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This is a good example of mutual accommodation and sincere co-operation by all sectors of the community. Therefore, in encouraging public utilities companies to reduce their charges, the Government should at the same time take the lead to reduce government charges. In particular, the Government should, as I mentioned earlier, reduce public housing rental, fares of the three railways and other government charges before it can give other private organizations an incentive to reduce charges. As such, I hope that the Government can put these proposals into practice. As far as the Government of the Hong Kong Special Administrative Region is concerned, the HYF incident is an experience that we should all bear in mind. Public utilities companies should be able to maintain its profit by raising its productivity and efficiency. From now on, fare rises should not be done at a fixed interval like taking a bath or having a meal. On the other hand, fare reduction should not be treated like the statue of a god in a chapel that no ordinary people are allowed to touch. We think that they are fully capable of meeting such a demand, which I think is also reasonable. There lies an internal pattern, prosperity as well as recession, in economic development.

  • First and foremost, we have to turn Hong Kong into a clean city; we must improve the quality of its water and air and deal properly with its pollution and rubbish of all sorts.
  • All infrastructures must be designed with due regard for the conservation of the natural environment and ecology.
  • However, it must be borne in mind that if we are to increase the competitiveness of our tourism industry, we must not ignore the importance of the quality of our physical environment and tourist services.
  • To achieve this goal, we must improve the quality of workers in sectors like retailing, transportation and catering who receive or entertain customers on the front line.
  • I believe that if a city is heavily polluted, then no matter how it is packaged, it will never arouse the interest of tourists.
  • Or, we may also develop the Lantau Island and the New Territories into green holiday resorts.

Most of the people in the wholesale and retail sector which I represent are hardworking and honest businessmen. But unfortunately, a handful of black sheep in the sector have ruined the reputation of the entire sector. I have heard that in some districts frequented by tourists, such as Tsim Sha Tsui and wealth generator review Mong Kok, some audio-visual shops run their business in a fraudulent manner. Some do not stick a price tag to their goods and ask for exorbitant prices. There are some jewellery shops which make use of the strong demand for gold jewellery and sell such goods which do not match the purity claimed.
It is hoped that this campaign will arouse tourists’ interest in Hong Kong again. According to the findings of some recent surveys conducted by the HKTA in some overseas tourist markets, there are signs that the ranking of Hong Kong as a tourist destination has started to climb. In the coming year, the HKTA will continue to conduct similar publicity and promotion work. I hope that the Government will provide support and assistance to this sector. Every one of us are striving for the long-term competitiveness of Hong Kong rather than merely the immediate short-term publicity measures and approaches. Factors such as environmental protection, air pollution and also sanitation of the toilets all have a determining effect on the success of our tourism industry. Being a commercial community, Hong Kong has actually put enormous resources into tourism.

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The study further suggests the HKSAR government to establish a specific department to work out suitable industrial policies to help Hong Kong business reposition and leverage in the transformation of development model in China and the PRD in particular. The findings call for an opening of government positions to allow think tank and political party people to have the chance to get into the government, to facilitate a better exchange of perspectives and expertise. The government needs to reform its policy-making process and coordinates research resources better to strengthen its policy research capacity. It also calls for a major reform of the local councils to allow the councillors to have more decision-making power and have a wider perspective. In May this year, the HKTA launched a worldwide, first-of-its-kind promotion campaign entitled “Hong Kong ─ a City of Life”. Costing $173 million, this campaign aims to project a fresh image of Hong Kong after the reunification, with emphasis laid on the compactness, varieties and dynamism of its attractions for tourists.
The SAR Government should also seek permission to allow the coaches of Hong Kong registered tourist agencies to carry overseas tourists to shuttle non-stop between Hong Kong and Shenzhen on day trips to designated spots in the two cities. In Asia, countries like Japan, Thailand, South Korea, the Philippines and Singapore are both rivals of the Hong wealth generator review Kong tourism industry and the major sources of patronage. The currencies of these countries devalued by 10% to 40% during the Asian financial turmoil. This had increased the costs of the people from these countries when they came to Hong Kong. But on the other hand, these countries would also snatch away the potential tourists for Hong Kong.
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It has made a few billion dollars of profits within a few months, but it still claims that it may have to take action against some employees in the face of imminent competition. All those who run businesses have to face competition and may have to encounter many new problems. For example, there may be currency fluctuations next year and many organizations may have to make preparations in the face of these currency fluctuations. But all the responsibilities for these problems cannot be borne by the employees alone. On the contrary, these organizations should put the interests of employees in priority consideration.
In fact, for many years, the rates of return for the shareholders’ capital of the local power companies have been over 20%, an enormous profit margin. Because of the profit control scheme, the two companies were encouraged to make constant investments to inflate their assets so as to reap profits. And this has led to a surplus of electricity and a sharp rise in electricity charges. In spite of the fact that the blunder made by CLP in investment has undermined public interests, the Government has not only failed to penalize CLP, but also allow CLP to alter the tariffs structure, apart from increasing charges. We call on CLP to take the initiative to lower its approved rate of return by reducing its charges to the level in March before the charges were raised.

