[Advice and advice]Leung Chun-ying talks about how Hong Kong can fight for the economy: It is necessary to aim at the needs of the country, have the determination to face difficulties, and dare to focus on the development of industries – Focus News – Hong Kong people talk about the local area

The Hong Kong Development Forum recently held a seminar titled “How to fight for the economy?”, which attracted more than 400 people. Leung Chun-ying, Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference, who was the guest of the day, posted on social media today (26th) that Hong Kong has many visions for economic development, but lacks specific suggestions on how to do it, so he put forward 9 opinions on “how to fight for the economy” and suggested Hong Kong focuses on developing six industries.

Leung Chun-ying said that Hong Kong’s economic development cannot be like saying “Hui Chun” during the Chinese New Year and pasting the words “Business is booming” on the wall. Business will get better and better on its own. The key lies in how to do it. He believes that “in recent years, there have been a lot of huichun posts in Hong Kong, but there are very few specific suggestions on how to do it.” These include questions such as “do you know how to do it?”, “do you dare to do it”, and “are you afraid of hard work?”

Based on his experience in the mainland over the past six years, he summarized 9 opinions:

1. How to improve the economy is the core issue of “governing and revitalizing”. The general background is that the political conditions in Hong Kong have basically improved. In the past, the problem of the Legislative Council filibustering and reversing all government measures no longer exists.

2. Aim at what the country needs. It is necessary to learn more about the provinces, municipalities and autonomous regions in the mainland. The mainland is vast and changing rapidly. At present, all walks of life are not doing enough. Chambers of commerce and professional groups have to conduct research for small and medium-sized enterprise committee members, which is their unshirkable responsibility.

3. Hong Kong still has potential and Hong Kong people are capable, but in recent years the “going ashore” mentality has pervaded the situation. We need to regain the courage of the husband-and-wife team in Hong Kong factories who queued for three hours in Luo Wu with red, white and blue plastic bags to get through. Determination to face difficulties is a big issue.

4. Institutions and people with power and responsibilities cannot lie flat and adopt the mentality of “do less and make fewer mistakes”. Society must also be “tolerant of mistakes” to institutions and people who have the responsibility to do things.

5. Speed ​​is key. Administrative procedures related to economic activities, including the approval procedures for using land and buildings, applying for various licenses, and importing talents and labor, must be simplified.

6. We must dare to place bets and pick industries. We must not use the past mentality of not daring to pick winners. We must have the knowledge, experience and courage to formulate industrial policies.

7. You have to give up to get something. Some industries, industries, and companies that should be eliminated should be let go. Subsidies are not the answer. If we subsidized the manufacturing industry in the 1980s, Hong Kong people would still be buying jeans today, and their income would be stagnant at 40 years ago. For now, the KPI of tourism should not be the number of tourists, but revenue. Low-end tourism in Hong Kong There is no future for Hong Kong as a high-cost city, and Hong Kong currently has no need to absorb surplus labor through tourism.

8. Major policy measures include allowing Guangdong trains to go south to Lantau Island as soon as possible, increasing the attractiveness of Chek Lap Kok Airport to high-end passengers from Guangdong, promoting the further development of Hong Kong’s aviation industry, and stimulating the better development of the “bridgehead economy”.

9. Finally, it is recommended that the wages of imported workers in certain industries should be set between Hong Kong and the Mainland, and should not be set at the median wage in Hong Kong. The wages of domestic helpers should not be set at the median wage of live-in workers in Hong Kong. Singapore Neither has the importation of foreign workers, including construction workers and bus drivers. If Hong Kong wants to strengthen its competitiveness, it must not only increase productivity and output value, but also reduce costs. Setting the wages of foreign workers at the median wage in Hong Kong will not protect the employment or income of local workers. The economy will be sluggish and the victims will be local workers. If the skin is gone, the hair will not be attached.

As for what industries to fight for, Leung Chun-ying believes that there are still many shortcomings in the mainland that can be filled by Hong Kong. This is where Hong Kong should focus its efforts. He summed up 6 aspects:

1. Mainland companies set up headquarters in Hong Kong. It’s not necessarily a group company, but a second- and third-tier company setting up its Asia-Pacific headquarters in Hong Kong, which is already big enough. We have a big advantage in this area, but we need to have ways and means to fight for it.

2. Trade services. Hong Kong cannot give up trade. This is what Hong Kong is good at and what the country needs. There are too many products on the mainland that are extremely cost-effective. Good products are sold to a larger market and at better prices. Hong Kong must make good use of its power.

3. Shipping service industry, including maritime finance, maritime law and shipping insurance. It will take decades to build a national shipping insurance industry. It is too easy to sell life insurance in Hong Kong, but it will not last.

4. The securitization of mainland assets in Hong Kong is another big development opportunity for the Hong Kong financial market after Tsingtao Beer’s listing in Hong Kong. Four Hong Kong laws need to be revised. This is technically more difficult than when Tsingtao Beer was listed in Hong Kong, but it needs to be done.

5. Intellectual property transactions and other property rights services.

6. Data hub business between domestic and foreign countries.

Image source: Hong Kong people talk about the ground

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