Hong Kong chief executive highlights Belt & Road, innova

Hong Kong Chief Executive Leung Chun-ying has made his fourth annual policy address on Wednesday. He said the city will seize the opportunities brought by China's 'One Belt, One Road' initiative to enhance its economic growth. And he stressed that Hong Kong will do more this year to boost innovation and technology.

Hong Kong Chief Executive Leung Chun-ying delivers a policy address for the year of 2016 on January 13, 2016. [Photo: Chinanews.com]

The development ideas relating to “One Belt, One Road” initiative made this year’s address special.

The city pledges to play an active role in the scheme.

"The HKSAR government will set up a steering committee for the 'Belt and Road' initiative. I will chair the committee, which will be responsible for formulating strategies and policies for Hong Kong’s participation in the 'Belt and Road' initiative. A Belt and Road office will also be established to push forward related studies, and co-ordinate work between government departments and other organisations," Leung said.

Analysts say Hong Kong can be a super connector between the Chinese mainland and countries and regions along the “One Belt, One Road” chain.

Innovation is top of China’s 13th Five-Year Plan, and it’s also a priority for the SAR government this year.

Leung said 2015 was an important year for innovation, citing the landmark establishment of the Innovation and technology Bureau and the Academy of Sciences of Hong Kong. He said in the year ahead, the city will maintain efforts to promote innovation.

"Hong Kong enjoys the advantages of both “one country” and “two systems” in developing the innovation and technology industry. We can more proactively seek co-operation opportunities with the Mainland at both national and local levels," Leung said.

Hong Kong’s competitiveness has been declining in recent years, but the mainland economy has maintained robust growth for many years. Hong Kong’s position has been challenged by some rapidly developing cities, such as Beijing, Shanghai and Shenzhen.

Observers say the city is suffering from a lack of innovation, while scientific personnel and funding suffer from short supply.

Innovation and technology not only create new momentum for economic growth, they also provide people with a more convenient, comfortable and secure way of living. The SAR government has pledged to make continuous efforts to support the development of Hong Kong’s innovation and technology industry.

Observers say these changes show that the SAR government hopes to get rid of the old mode of economic development, which over-relied on finance, real estate and retail. Now the city wants to involve more in the national development initiative, and do more to boost innovation.