Hong Kong’s new leader, Carrie Lam Cheng Yuet-ngor, has identified biomedical technology, artificial intelligence and creative industries as potential new drivers of the city’s economy, two days after President Xi Jinping warned that the city was losing its edge.
At the inauguration of Lam’s administration on July 1, Xi also said Hong Kong had been losing ground on its traditional strengths, while new drivers of growth had yet to emerge.
Asked about Xi’s warnings during an editors’ briefing on Monday, Lam said she expected to see growth in technological and creative industries during her term, especially under an agreement on the development of the Greater Bay Area signed by local and mainland officials on Saturday and witnessed by Xi.
Lam, formerly the city’s No 2, also said Financial Secretary Paul Chan Mo-po would be looking into how regulators could better play their “secondary role” as business facilitators.
Citing the business sector’s complaints about difficulties in opening bank accounts, Lam said while regulators needed to keep the city’s market supervision and regulations up to gobal standards, they also needed to focus on facilitating economic development.
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