asset and property prices and rising unemployment. With the financial tsunami hitting the world's major economies, the Mainland has shifted its macro-economic polices towards stimulating its economy.
To face the challenges ahead, the paper suggests that Hong Kong should reinforce its role as a global financial centre and identify new opportunities for its economic development. Hong Kong should strengthen co-operation with the Pearl River Delta region, other parts of the Mainland, Taiwan as well as Asian countries. The paper says that it is important for Hong Kong to consider as early as possible the role it should play in the National 12th Five-Year Plan and suggests areas that could be considered in contributing to the formulation of the plan.
The paper acknowledges the challenging situation Hong Kong is faced with - the current global financial crisis - and that it will have significant and profound implications for the future development of the SAR. With calls for effective crisis management, improvements to existing systems and turning crises into opportunities, the paper concludes with an invitation for Commission on Strategic Development members to give their views on how the Government could best address the various economic and social issues mentioned in the paper, including specific measures to be taken, to take Hong Kong up to the next level.
The paper also looks into a number of long-term strategic issues that are crucial to people's livelihoods, which include alleviating financial strain on the working poor, optimising the demographic structure and attracting talent. The paper also discusses areas in which Hong Kong can improve in pursuing excellence in governance and enhancing quality of life.
A spokesman for the Government said, "The commission provides a platform for all sectors of the community to discuss major issues pertaining to Hong Kong's long-term development. The Government will benefit immensely from its members' views in drawing up relevant strategies."
The discussion paper is available for downloading at:
http://www.cpu.gov.hk/english/2008_csd_5th_meeting.htm
Ends/Wednesday, October 29, 2008
Issued at HKT 16:01
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