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Hong Kong's financial chief John Tsang said Wednesday that Hong Kong must expand and strengthen its four pillar industries to maintain its competitiveness.
When delivering his budget speech, Tsang said, traditional pillar industries have been the major driving forces behind Hong Kong's economic development. They have clear advantages internationally and are highly competitive.
Currently, the four pillar industries -- trading and logistics, tourism, financial services and business and professional services employ 1.7 million people, or 48 percent of the total labor force. These pillar industries contribute to 59 percent of the city's GDP.
He said, to further promote consolidating trading and logistics industry, the city's government have reserved a logistics site with an area of about two hectares at Tsing Yi which will be put on the market in the first half of this year.
Hong Kong's financial chief John Tsangdelivers his 2013-14 budget speech at the Legislative Council of Hong Kong on Feb. 27, 2013. (Xinhua/Lu Xiaowei)
The government also plan to designate about ten hectares of land at Tuen Mun West for the development of logistics facilities. This will facilitate clustering of companies involved in various operations and services for the industry.
"Upon completion of the Tuen Mun-Chek Lap Kok Link in 2018, it will only take ten minutes to travel from Tuen Mun West to the Airport." He added that upon completion of the logistics facilities at Tsing Yi and Tuen Mun West, more than 300,000 square meters of floor area and 7,500 new jobs in various trades will be provided.
As for promoting tourism industry, Tsang said Ocean Park will build an all-weather Water World at Tai Shue Wan to further enhance its facilities. The government will offer a 2.3 billion HK dollars (about 296 million U.S. dollars) loan to Ocean Park to spur early commencement of the project. The government shall submit a funding proposal to the Finance Committee in the next few months.
He added, in the coming few years, Hong Kong Disneyland will launch a new night-time parade and put in place a themed area featuring "Marvel heroes", the first of its kind in the world. These new projects will be funded by the Disneyland's operating surplus.
In addition, to exploit the potential of cruise tourism in Asia Pacific and attract more high-spending cruise trip visitors to Hong Kong, the government is actively working with the Hong Kong Tourism Board to promote cruise tourism, and collaborate with the travel trade and neighboring ports on itinerary development and regional co-operation.
Tsang said the terminal building and the first berth of the Kai Tak Cruise Terminal will be commissioned in the middle of this year. Preparations are in full swing for the Terminal to receive its first liner, Mariner of the Seas with a capacity of 3,840 passengers, on June 12.
Hong Kong's financial chief John Tsangdelivers his 2013-14 budget speech at the Legislative Council of Hong Kong on Feb. 27, 2013. (Xinhua/Lu Xiaowei)
As for developing financial services industry, Tsang said that to attract more private equity funds to domicile in Hong Kong, the government proposed to extend the profits tax exemption for offshore funds to include transactions in private companies which are incorporated or registered outside Hong Kong and do not hold any Hong Kong properties nor carry out any business in Hong Kong.
He added that at present, investment funds established in Hong Kong can only take the form of trusts. To attract more traditional mutual funds and hedge funds to domicile in Hong Kong, the government is considering legislative amendments to introduce the Open-ended Investment Company, an increasingly popular form used in the fund industry.
The financial chief said the Securities and Futures Commission is studying with the Mainland authorities an arrangement for mutual recognition of funds to expand the distribution network of Hong Kong's fund industry.
The arrangement will attract more funds to establish in Hong Kong and foster the development of those professional sectors engaged in the registration, investment management and sales of funds, he said.
In addition, as the Mainland experiences rapid growth in wealth and a steady opening of its capital account, the Qualified Domestic Institutional Investor (QDII) Scheme, which allows investment of Mainland capital in offshore financial markets, is expected to be further relaxed. He said this will help the growth of the private wealth management business in Hong Kong.
To consolidating Hong Kong's position as an offshore Renminbi business center, the government shall continue the dialogue with the relevant Mainland authorities to expedite the next stage of the RMB Qualified Foreign Institutional Investors (RQFII) 's expansion, which will include extending the pilot scheme to qualified Hong Kong financial institutions, said Tsang.
The financial chief proposed launching a further inflation- linked retail bonds (iBond) issue of up to 10 billion HK dollars under the Government Bond Program. He point out that the further issuance of iBond is a measure to address the current low-interest rate environment. It is a non-recurrent measure.
As for expanding business and professional services, Tsang said apart from serving local enterprises, Hong Kong's business and professional services are also exported to the Mainland and other areas in Asia. The government shall continue to assist these service industries through relevant G2G platforms.
Hong Kong's financial chief John Tsangdelivers his 2013-14 budget speech at the Legislative Council of Hong Kong on Feb. 27, 2013. (Xinhua/Lu Xiaowei)
He said Hong Kong's Chief Executive has announced that the city 's government and the Ministry of Commerce will set up a joint working group to assist the sectors concerned to solve problems they encounter in gaining access to the Mainland market under the Mainland and Hong Kong Closer Economic Partnership Arrangement. ( One U.S. dollar is equivalent to 7.76 HK dollars)
