Hong Kong’s economy is currently experiencing a positive trend, with Executive councillor Jeffrey Lam highlighting that it is at its best in five years. He emphasized the importance of maintaining this momentum by cautioning the government against complacency. Lam pointed out that while external factors such as the US Federal Reserve interest rate easing cycle have contributed to the city’s economic growth, it is essential for the authorities to implement additional supportive measures.
In an interview on a radio programme, Lam stressed the need for the government to introduce favorable policies to further stimulate the economy. He specifically mentioned the upcoming Policy Address by the Chief Executive as an opportunity to roll out these initiatives. Lam emphasized the significance of attracting talent and investment to Hong Kong, highlighting the role of policy in achieving this goal. He proposed the establishment of an efficient one-stop office to assist foreign investors in setting up their businesses in Hong Kong seamlessly.
Additionally, the recent agreement between Hong Kong and mainland China to amend the CEPA framework on trade in services was discussed by Executive Council member Chan Kin-por. He explained that these changes, set to take effect in March next year, will lower the threshold and simplify qualification requirements. This adjustment aims to facilitate easier market entry for Hong Kong firms, particularly small and medium-sized enterprises, into the mainland market.
As Hong Kong continues to navigate its economic landscape, it is crucial for the government to proactively implement policies that foster growth and attract investment. By leveraging both internal and external factors, such as the recent trade agreement with mainland China, the city can further solidify its position as a competitive business hub in the region. The emphasis on streamlining processes for foreign investors underscores the commitment to creating a business-friendly environment that encourages economic development and expansion. Through strategic planning and effective policy implementation, Hong Kong can continue to build on its current economic successes and position itself for sustained growth in the future.
