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"This is evident too in the dramatic grace of our architecture, whose spacious interiors defy impressions of crowded streets, in our imaginative films, which Hollywood is beginning to watch, and the lyrical dynamism of Canto-pop music, song and dance."
Noting that services now account for 80 per cent of Hong Kong's GDP and 80 per cent of employment, Mr Miller said this transformation had been market-driven, not Government-led but it is Government supported.
"It reflects a shared vision of Hong Kong's role in the future and the measures needed to ensure that we are properly placed to play that role," he added.
The Director-General told the luncheon gathering that last week, the Financial Secretary, Mr Donald Tsang, set out the action agendas for Hong Kong's leading services industries and unveiled the following initiatives to strengthen Hong Kong's position as an international finance and services centre:
A HK$50 million Service Support Fund to benefit the further development of service industries and improve their competitiveness;
A HK$50 million Tourism Development Fund;
Plans to create a Hong Kong mortgage corporation, with the US Federal National Mortgage Association assisting in a study for the project;
Plans to launch 10-year Exchange Fund Notes;
The establishment of a fourth Hong Kong Industrial Estate;
A Science Park to help nurture technology-based industries and promote technology transfer;
A tax allowance for hotels to write off refurbishment expenditure over a five-year period;
A reduction of Ad valorem fees on company registration by half from 0.6 per cent to 0.3 per cent, and
An initiative to enhance language proficiency in both English and Chinese (including Putonghua) in schools.
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