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Hong Kong is well-placed to play a big role in the anticipated rapid growth in the Region's trade in services. We are the freest and one of the most competitive economies in the world; we already have developed strong trade links and close investment relations with neighbouring economies; we have an unbeatable location; a critical mass of financial institutions; the necessary infrastructure in transport and communications; sound and rigorous supervisory framework; ample supply of experienced professionals in all fields of commerce; a skilful and diligent work-force; a community spirit and tradition of enterprise and a long history of doing business with China. All these attributes make us a pretty good place to be a major trading, financial and business services centre for the region generally and for China in particular.
The Addendum on Promotion of Services which accompanies the FS's Budget Speech has outlined how we have been developing policies to encourage and facilitate participation of the private sector and the markets. I should stress that this is not central planning. We have never practised central planning of the economy and we never will.
As far as financial services are concerned, the addendum is meant to stimulate discussion on how Hong Kong can best promote, develop and improve the range of financial services. It does not and should not stop there. It certainly is not exclusive. Any new ideas and proposals are welcome, in particular when they come from the financial markets. Indeed I am aware that both the Stock Exchange and the Futures Exchange have developed work-plans geared to maintaining Hong Kong as a leading financial centre in the region, and we all look forward to hearing their separate announcements in the very near future.
Finally, let me stress that the FS' vision to carry Hong Kong into the 21st Century through promotion of services is an on-going process. Our mission is to ensure that the process will continue so that Hong Kong will always be a leading international financial centre and so that Hong Kong will have a more prosperous future.
I would now invite Dr Edgar Cheng, Mr Joseph Yam and Mrs Lessie Wei to talk about specific items as listed in the Addendum, starting with Dr Edgar Cheng.
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