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Jimmy Cheung

Confident chief executive dismisses threat posed by Shanghai or Singapore

Donald Tsang Yam-kuen  will urge Premier Wen Jiabao to strengthen Hong Kong's role as Asia's leading financial centre within the next five years.

He also promised to develop the city into a financial hub on a par with London and New York, saying that no one would be talking about Singapore or Shanghai by the end of his term.

Instead of diverting efforts into developing Shanghai or Tianjin's  financial sectors, Mr Tsang said the mainland should focus on enhancing Hong Kong's role through steps such as  designating  the city as the place to handle  all international financial dealings for the country and  channelling external capital investment  to Hong Kong.

'I  will follow up these issues with the premier,' Mr Tsang said yesterday. 'It's true that the economic strength of the country is immense. But we should have a focus.'

The initiative is one  of the work priorities set out by Mr Tsang, who is poised to win the chief executive ballot on Sunday and lead the city for another five years.

Other issues high on his work agenda are environmental protection, education and poverty.

Mr Tsang said he doubted if anyone would be able to question Hong Kong's success by the end of his term in 2012.

He  said the city's common-law system gave it an edge unrivalled by other Asian cities like Tokyo.

'Without the common-law system it would be difficult for a city to become a financial centre,' he said.

It also was blessed with good financial regulation, free foreign exchange, open markets and talent, he said.

But Mr Tsang admitted the bond market was still short of capital and had room for development. He said the government would continue to enhance the market.

Mr Tsang said he would also focus on education, the environment, health care financing and population.  The unemployment rate, now at 4.3 per cent, would drop below 4 per cent during his term but it would be difficult  for the rate to ease to  3 per cent, he said.

Mr Tsang said he would tackle poverty through 'social enterprise' - one of his core campaign pledges - by  encouraging business to offer more job opportunities to the needy.

'We would not adopt a big-government approach,'  he said.

Mr Tsang also defended the decision not to instigate major policies   in the final year of  his current term. He recalled that his popularity plunged 10 per cent after his last policy address    was criticised as being short on vision.

He said the government should be cautious  because making policy proposals while he was on the election   campaign trail  would be seen as benefiting him.

Even if an incumbent was not seeking re-election, it would be unfair to the incoming administration if the new leader had to veto policies he did not support.

'A responsible government should be very careful about what it does during elections,' Mr Tsang said.

'This is something the people of Hong Kong should get used to.'



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