Voice in Legco - Multi-Pronged Approach to Achieve a Vibrant Economy
The Government must remain result-oriented to expand development capacity, strengthen development momentum, speed up the recovery process, and inject vitality into the economy.
Precisely target I&T and re-industrialization shortcomings
The Policy Address released last year addresses the issue of Hong Kong’s insufficient transformation of innovation and technology (I&T) outcomes despite its strong basic research capabilities by increasing the funding for the Research, Academic and Industry Sectors One-plus Scheme to promote the transformation and commercialization of scientific research outcomes from universities. To fully leverage cross-sectoral cooperation among the Government, industry, academia and research institutions, I think that the Government should take the lead in collaborating with universities and enterprises to establish a Hong Kong-wide online platform for the transformation of scientific research outcomes, facilitate better knowledge sharing and technology transfer, and enable enterprises to seek technological solutions from research institutions. This would help bridge the gap between scientific research institutions and enterprises. Meanwhile, the Government may also consider establishing an intellectual property database that links with relevant platforms in the Mainland and overseas. In addition, technology transactions are inextricably linked to the market. Establishing a trading platform for the transfer and transformation of technological outcomes would be far more efficient than individual negotiations between university professors and enterprises or investment institutions. In the long run, Hong Kong can consider setting up an international exchange for I&T technology in the Asia-Pacific region to expedite the transformation of scientific research outcomes.
The Policy Address also stated the launch of the HKD10 billion New Industrialization Acceleration Scheme. I hope that the authorities can approve new projects based on scientific and reasonable standards and work closely with the Legislative Council for effective oversight, and cultivate the talents required for the upgrading and transformation of traditional industries based on market needs. In addition, the San Tin Technopole can generate synergies with the I&T and manufacturing enterprises in Shenzhen and the wider Greater Bay Area to further promote new industrialization.
Tap into the north’s new economic growth drivers
For the internal development of the Northern Metropolis, I support an industry-driven approach. Regarding external coordination, I believe that Hong Kong should strengthen the development of the Shenzhen‑Hong Kong Boundary Control Points Economic Belt so that it can become a new source of development momentum to promote the development of the country’s domestic and international “dual circulation”. Furthermore, to enhance the Government’s fiscal sustainability, the Policy Address stated the establishment of the Office for the Financing of Major Development Projects to use market forces to promote major development projects. When assessing the involvement of private investors in these projects, the Government should focus on the overall project objectives and public policy goals, and establish conditions and rules for their participation in a scientific and reasonable manner. Since some projects may have longer development cycles and may not attract enthusiastic private sector investment, the Government should make preparations and develop contingency plans.
Grasp new opportunities and implement effective risk management
Hong Kong, as an externally oriented economy, will inevitably be affected by global economic and trade conditions. On the one hand, we need to maintain our traditional markets, while on the other hand, we should fully grasp the opportunities presented by the global economy’s shifting focus to the East and emerging markets. I believe that going forward, through government-led outbound visits, active promotion by the Economic and Trade Offices, as well as the collaboration of chambers of commerce and professionals, Hong Kong will be able to gradually deepen its understanding of the emerging markets and attract more investment and capital, thereby contributing to the eight major steps for the “Belt and Road” Initiative (B&R).
When doing business, it is important to reasonably avoid risks and establish solid risk safeguards. B&R infrastructure projects are often characterised by long construction periods, long investment return periods, and significant capital investment. In my view, the Government should consolidate and enhance Hong Kong’s role as a risk management centre for the B&R Initiative. Specifically, Hong Kong should assist the country in establishing a comprehensive risk prevention and control mechanism from the perspective of source control and pre-emptive prevention and control, and formulate regulatory guidelines for projects and update risk ratings in a timely manner. This is to build solid risk safeguards for Mainland and Hong Kong enterprises involved in B&R projects.
This is a free translation. For the exact meaning of the article, please refer to the Chinese version.
Should you have any comments on the article, please feel free to contact Mr Martin Liao.
Address : Rm 703, Legislative Council Complex, 1 Legislative Council Road, Central, Hong Kong Tel : 2576-7121
Fax : 2798-8802
Email: legco.office.liao@gmail.com
Address : Rm 703, Legislative Council Complex, 1 Legislative Council Road, Central, Hong Kong Tel : 2576-7121
Fax : 2798-8802
Email: legco.office.liao@gmail.com
