A report on the first five years of the Hong Kong Special Administrative Region of the People's Republic of China PDF
Preview A report on the first five years of the Hong Kong Special Administrative Region of the People's Republic of China
-If) =o -o -5 Hong Kong Special Administrative Region Government People's Republic ofChina HONG KONG SAR The First Five Years 1997-2002 er Q670 1 Al 1 Digitized by the Internet Archive in 2009 with funding from Multicultural Canada; University of Toronto Libraries http://www.archive.org/details/reportonfirstfivOOhong A report on the first five years of the Hong Kong Special Administrative Region of the Peoples Republic ofC hina Info] mation Sen ic I tment [uh 10 I <;£*• HongKongSpecial Administrative Region Government Contents 3 Message from the ChiefExecutive 5 Overview f2 Forthe Record 14 One Country. TwoSystems Politicaldevelopment Legislative Councilelections The ChiefExecutiveelection Accountabilitysystem 19 The Economy Economicperformance Financialsector 2002-2003Budget China'sentrytotheWorldTradeOrganization Shanghai HongKong'sadvantages Enhancingcompetitiveness Boostinglinkswith the Pearl RiverDelta Infrastructure Upgradinghuman capital [iourism 33 Ihe Rule ofLaw Ihe legal system Rightofabode issue Law .iiul ord< i Boundary integrity Immigration ( ombatingcorruption 39 The Environment Regional cooperation 41 Asia's world city Invesl IlongKong New artsdistrict 44 ( ontacl Numbers &B8£\M c Message from the ChiefExecutive The Hong Kong Special Administrative Region celebrates its fifth anniversary onJuly 1, 2002. Five years on, the 'One Country, Two Systems' If you lulh' consider our competitive concepthasbeensuccessfullyimplemented. Hong advantages, we have many reasons to be Kong people now have a better understandingof confident. Weare averysuccessful international the motherland and have affirmed their new financial center. We are a center for trade, identity with the reunification. With the commitment of Hong Kong people and the transport and logistics. Our tourism business is moving up well and will achieve new heights support ofthe Central Government, Hong Kong followingthe openingofHong KongDisneyland remainsanopen,freeandvibrantsociety. in 2005. We are the premier center for multi- The greatest challenges we have faced have national companies doing business in Asia and been in the economic realm, rather than the alsotheMainlandofChina. politicalarena.Wehavehadtocopewithnotone, Hong Kong remains very strong in our but two economic downturns in the past five 'traditional'industriessuchasthemanufactureof years. Asset prices have tumbled to halfot what garments, watches and clocks, electronic theywereat the peak ofthe market at end-1997. consumer products and toys. These are Thestock market has tested newhighsand lows. successful businesses by international standards. Cthorneesuyemaersr.pArnidcesweharveemadienclveirnyedcofnocrermnoerdeatbhoaunt The question nowishow to help them moveup the value chain to take a larger portion of the unemployment,whichhasreachedrecordlevels. worldmarket There has been some recent good news. All of these strengths and advantages are Tourism numbers are up. Cargo throughput at supported by the institutional framework of the boththecontainerterminalsandtheairportisup. rule oflaw, a level playing field, the free flow of Realestatetransactionsarepickingup,andprices remain stable. We expect a strongpick up in the ctaapxistatlruactnudrei.nfWoermahtaivoen,,adadnidtioofnacloluyr,saen,aunvreirvyallloewd- number ofcompanies to be listed in Hong Kong geographical locationandaclusteringofsomeof in the second half of this year. More and more the best professional talent in the world in areas international companies are establishing regional such as finance and accounting, banking. operations in Hong Kong. Emigration is at a insurance, legal services, management, 20-yearlow marketing,designand logistics. At the same time. Hong Kong's economy has Whatwe need todo isto leverageall ol these been undergoing difficult restructuring. This will advantages. Particularly, we need to make lull goon forsome time 10come hut I believe weare play of our competitive advantages in the beginning to see the Start ol a slow, modest Mainland, especially the rapidly developing and recovery. Inaddressingthechallengesahead, there increasingly affluent