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To begin with, the credit rating of the relevant company would be affected. As a result, not only the company itself but also the general public would have to suffer in the end. Nonetheless, we must note that no fee reductions should in any way affect the companies’ sound financial management, as that would reflect on the development of the companies and quality of their services. In addition, we should not forget that because of the close relationship between the public utilities companies and the people’s daily lives, public interest at large will inevitably be affected should the general financial management of any of these companies go into trouble. We should not allow the immediate short-term advantages to blind us to the long-term benefits of the community. For this reason, the Liberal Party has moved an amendment to Mr Gary CHENG’s motion to strike a balance by requiring that no fee reductions shall affect the public utilities companies’ sound financial management. Madam President, the economy of Hong Kong has entered a period of adjustment since the financial turmoil broke out in October last year. While price levels of properties and consumer goods have all moved downwards, wage and salary levels are no exceptions either. However, the fees charged by public utilities companies, which constitute a significant part of people’s daily expenses, have yet to be adjusted downwards. Among the public utilities companies, some have merely agreed to freeze the fees for a year, but there are still individual ones which have gone against the market trend and raised the charge rates.
Thus their confidence in the investment projects would be also enhanced. I expect the Government to be fully committed to assisting the work of the Commissioner for Tourism and to provide concessionary measures in transport planning, rents for the land leased, and the application for working permits and conditions of stay for performing artists. These measures will hopefully stimulate local and overseas businessmen to invest in tourist projects and the performing artists to perform in Hong Kong. The tourist industry can well be said to be a “smokeless” industry which blends all the economic advantages and exotic life of a place. Its development is closely tied with service industries like retail, hotel, and catering. These industries attract foreign visitors and their consumption brings in foreign exchange. When we look back, we can see that Hong Kong used to have its own manufacturing industries and the variety of products for sale in the local market was good value for money.
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ESG is a facet of the broader umbrella term Responsible Investing, which covers socially responsible Investing , ESG integration, Sustainable Investing, and Impact Investing. Compared to the rest of the Responsible investing universe, ESG integration goes beyond personal values. It takes a more holistic and forward-looking approach, understanding the changing wealth generator review world and the new factors that must be included to correctly value companies. Moreover, the actual emissions from the Castle Peak plant are kept secret by the government at the request of CLP. This study examined the restructuring of Hong Kong manufacturing in the PRD from the perspectives of challenges and opportunities in the post-crisis global economy.

