Blog Plans to Shape Hong Kong’s Future

Plans to Shape Hong Kong’s Future
Hong Kong’s Chief Executive C Y Leung told the AIC that he wants to enhance social harmony in the territory and upgrade its economy to reinforce its importance to Mainland China.

“Hong Kong people will always come first,” he said.

Leung is committed to universal suffrage in 2017, but continues to resist demands made by last year’s Occupy Central protestors for civic nomination of candidates for chief executive. Leung argued that the 79-day protest was defeated by public opinion and the rule of law.

“The public won’t be sympathetic to a repeat of Occupy,” he said.

Leung is addressing important social issues to ease discontent. He identified four key areas: increase the stock of affordable housing, alleviate poverty, improve the environment and confront the problems faced by an ageing society.

Hong Kong has the resources to finance his administration’s social programs. Fiscal reserves cover 20 months of government spending, which has increased by 45 percent since 2010

The administration will also continue to invest in Hong Kong’s physical infrastructure and plans to spend between HKD190 billion (USD24.5 billion) and HKD240 billion a year on construction.

It will also invest in developing the territory’s maritime services and look to attract more financial sector staff.

Hong Kong retains its appeal to companies, financial institutions and individuals from all over the world because of its reputation for strong corporate governance, the rule of law, its financial services and physical infrastructure. Its international status has been further boosted by its preeminent role in the offshore renminbi market.

“Hong Kong is securing its position as a major business hub,” said Leung.

In the past, commentators have predicted that Hong Kong’s commercial role would be displaced by first Singapore and later Shanghai. “But, they were wrong which shows the resilience of Hong Kong,” he said.

“Hong Kong has super-connectivity based on a hundred year history of understanding China and global interests”.