GOV'T TO PLAY MORE ACTIVE ROLE IN DEVELOPING ECONOMY
While speaking highly of Hong Kong's development since its return to the motherland 20 years ago, Lam noted the severe challenges facing the region given the sluggish world economic growth and the growing trend of protectionism.
"Hong Kong has continued to be an international financial hub and metropolis as well as the world's freest economy with sharp competitive edges, but its advantages in traditional sectors have been decreasing."
To meet the challenges, the incoming SAR government should seek changes while maintaining stability and play a more active and promising role in developing economy, Lam said.
"The SAR government will play a more active role in boosting economy, working well as a service provider and supervisor as well as a facilitator and promoter in the economic sector."
The incoming SAR government will introduce a series of fiscal and tax measures to improve Hong Kong's competitive edges so as to achieve growth in both traditional and emerging industries, Lam said.
Hong Kong is a relatively mature economy, thus it's difficult for it to achieve a relatively high growth rate in the future. But Hong Kong can tap into the potentials and opportunities brought by the mainland's reforms and opening-up, the Belt and Road Initiative and the "Guangdong-Hong Kong-Macao Greater Bay Area" development initiative to grow its economy.
Lam said she was very excited that the "Guangdong-Hong Kong-Macao Greater Bay Area" was included in the government work report.
The timing is quite good for Hong Kong, she noted, adding that substantial progress in infrastructure is expected to be made to facilitate development in the region.
