Turning crisis into opportunities

"I will soon establish and chair a task force to continually monitor and assess the impact of the financial tsunami on local and global markets, and provide timely evaluation of its impact on the local economy. More importantly, the task force will propose specific options for the government and business community to address the challenges. This will help us overcome the crisis and turn it into new business opportunities."

Establishing a task force

Chief Executive to establish and chair a task force to assess the impact of the financial tsunami on Hong Kong's economy, and propose specific options to address the challenges.

Reinforcing Hong Kong's position as a financial center

Optimize banking and insurance supervision, regulation of the securities industry, and control of the Mandatory Provident Fund.

Development of the securities market

Attract more new enterprises, including large corporations from emerging markets, to list in Hong Kong.

Economic and trade development

Regional integration

Step up cooperation with Guangdong, with a focus on service industries; conduct a comprehensive planning study on the use of the Lok Ma Chau Loop.

Development of scientific research

Reinforce Hong Kong's intermediary role in technological cooperation between the mainland and the rest of the world.

Creative industries

Set up a dedicated Creative Industry Office to coordinate the work of different departments.

Business and commerce development

Examine feasibility of a Phase 3 expansion of the Hong Kong Convention and Exhibition Centre.

Wine trade

Revitalize Haw Par Mansion by designating it for commercial uses, including wine-related businesses.

Optimizing human capital

Look into the development of e-books and promote the use of these new learning resources.

Care for people

"We need to take a forward-looking approach in promoting social development. This includes upholding the family as the core social value of this modern Chinese society and introducing sustainable measures to meet the challenges posed by an ageing population."

Protecting people's interests

Introduce laws that will allow authorities to promptly ban the import and sale, and order the recall of, problem food when necessary to better ensure food safety;

Step up publicity and education on the standardized definition of "saleable area" for uncompleted residential properties to better protect flat buyers;

Expand Consumer Council services that provide the public with a clearer picture of retail prices;

Study the issues of traffic congestion and different toll levels at the three harbor crossings with a view to identifying a long-term solution;

Introduce the Competition Bill during the current legislative session to promote a business environment conducive to free competition;

Ask oil companies to enhance pricing transparency; consider tightening fuel prices monitoring through the petrol station tendering process.

Care for the disadvantaged

Legislate for a minimum wage and establish a Minimum Wage Commission to study the level of minimum wage;

Enhance short-term food assistance services and step up publicity for needy individuals who have not benefited from the relief measures over the past year;

Consider increasing the Old Age Allowance rate to HK$1,000, as well as introducing a means test, and relaxing the permissible limit of absence;

Promote core family values and encourage the business community to adopt family-friendly work practices;

Launch a home-based child care service to help needy families take better care of their children;

Combat domestic violence and juvenile drug abuse; enhance rehabilitation services.

Healthcare reform

Launch the second stage of public consultation on healthcare reform in the first half of 2009 to work out the long-term healthcare financing arrangements;

Encourage and facilitate the development of private hospitals, and identify suitable sites, initially including Wong Chuk Hang, Tseung Kwan O, Tai Po and North Lantau areas, for this purpose;

Build a new hospital in Tin Shui Wai to strengthen medical services for residents;

Provide free pneumococcal conjugate vaccine for children

Enhance prevention and care support for chronic disease patients

Hong Kong our home

"To improve air quality in the long run, we will adopt targets in stages giving due regard to the World Health Organization's guidelines."

Developing the Pearl River Delta region into a green and quality living area

Strengthen cooperation with Guangdong on environmental protection in the areas of emissions reductions, optimization of fuel mix for power generation, development and wider use of renewable energy, vehicle emissions reductions, enhanced conservation and greening, and scientific research.

Enhancing energy efficiency in buildings

Legislate for the mandatory compliance of Building Energy Codes to improve energy efficiency.

Promoting energy conservation

Work on the second phase of the Mandatory Energy Efficiency Labelling Scheme to further promote energy efficiency and conservation.

Geological Park

Consider establishing a geological park covering the special rock formations and features along the New Territories East coastline.

Beautifying the Harborfront

Set up a task force under the Development Bureau to plan projects to beautify and revitalize harborfront areas.

Improving the pedestrian environment

Improve the pedestrian environment of business districts, shopping centres and leisure areas with heavy pedestrian flows such as those in Causeway Bay, Mong Kok and Yuen Long town center.

Cultural and recreational diversity

Boost cultural activities in local communities by encouraging cultural and performing arts groups to stage performances across the territory.

Sports development

Launch more effective feeder programmes and encourage the business community to support sports development.

Effective governance and social harmony

"To gain public support, the Government needs to deliver. Our decision-making process has to be more transparent and built on wider community consensus.This will help create an inclusive political environment."

Executive Council

Appoint new members to the Executive Council.

Relationship between the Executive Authorities and the Legislature

Foster multi-level, multi-front communication between the Executive Authorities and the Legislature, and seek the views of LegCo Members as early as possible when formulating policies.

Electoral Methods for 2012

Consult the public in the first half of 2009 on the methods for electing the Chief Executive and for forming the Legislative Council in 2012.

Enhancing the quality of public services

Review the implementation of government departments' performance pledges and improve their complaint handling mechanisms to ensure public services move with the times.

Public engagement

All politically appointed officials to reach out to the community more proactively and to visit districts for public engagement

National education

Offer more opportunities for students and young people to join mainland study trips and exchange programmes to see for themselves the rapid development of our country.

Conclusion

"We will address squarely the challenges ahead with effective crisis management and improvements to our systems. At the same time, we will seize new opportunities and turn crises into opportunities.

Hong Kong people are known for our resilience in the face of adversity. All these years, we have worked miracles in times of difficulty, making continuous improvements and progress.

I have full confidence in Hong Kong people.

Our people should have confidence in themselves, too. Sharing a common vision, we can rise above all challenges and emerge stronger."

(HK Edition 10/16/2008 page2)