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Time to Focus on Economic Growth

Faced with the volatility of the pandemic, the political wrangling that has torn our society apart, as well as the complicated international political landscape, Hong Kong has been under siege for the past year. 

For Hong Kong to get back on track, support from the Central Government is undoubtedly crucial. If we are to ride out the current difficult times, one priority is to put an end to the political confrontation and refocus on tackling the economic and livelihood issues facing Hong Kong.

According to the recently announced 14th Five-Year Plan, the Central Government will give full support to Hong Kong for better integration into the overall national development plan, developing the Greater Bay Area (GBA) and facilitating Hong Kong and Macao residents to live and work in the Mainland. 

In addition to further consolidating its strengths, Hong Kong is also positioned as an international innovation and technology hub to help the city achieve more diversified and sustainable economic growth. Meanwhile, by promoting financial integration in the GBA, Hong Kong will provide strong financial support for the country’s newly introduced “Dual Circulation” strategy.  

Indeed, in the midst of the current economic doldrums, financing is a major challenge for SMEs. I have repeatedly urged the SAR Government to assist businesses in meeting their capital needs. These included extending the principle moratorium period and the Special 100% Loan Guarantee under the SME Financing Guarantee Scheme. I have also been calling for the Government to withdraw the Double Stamp Duty on non-residential properties as soon as possible, with a view to boosting transactions of offices as well as industrial and commercial properties.  So I was pleased to see these measures included in the recent Policy Address.

Despite the waves of challenges, the business community has been working together to promote economic recovery. Businesses have been eagerly looking forward to seeing the passing of resolutions at the Legislative Council for the improvement of economic and livelihood conditions. 

These include ongoing efforts to contain the pandemic and enhance the healthcare system for the good of the public, speeding up funding for various projects to create more job opportunities, as well as supporting economic transformation, which will serve as a new growth engine for Hong Kong. In the long run, Hong Kong must strengthen its competitiveness and maintain a stable business environment while safeguarding our national security.

Having gone through a tumultuous year, the Legislative Council has gradually resumed normal operations. This will enable us to work towards addressing the economic and livelihood issues to allow lives to return to normal. As a LegCo member, I will continue to express the concerns of business and speak out on behalf of the business community through the LegCo platform as we move into 2021.

Jeffrey Lam
[email protected]

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