More direct investments mooted: HK chief executive

HONG KONG -- The Hong Kong Special Administrative Region government is urged to be more proactive in economic development, Chief Executive CY Leung said Wednesday, adding it will make direct investment in key industries if necessary, as it has done before.

Leung was speaking at a press briefing he hosted with Financial Secretary John Tsang and Secretary for Commerce & Economic Development Gregory So after the first meeting of the Economic Development Commission.

He said the city's government attaches great importance to economic development, adding that deep-seated concerns over issues such as poverty, housing, aging population, and young people's upward mobility can be addressed through strong and sustained economic development.

Commenting on the Economic Development Commission, Leung stressed it is not only a discussion forum or platform. He hoped the commission can put forward detailed suggestions on ways to develop industries and advise the government on its role.

At its first meeting, the commission suggested the government play a more active role in developing the economy by exploring the mainland and overseas markets.

It also urged the government to make reference to other places' success, including that of the mainland, Taiwan, Singapore and South Korea, where government actions had helped bolster the economy.

The Economic Development Commission and its four working groups were set up in Hong Kong on January 17. Its terms of reference include providing visionary direction and advice to the government on the overall strategy and policy to broaden Hong Kong's economic base and enhance economic growth and development.