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Speech by FS at Davos Hong Kong Breakfast (English only) (with photos)
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     Following is the speech by the Financial Secretary, Mr Paul Chan, at the 2023 Davos Hong Kong Breakfast "Hong Kong Perspectives: Connectivity in an Evolving World" today (January 18, Davos time):

Laura (Chairman of Hong Kong Exchanges and Clearing Limited (HKEX), Mrs Laura Cha), Gucho (Chief Executive Officer of HKEX, Mr Nicolas Aguzin), Jack (Chairman of the Airport Authority Hong Kong, Mr Jack So), Jacob (Chief Executive Officer of MTR Corporation Limited, Dr Jacob Kam), Mr William Ford (Chairman and Chief Executive Officer of General Atlantic LLC), distinguished guests, ladies and gentlemen,

     Good morning. I'm delighted to be back in Davos. Pleased to speak to you today about Hong Kong, to tell you that Hong Kong is now at a new start, full of new opportunities as we resume full connectivity with the world. 

     Our optimism stems from profound changes unseen for a century, with a growing China at the centre of shifting economic and political gravity, characterised by high-quality development, high-standard opening up and growth driven by innovation and technology.  

     Thanks to the "one country, two systems" policy, Hong Kong is where the China advantages and international advantages converge. And "one country, two systems" is not for expediency. Last year, President Xi Jinping made it clear that the policy will be here in the long term. It is written in the constitution of the country as well as that of the Communist Party of China. It is a solemn commitment. And Hong Kong's unique competitive advantages, including the common law system, free flow of capital, goods, information and talents, a simple and low tax regime, and an internationally trusted regulatory environment, are highly valued and treasured by the country.  

     In many ways, Hong Kong serves as the multilevel bridge between the Mainland and the rest of the world, in finance, in professional services, in trading, aviation, transport and logistics, arts and culture, and many other areas.  

     After a few years of the COVID pandemic, we are welcoming a fresh and new start for Hong Kong. Let me reiterate that we now impose no quarantine or travel restrictions on incoming visitors. No PCR test on arrival.     

     And our new start is not just about Hong Kong returning to normalcy; it is also about reinventing Hong Kong with a new vision and philosophy to cope with new times and capture new opportunities. 

     Traditionally, Hong Kong had long been viewed as a classic example of laissez-faire; but in a world where competition for talent, enterprises and markets is increasingly fierce, our thinking must change. We seek to combine the strengths of a "capable and proactive government" with an "efficient market". That is to say, where Government's efforts are needed to steer the desired development, we are proactive and catalytic; yet we will leave enough room for the market to function and flourish.

     For sectors that we are leading, we never stop improving ourselves. In financial services, a range of policies and initiatives have been undertaken over the years to enhance our fundraising platform, to develop and deepen the Connect Schemes with the Mainland, to develop green and sustainable finances, etc. Gucho and other guests in the panels will certainly give you more insights about them.   

     For areas that have great potential but need further nurturing, such as innovation and technology, we act in a number of ways.

     Enterprises are essential in fuelling diversified and vibrant economic growth. In this respect, we have set up the Office for Attracting Strategic Enterprises, or simply OASES. We will tailor flexible packages involving land, tax and other financial incentives to welcome enterprises that are of strategic value to our economy. We also break new grounds by setting up a fund of around US$4 billion to co-invest in them or their projects. Our first batch of targets are enterprises in such areas as life and health technology, artificial intelligence and data science, advanced manufacturing, new energy and new material.  

     Getting the right people are key to supporting our development. No less important, we also eagerly go out to attract talents at full steam - with various schemes to attract them to Hong Kong, to start a business or seek employment. For instance, one of the schemes allows graduates from the top 100 universities, altogether more than 160 universities because there are different lists, to come to Hong Kong to work, whether they have experience or otherwise.  

     Just last month, we published an innovation and technology (I&T) blueprint. We seek to promote commercialisation of research and development, foster new industrialisation, strengthen the development of digital economy, and elevate co-operation with the Mainland, in particular with our sister cities in the Greater Bay Area (GBA) such as Shenzhen which has a high concentration of tech companies, and others that excel in advanced manufacturing. We are developing a San Tin Technopole, forming a technology co-operation zone with Shenzhen straddling the boundary. The zone will have an area of about five square kilometres to house these enterprises. Riding on these complementary advantages, the GBA will certainly rise as one of the world's leading I&T powerhouse. 

     Ladies and gentlemen, as we are walking out of the woods and embracing a new start for Hong Kong, I sincerely invite you to come to Hong Kong to see for yourselves the opportunities we offer; no less so, the rich and diverse metropolitan living in Hong Kong. As you connect with us, you will find a wonderful future that awaits. 

     I know you will enjoy today's breakfast briefing. And I hope to see you, soon, in Hong Kong. 

     Thank you.
 
Ends/Wednesday, January 18, 2023
Issued at HKT 21:02
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Photo

The Financial Secretary, Mr Paul Chan, continued his visit in Davos, Switzerland, today (January 18, Davos time). Photo shows Mr Chan giving a speech at a breakfast meeting "Hong Kong Perspectives: Connectivity in an Evolving World" co-organised by the Hong Kong Special Administrative Region Government and the Hong Kong Exchanges and Clearing Limited, and supported by the Airport Authority Hong Kong, the Hong Kong Monetary Authority and MTR Corporation Limited.
The Financial Secretary, Mr Paul Chan, continued his visit in Davos, Switzerland, today (January 18, Davos time). Photo shows Mr Chan giving a speech at a breakfast meeting "Hong Kong Perspectives: Connectivity in an Evolving World" co-organised by the Hong Kong Special Administrative Region Government and the Hong Kong Exchanges and Clearing Limited, and supported by the Airport Authority Hong Kong, the Hong Kong Monetary Authority and MTR Corporation Limited.