XN000022-1995-12-14 — Page 13

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Secondly, we do recognise that the substantial shift in employment to the service sector in Hong Kong means that we need to look again at our policies and the support that we give employment creation and wealth creation as a whole. That is why my honourable friend, the Financial Secretary, has set up a task force, including some members of this Council, to look at the support that we give service industries and to see what more we can do for service industries, where I believe I am right in saying we have created about a million extra jobs in the last few years.

Thirdly, let me turn to the manufacturing industry and I recognise that even though the share of employment in manufacturing has gone down in the last few years and even though the manufacturing share of GDP has gone down in the last few years, the manufacturing sector remains a vital part of Hong Kong's wealth creation. In the manufacturing sector we are working in subtle ways to help employers and wealth

creators.

First of all we are helping through the provision of land and the provision of space for those who want to set up factories. That is what the Industrial Estates Corporation does, that is what the Industrial Technology Centre does. The latter, for example, providing space for companies to undertake their R&D.

Secondly, we are helping our manufacturing sector with the creation of the skills that are required for the industries of the future. That is what our universities are doing. That is what the Vocational Training Council is doing, not least in the work that it is doing on university campuses.

Thirdly, we are helping with technology transfer. That is what the Applied Research Centre is doing, that is what the Productivity Council is doing, that is what the Industrial Technology Centre to refer to it again is doing.

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for example,

And fourthly, we are providing substantial amounts of money through the Industrial Support Fund where the allocation has gone up to 210 million this year

to help them with high technology developments which can be commercially successful in Hong Kong.

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So we help in a number of ways. It is not true that we don't have a long term vision of Hong Kong. But my long term vision of Hong Kong happens to be that it will stay the same open free economy that it is today.

President: Mr Leung, do you wish to have a follow up?