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New Proposals Aim To Bolster Six Key Industries In HK,
by Mary Swire, Tax-News.com, Hong Kong
Wednesday, June 24, 2009
The task force on economic challenges has proposed a host of measures to boost
the development of six industries in which Hong Kong 'has an edge'.
Speaking after the group's final meeting on June 22, Chief Executive Donald
Tsang said the government should play a key role in helping the industries develop.
On education, he said two sites in the urban areas will be reserved for private
tertiary education purposes. The details will be announced by the end of this
year.
Four sites will be earmarked for private hospital development and the government
will invite expressions of interest by the end of this year.
Certification council
A Hong Kong Council of Testing & Certification will be formed in three
months to promote the professional standards and international recognition of
Hong Kong's industry.
The council will work with the industry to formulate a three-year market-oriented
development plan within six months of its establishment.
The government will also take the lead in making Hong Kong a green city, through
legislation and specific measures including:
expanding the scope of green procurement;
stopping the purchase of incandescent light bulbs; and
formulating guidelines and providing new resources to encourage departments
to procure green products.
Tax incentives
On innovation and technology, the government will explore the possibility of
new financial or tax incentives to encourage the private sector to increase
investment in research and development.
"On cultural and creative industries, we will actively promote the interest
and ability of Hong Kong people, particularly among our youths, in appreciating
art and culture, and provide more opportunities for artists to perform and display
their works," Mr Tsang said.
The government will consider how to expedite the retrofitting or redevelopment
of under-utilized industrial buildings for use by cultural and creative industries.
Common limitation
"One common limitation facing the further development of these six industries
is a shortage of land resources. We know that this may not be a problem that
the market can resolve entirely on its own," Mr Tsang explained, adding:
"The government will adopt an open mind in tackling this limitation so
that the full potential of the six industries may be realized."
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