Financial Secretary John Tsang says Hong Kong must take advantage of every opportunity to maintain its competitiveness.
Delivering his 2014-15 Budget speech today, he said some citizens have expressed concern about Hong Kong losing its edge, and that the economy and employment will suffer as a result.
“It is essential we seize every opportunity to improve, and aptly respond to possible crises along the way.”
Mr Tsang said trading and logistics, financial services, tourism, and professional services have become Hong Kong’s pillar industries by capitalising on their strengths and Hong Kong’s edge, making the city a commercial hub, a financial centre, and an international tourist destination.
He said there is still ample room for these industries to flourish and keep moving up the value chain, but at the same time new industries which have potential must be nurtured.
To overcome the major constraints limiting the city, he said: "We must endeavour to nurture a wealth of suitable talent for the future, increase land supply to expand the scale of the economy, and plan well ahead for an ageing society."
