Moving towards developing Hong Kong into a high value-added knowledge-based economy,Chief Executive Donald Tsang(pictured on the left) encourages the public sector and industry to collaborate with one another. This is especially the case considering the government has just added another six areas of priority to their four pillar industries. Tsang is quoted in an article from The Standard that if the government, private sector and the public can work together “wholeheartedly, the six industries stand a better chance of success.”
Part of his 90 minute annual policy address, Tsang reaffirmed dedication to support the four original pillars: financial services, tourism, trading and logistics and professional services. He also outlined the six new innovation and knowledge based areas: education services, medical series, testing and certification services, environmental industries, innovation and technology, and cultural and creative industries. Together, these industries represent 67 to 68 per cent of Hong Kong’s GDP. The newest six represent seven to eight per cent and the original four captures 60 per cent.
Some of the new initiatives outlined by Tsang include redeveloping more than 1,000 industrial buildings, expanding green procurement, developing a strategy for developing Hong Kong Island’s Central District, and public consultation on health-care financing.
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