With the economic revival, the Government plans to further consolidate Hong Kong's achievements and accelerate economic restructuring. In his 2005 Policy Address today, Mr Tung said promoting development will be the Government's focus over the next two and a half years to maintain prosperity and stability.

Hong Kong's four core industries will be strengthened. For the financial services sector, Hong Kong will seize the opportunities brought by accelerated liberalisation and development of the Mainland economy.

"We will tap into the huge potential of renminbi business, bond markets and asset management services. We will improve the quality and stability of our financial markets, enhance the regulation of listing and reinforce corporate governance," he said.

On the logistics front, the Government will liaise closely with the trade to formulate measures to enhance the competitiveness of the aviation and container freight industries.

Tourism

The Government will facilitate the extension of the Quality Tourism Services Scheme by the Tourism Board to cover more tourism-related trades. And to improve the shopping environment, additional pedestrianised streets with upgraded support facilities in two major shopping and entertainment districts, Causeway Bay and Tsim Sha Tsui, will be set up to make Hong Kong even more attractive to shoppers.

Industry consultation on the contents of the Closer Economic Partnership Arrangement III, to be implemented next year, will be held soon, along with discussions with the Central Government.

The Government will continue to promote co-operation between Hong Kong and Guangdong, actively participating in the development of the Pan-Pearl River Delta and fostering bilateral co-operation with other Mainland provinces and cities.

Apart from the Hong Kong-Zhuhai-Macau Bridge, the Government plans to build other cross-boundary infrastructure.

Mr Tung said to attract more Mainland enterprises to Hong Kong, the Government will help them raise capital, establish international trading networks and gain quick access to the international market.

Creativity and culture

To promote development in the cultural and creative industry, a consultative framework for the sector will be set up so relevant representatives, including outstanding personalities from outside Hong Kong can participate.

"Overseas experience shows that during economic restructuring, cultural and creative industries can propel the economy to a new level. While developing creative industries will require creative talent, it will also create employment opportunities for people with various technical skills, particularly as avenues for creative young people to prove their worth," Mr Tung said.

"We will work together to study the vision for development, direction, and organisational structure to see how we may deploy our advantages, consolidate resources and pursue key areas."