ENG-2000 — Page 138

CHAPTER 6

Commerce and Industry

102

Reorganisation of Commerce and Industry Bureau

TO ADVANCE initiatives for promoting innovation and technology, attracting external direct investment and supporting industry and commerce, the then Trade and Industry Bureau and its supporting departments were reorganised on July 1, 2000. In addition to trade and industry, the bureau is responsible for commerce in general. The English name of the bureau was changed to Commerce and Industry Bureau (CIB) to reflect its expanded responsibilities.

Upon the reorganisation, a new agency named the Innovation and Technology Commission was set up within the CIB to take charge of innovation and technology policy development, co-ordination and implementation. A new department named Invest Hong Kong was also established to spearhead the Government's efforts in attracting external direct investment to Hong Kong. The Business and Services Promotion Unit, originally operating under the Financial Secretary's Office, was transferred to the CIB and continues to be responsible for co-ordinating and implementing the Services Promotion Programme and the Helping Business Programme. The Trade Department took over the functions of the Industry Department in respect of general support for the industry sector and small and medium enterprises, and was renamed the Trade and Industry Department. The Industry Department was disestablished.

Hong Kong's economy revived robustly during the year as its position as an international trade centre and a high value-added manufacturing base strengthened further.

Hong Kong's external trade surged in 2000, with total trade increasing by 17.8 per cent compared with the previous year. The value of domestic exports, re-exports and imports totalled $181 billion, $1,392 billion and $1,658 billion respectively. The Government continued to provide active support to the manufacturing and service industries as well as to upgrade Hong Kong's technological infrastructure.

Trade and Industrial Policies

Hong Kong's continuing success as a leading international trade and manufacturing centre owes much to a simple tax structure and low tax rates, a versatile and industrious workforce, an excellent infrastructure, free flow of capital and information and the Government's firm commitment to free trade and free enterprise. The Government believes that its task is to facilitate commerce and industry within the framework of a free market. The HKSAR maintains no tariffs and no regulatory