Chief Executive Donald Tsang Yam- kuen, whose fifth policy address today could still surprise amid low expectations, will detail how "Hong Kong's Top 10" economic sectors will be developed to dovetail with the mainland's five-year plan, according to a source.
The Top 10 refers to the six new economic sectors plus the four traditional pillars, with the new sectors providing fresh impetus for Hong Kong as it emerges from the global financial crisis and searches for its place in the Pearl River Delta region.
"Early and pilot implementation" programs underpinned by CEPA, the Closer Economic Partnership Arrangement, will be set out by Tsang in the 11am speech opening the new Legislative Council session.
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The policy address - the second in the third term of the SAR government - will be more or less the same length as last year's 137-paragraph, 27-page speech, the source said.
Hong Kong committed to having an input into the mainland national plan about a year ago.
CEPA provides opportunities for enhanced cooperation between Guangdong and Hong Kong.
For instance, following food safety and tainted milk scandals in the mainland, Hong Kong will generate new businesses and also lend the mainland an international assurance on product standards and services, the source said. "That will ensure everybody wins."
In February, Tsang announced that Hong Kong will be developing its six new economic sectors, namely, testing and certification, medical services, innovation and technology, culture and creative services, environmental services and educational services.
Hong Kong has relied on four traditional pillars for its growth: financial services, trading and logistics, tourism, and producer/professional services.
Tsang will say how the economic base can be broadened, having learned from the 1997 Asian financial crisis. "The bigger plan is how Hong Kong can have an input into the national plan, based on CEPA," the source said. Guangdong alone has a population of 100 million, presenting a huge market for Hong Kong expertise.
"Hong Kong's high-end services are lacking in the mainland. We have to make use of Hong Kong's strength in a two-pronged approach," the source said.
Apart from economic recovery, Tsang is also expected to tackle the human swine flu (H1N1) pandemic, with vaccination to be a key strategy.
Among the wish lists that various think-tanks and civil organizations have proposed are more green building and transport initiatives, a primary health- care strategy, an Islamic finance policy, and developing a regional education hub.
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