Pearl River Helta. We can areanumberofthingsthegovemmeni cando. mini upthevaluechain byconstantl) strivingto First ofall. we will constantly carefully and provide high value-added content to the services thoroughly review the changing external and products we provide foi ourselves and the environment We will carefully review our rest of Asia. By doing so we can position competitive advantages, our strengths and oui ourselves not only as a majoi city in ( lima, but weaknesses, especially in regards to cities and astheworldiin olAsia. regionscompetingwithus. \s ,i government, we will improve and Uhhnolog) Research Institutetobe housedat the promote.1business friendl) environment. Wewill 5«urue Park enhance the efficienc) ol government, promote the useoflT,ensurethe maintenanceolalow and I he promotion ol entrepreneurship is a simple tax regime,andcreateanenvironment thai cornerstone ol our innovation and technology allows individuals and corporations to build program Good technological developmentsare wealth. We will continue to invest heavily in hard onl) worthwhile ii they are commercialized and and soli infrastructure. B) soli infrastructure, applied to industry The Hong Kong Science and eIdmuceaatnionedtuocamtaikoen.surWeethwaitllforingveensetraatiloonts itno urpetcahkneoloofgiytsPianrckusbaCtoironpoprraotgironamwitlolLiOnOcraenansuaelltyh.e come, we will be able to compete successfully in We also need to improve the quality, design worldtermsasavalue-addedcity. and creativityofproductsorservicesprovided to \p.ui from education, the government has the local market, as well as markets around the emphasized the role that innovation, technology world, including the Mainland. Branding is andsciencecanplayinhelpingustomoveupthe important, as is design. Good design is essential valuechainandwitheconomicrestructuring. for successful branding. Hong Kong has been a regional leaderin the design field. In September, Our objective is to use science and we will open a Hong Kong Design Center that technology to enhance innovative capabilities to will help our design professionals to promote strengthen thecompetitivenessofindustry,andto theirwork and talent and raise our international create knowledge-based, high value-added profileinthisarea. industries. Through theacquisition ofknowledge in scienceand technology we will also beable to The restructuring taking place will not be helpindividualsmoveupthevaluechain. easy. But it is worth remembering that Hong Konghasfacedsuchchallenges twicebefore-in Overthepastfiveyears, wehavedoneagreat the 1960s and 1980s - and both times Hong deal in this regardand, asa result, have seen the Kong people have proved to the world we have continuing development ofa respectable science the drive, talent and entrepreneurial flair to base in Hong Kong. The successful development succeedandfurtherimproveourlives. ofscience and technology is about finding local talents,nurturingthemanddevelopingthem. Itis We are now faced with a third economic also about attracting world-class scientists and restructuring that is probably the most difficult scholarstocometoliveandworkinHongKong. yet. But we have our strengths and our We have been increasingly successful in such competitiveadvantages. Iandmycolleagueswill efforts and are determined to maintain this pushforwardourpolicyinitiativestoensurethat momentum. a successful restructuring can be completed in the shortest possible time. I have no doubt that Newinfrastructuretosupportinnovationand we will once again be successful in overcoming technology is progressing well. Phase I of the the challenges and difficulties that lie ahead to Cyberport has an occupancy rate of80%. Our laythefoundationsforanevenbrighterfuture. Science Parkisupandrunning. Occupancythere is very satisfactory, with 16 tenants from Hong Kongand overseas, notably Silicon Valley signed upandmoreinthepipeline.Wearebeginningto see a clustering of electronics and integrated d*h~/t- circuit design companies there. The research capability of our universities is also being enhanced through the Applied Science and TungCheeHwa . Overview 2001 -2002 • The second and final phase ot interest rate deregulation covering Hong Kong Dollar • The Government's Electronic Service savings and current accounts took effect from Deliver) Scheme received first prize under July 3, 