Lee said the authorities have a leading role to play in developing the economy, but engaging the private sector is equally important in introducing innovation and promoting growth.
“Many of the responses I have received today have asked the government to help develop strategies and provide more resources, but my main impression is that widespread involvement is needed,” he said.
Responding to several speakers who suggested using artificial intelligence (AI) in marketing, law, housing and healthcare, Lee said procurement must be done through the market.
“For the technology to really be adopted into operations, companies need to take over procurement. The government can play a leading role, but will have to rely on industry players,” he said.
He pointed out that many proposals to improve tourism in Hong Kong’s 18 districts required the participation of local organizations and industry players.
“The government will build the platform, but for the initiatives to really get going, the participation of all citizens is needed.”
With the US likely to cut its benchmark interest rate from its current 23-year high in September, Lee expressed optimism that the move would help Hong Kong’s economy and sustain its growth.
He said the economy had shown growth of over three percent in the last quarter and the upward trend would remain positive.
“I think that a rate cut will definitely help us because investors and companies will then have more confidence,” he said at a press conference after the meeting.
“Many investors want more security before investing, even though they have the capital.”
Due to strong exports, Hong Kong’s economy grew 3.3 percent year-on-year in the second quarter, slightly exceeding growth in the first three months of 2024.
Lee said that despite positive growth, certain industries struggled to survive during the transition period, leading to business closures.
“Of course, there will be a renewal of the market during this period. Some shops will open, others will close,” he said.
He said the government would do its best to help the hardest hit sectors.
The two-hour televised town hall meeting was attended by citizens from different backgrounds who had been invited by the authorities.
Other topics discussed at the event included better mental health support for caregivers and students, and more resources for care homes for the elderly, ethnic minorities and people with special needs.
