Leung calls for more direct investments

"Think out of the box," he said.

In a report, Chief Executive CY Leung said that the Government is urged to be more proactive in economic development, Chief Executive CY Leung said, adding it will make direct investment in key industries if necessary, as it has done before.

Mr Leung was speaking after the Economic Development Commission’s first meeting today, at a press briefing he hosted with Financial Secretary John Tsang and Secretary for Commerce & Economic Development Gregory So.

He said the Government attaches great importance to economic development, and deep-seated concerns over issues such as poverty, housing, an ageing society, and young people’s upward mobility can be addressed through strong and sustained economic development.

The commission is not only a discussion forum or platform, he stressed. Its recommendations can be incorporated into the next Policy Address and Budget, if the Government accepts them.

Mr Leung hopes the commission can put forward detailed suggestions on ways to develop industries, and advise the Government on its role.

At its first meeting, the commission suggested the Government can play a more active role in developing the economy, that it should explore the Mainland and overseas markets, and be encouraged to “think out of the box”.

It also urged the Administration to make reference to other places’ success, including that of the Mainland, Taiwan, Singapore and Korea, he said. There, government action had helped bolster the economy.

The Government is prepared to adopt a more proactive role, the Chief Executive said, and invest directly in key industries if necessary. Its past investments in Ocean Park and Hong Kong Disneyland, for example, had helped to promote the tourism industry.

Regarding a timetable, Mr Leung said the commission can discuss its ideas with the Government whenever they are ready, adding he wants to speed up the process.

Working group convenors also attended the briefing, including Chow Chung-kong (transportation), Jack So (convention and exhibition industries and tourism), Victor Lo (manufacturing industries, innovative technology, and cultural and creative industries), and Lau Ping-cheung (professional services).