Chief Executive outlines
new strategies for
economic development
Hong Kong Chief Executive Donald Tsang, in his annual Policy Address on October 14, set out strategies for the territory to break new ground in economic development and sustainable growth.

Mr. Tsang also laid out his vision to improve the quality of life in Hong Kong, including major projects in Central, and unveiled new measures to promote family values as well as help the elderly and other vulnerable groups.

“We are entering a new era, but we need not worry about the new competitive landscape. With an open mind, pioneering spirit and full preparation, we can break new ground together,” Mr. Tsang said.

Hong Kong's enduring advantages remain attractive
Results of an annual survey jointly released by Invest Hong Kong and the Census and Statistics Department (C&SD) on October 5 shows a 3.3% dip in the number of overseas, mainland China and Taiwanese business operations in Hong Kong.

“The global financial and economic downturn inevitably meant many companies have had to consolidate their international operations,” said Director-General of Investment Promotion at Invest Hong Kong Simon Galpin. “This has led to global foreign direct investment inflows declining by 14.1% in 2008 and the United Nations Conference on Trade and Development forecasting they will fall a further 29.4% in 2009.”

Industrial building conversion, an alternative
to land supply
The new package of measures to facilitate redevelopment and wholesale conversion of industrial buildings as announced by Hong Kong Chief Executive Donald Tsang in his 2009-10 Policy Address will provide suitable land and buildings to meet Hong Kong's changing economic needs, according to Hong Kong Secretary for Development Carrie Lam.

Speaking at an October 15 news conference to elaborate on the measures, Mrs. Lam said the transformation of Hong Kong’s industrial areas and buildings has not kept pace with the economic restructuring and relocation of traditional manufacturing activities to the Mainland since the early 1980s.

“As a result, many private flatted industrial buildings are left vacant or underutilized,” she said.

Mega Events to boost visitor numbers
The Mega Events Fund (MEF) Assessment Committee has decided to support six proposals for mega arts, cultural and sports events to be held in Hong Kong. A total of US$3.23 million will be granted from the MEF to support these events.

Announcing the selection results on October 22, the Chairman of the MEF Assessment Committee Jeffrey Lam said all the projects selected will add color and vibrancy to the city and help attract more visitors to Hong Kong.