2001, allowing banks to compete for the Public Services and Democracy category deposits freely on the basis of price and of the internationally acclaimed 'Stockholm product innovation. The first phase was ChallengeAward'inStockholm,Sweden. institutedayearearlier. • The World Economic Forum held its prestigious East Asia Economic Summit in HongKonginlateOctober, 2001 • In his fifth Policy Address, the Chief Executive, Mr Tung Chee Hwa, highlighted a number of measures to help Hong Kong adjust to the changing global environment. MrTungfocusedon fivekeyareas:expanding investment in education and upgrading human resources; upgrading hard and soft infrastructure; enhancing the quality of the living environment; relieving hardships and • On Jul\' 11. tWhe Chief Executive met creatingjobs; and, improving the quality of President George Bush at the White House governmentadministration. and other key US governmental and political leadersduringatwo-da) visit totheUScapital. • IlongKongcelebratedonJuly 13whenChina won theright tohost the2008OlympicGames. • The Chief Secretary for Administration, during a duty visit to the United States, i spressed shock and sadness at the deadly terrorist attacks on September 1 I. The attacks occurred shortly after Mr fsang and his delegation had flown to the I s capital from New York. Ihe next day, at a meetingwith US Secretar) ol State ( olin Powell. \lr Tsang extended deepest condolences to the .American peopleon behall ol Hong Kong. • Among initiatives announced was a decision to introduce a new accountabilit) • The Global Summit ol Women 2001 was system for principal officials and plans to held in Hung Rung in mid Septembei as was spend HKS600 billion (US$77 billion) on theWorld Services( ongress 2001. major infrastructure programs over the next 10to I i Oveniew Ic onlinued) • Ilong Kong's Commissioner For Narcotics, \lis ( larie Io, the 2001/2002 President ofthe inancial Action lask Force on Mone) l laundering (\ \ll i. presided at a two-da) extraordinar) Plenar) Meetingofthegroupin Washington IK to diseuss ways to combat . terrorist financing in response to the Septembei attacks m the United Mans 1 I During the meetings on October 2*-)-30. the FATF's remit was widened to include international measures to deny terrorists accessio kinds. WTO China was formally admitted to the in December2001. • Hong Kong was rated the world's freest economy for the eighth consecutive year in the 2002 Index ofEconomic Freedom report released on November 12 by the influential Ileiitagc FoundationoftheUS. • Hong Kong played host to two major international events in November - the 12th World Productivity Congress and the 14th General Meeting of Pacific Economic Co- • In November, the Chief Executive opened operationCouncil. the INTEGER Hong Kong Pavilion, a joint • On December 10, 2001, work was projectwith the United Kingdom government and private companies to demonstrate how completed on Stage One ofa major sewage tunnel system - the Harbor Area Treatment intelligent and greener' flats could be built in Scheme (HATS) - that will greatly improve HongKongtodaytomeettomorrowsneeds. water quality in the harbor by intercepting • Survey results released by the Hong Kong and treating up to 70% of the sewage Census and Statistics Department on currentlyenteringtheharbor. November 6 found that in 2001 there were a • The government announced on December record 3 237 regional operations in Hong Kong-2293regionalofficesand944regional DIeIvtehleofpomremnattiCoonuonfcitlhe(HLoOnGgSKCoOnUgNCLoIgLis)tictso headquarters.Thenumbercontinuestogrow. help Hong Kong develop further as an • The world's multi-lateral trading system integrated logistics hub linking the Mainland ushered in a new era when China's accession andtheworld. to theWorld Trade Organizationwasformally WTO • Figures released onJanuary 8, 2002, by approved at the Fourth Ministerial Invest Hong Kong showed that the Conference in Doha, Qatar, on November 10, department had attracted and helped 99 2001. The decision was welcomed in Hong eKxotnrga,0w.h5e%repeGrDaPnnisumexpaesctaerdestuoltgroofwgrbeyataenr ofpoerreaitginoncsoimnpHaonnigesKotnogsient20u0p1,orgeneexrpatainndg total investment of HK$3.5 billion (US$450 trade with, and investment in, the Mainland. million)andcreatingover 1 500jobs.
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