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In his policy address, the Chief Executive suggested to appoint a Commissioner for Tourism with the duty of promoting the development of the Hong Kong tourism industry. To solve this problem and to restore the confidence of tourists in Hong Kong, I think we should enhance our monitoring and complaint mechanisms. First of all, the HKTA and the relevant government departments can encourage tourists to look for help. They can post hotlines for help in all the major hotels, shopping arcades, the airport and taxis so that tourist can have someone to look to for help. These hotlines should be manned by operators seven days a week and at least from nine in the morning till midnight, for people do not like to speak to a telephone recording machine. The procedures for handling complaints should be simplified because tourists only stay here for a few days. They would prefer not to come the next time rather than to spend almost a day in making a complaint. So if the complaint mechanism really works well and the complainants can get some prompt redress or compensation, then this will help to mend Hong Kong’s tarnished reputation and restore confidence lost. In the end, this will also be beneficial to those honest businessmen in the retail and wholesale sectors. Mr Deputy, I wish to look into the issue of how to enhance our position as “Shopper’s Paradise”.
However, these companies should help one another in the same boat in times of difficulty, and they should not shift the responsibilities for the difficulties onto the shoulders of the public and the wage earners. However, public utilities companies in Hong Kong have all along been operating according to commercial principles, and the MTRC and the KCRC among them even enjoy statutory autonomy insofar as fare determination is concerned. To strive to alleviate people’s hardship, the Government can definitely and should actively negotiate with the public utilities companies, understand their financial situation and express the public’s views and concern about a fare reduction. At the end of June this year, the two railway corporations made timely announcements to freeze their fares.
Furthermore, as a market economy, Hong Kong has to rely on investor confidence to sustain its economic growth. So, it will be pure wishful thinking to assume that investors can be persuaded not to make any profit. Furthermore, will fee reductions really lead to an “unsound” financial position? The management of some of the public utilities companies in Hong Kong have a very good head at figures indeed, and we could not fail to notice this by looking at the profits of the Kowloon-Canton Railway Corporation , Mass Transit Railway Corporation and Kowloon Motor Bus . Undeniably, fee reductions will have an impact on their income to a certain extent, but will this be so grave as to make their financial position unsound?
Mr Deputy, to attract investments in the tourism industry, the exhibition sector should not be neglected. Like the retail and catering sectors, the exhibition sector is closely tied with the tourism industry. Under such constraints, the Government may encourage more investments in theme parks of a relatively smaller scale. The $100 million International Events Fund set up by the HKTA should not only aim at the introduction of highlights in Western culture but also the promotion of Chinese culture, with the hope of making the unique East-meets-West culture of Hong Kong come alive. Many businessmen here have very extensive business contacts in China and this will greatly assist them when they want to introduce tourist items featuring the attractions of Chinese culture.
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In the future, the focus would be on capturing greater parts of the value chain and a share of the high-end manufacturing rate of 15% for new manufacturing companies. ESG has come a long way over the last decade, evolving from a “feel good” investment strategy to being widely understood as a risk management tool and a potential source of alpha. The covid-19 crisis has shown the impact external non-financial risk can have on markets. Investments rooted in ESG criteria can help guard against exposure to these risks and uncover opportunities within an industry. ESG considerations represent a vital part of active management, as the process leverages non-traditional criteria, both quantitative and qualitative, to enhance investment analysis and decision-making.

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This means that the tourism industry is of immense significance to the overall employment market of Hong Kong. In 1996, the local tourism industry earned for us a total of $87 billion worth of foreign exchange, and this represents roughly 8% of our Gross Domestic Product. And, there are also other indirect benefits such as increased foreign investments in Hong Kong and more external trade for us. Despite its small size, Hong Kong has a 4.5% share in the global tourism market. This is indeed a very considerable proportion, something which can testify the success of our tourism industry.
Since these tourists stay only for a short time in Hong Kong and they have no place to go for redress, not even with the police, and so when they return home, they will spread the experience they have in Hong Kong. This kind of negative publicity is much more powerful than any expensive advertising and will damage Hong Kong’s reputation seriously. In the face of this downturn in the tourism industry, the Hong Kong Tourist Association makes use of the theme of “Hong Kong ─ the city of life” to launch an advertising campaign. The wave of massive publicity efforts indeed has caused greater exposure of the territory in international media. However, the image of Hong Kong so presented is still the food-and-fun kind of “chop suey” image. If we look at the things Asian countries are doing to scramble for tourists and their precious foreign exchange, Hong Kong’s publicity efforts do have some inadequacies. Recently, the South Korean President KIM Dae-jong appeared in a television advertisement asking tourists to come to his country. I am not saying we should invite Chief Executive TUNG Chee-hwa to put on a show as well, but at least we should try some bold and original concepts and methods of expression to attract tourists and make them feel the irresistible urge to come to Hong Kong and have a look. Mr Deputy, the tourism industry has made undeniable contributions to the making of Hong Kong as an international metropolis.