Leung stresses need for cooperation as well as funding for innovation bureau

Hong Kong's future prosperity requires joint efforts by all society, otherwise the city will miss many opportunities, Chief Executive Leung Chun-ying cautioned at Thursday's question-and-answer session in the Legislative Council.

He also revisited his Innovation and Technology Bureau (ITB) proposal, expressing the hope that LegCo could pass the proposal as soon as the Finance Committee meetings resumed. This is after he came back from a visit to Israel, which had focused on technology development.

Amid a gloomy economic outlook worldwide, Leung said his administration has been looking for development opportunities for Hong Kong. These range from joining the country's "Belt and Road" initiative to preparations for the newly proposed "London-Hong Kong Connect" in commodities markets during President Xi Jinping's visit to the United Kingdom.

As China's financial center, Hong Kong could also contribute to the Asian Infrastructure Investment Bank initiated by the country, Leung added.

"However, I hope all society will work together for the common purpose while the Hong Kong government is making those efforts," Leung said. "Our work will not be accomplished if the city constantly sees instability."

In the past year, the average income for all employees in Hong Kong rose by 5.7 percent. The earnings rise for low-income employees stood at 7 to 8 percent during June to August, according to government statistics. Meanwhile, the government received record revenue from corporate profits tax and income tax.

Leung said all people should cherish the relatively favorable economic environment and keep up the hard work.

After his visit to Israel last week, the CE reiterated the urgent need for Hong Kong to speed up high-tech development. Hong Kong shared the same qualities as Israel and also possessed a big talent pool, Leung said. This meant the city had a good chance to elevate the innovation and high-tech sectors.

Hence, he urged LegCo to pass the ITB proposal soon.

Leung also touched on several other economic and livelihood issues. These include a revamp of the offset mechanism for the city's retirement saving system, standard working hours, and measures to support small- and medium-sized enterprises. These were all among his election promises three years ago.

Leung said he was determined to implement all his pledges step by step. He hoped both employees and employers could understand each other's perspective and work for the common interests of all Hong Kong people.

luisliu@chinadailyhk.com

Chief Executive Leung Chun-ying attends a question-and-answer session at the Legislative Council on Thursday.  Parker Zheng / China Daily

(HK Edition 10/23/2015 page7)