At the beginning of the Year of the Goat, the Financial Secretary presented a Budget that can address both economic development and improvement in people’s livelihood, injecting impetus for Hong Kong’s long-term stability and on-going development.

Furthering Diversification of Hong Kong Industries
The Year of the Goat has just begun. I would like to wish all CGCC Committee Members, members and our friends in different sectors happiness and prosperity in the new year.

Looking back at the past year, the global economy in general kept recovering at a moderate pace. But the recent fluctuations in the international foreign exchange market and oil prices, together with the upward pressure on the US interest rates, will add uncertainty to economic prospects and financial markets in the new year.

CGCC has earlier submitted a position paper on the Policy Address and Budget for the coming year to the HKSAR Government.

The new CGCC Committee has been elected last month. I am much obliged to CGCC members for their trust in me as Chairman for another term, during which I will continue to partner with our member enterprises to brave challenges and capture the new opportunities that arise from China’s rapid development and regional economic cooperation.

After months of preparation, the Shanghai-Hong Kong Stock Connect scheme (“Stock Connect”) will be implemented soon. We believe that the scheme is highly significant for the longterm development of financial sectors in the Mainland and Hong Kong

The NPC Standing Committee (NPCSC) has decided on the framework for electing the Chief Executive (CE) by universal suffrage in Hong Kong, making clear provisions on the composition of the Nominating Committee (NC), the nomination threshold for candidates and the maximum number of candidates, among other issues.

An efficient and competitive international airport is of crucial importance for Hong Kong as a hub for global commerce and trade. Nevertheless, the existing two-runway system of the Hong Kong International Airport (HKIA) in Chek Lap Kok will reach its full capacity in a few years’ time.

This July, Hong Kong celebrates the 17th anniversary of its reunification with China and the establishment of the HKSAR. The Chinese General Chamber of Commerce (CGCC) has arranged an array of celebrations to share the joy with all Hong Kong people and add more positive energy to society.

Swiss voters overwhelmingly rejected a proposal to introduce what would have been the highest minimum wage in the world in a referendum last month, worrying that rising wages would seriously erode the country’s competitiveness. The Swiss experience has triggered concern and discussion in Hong Kong’s society.