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HONG KONG: Education, job creation and tax cuts are the highlights in this year's annual policy address by Hong Kong's Chief Executive Donald Tsang.
Mr Tsang said the government will slash taxes on profits and salaries by one percentage point, and it will set aside US$26 billion for major infrastructural projects.
Just over ten years under Chinese rule, Hong Kong is enjoying boom time with a buoyant economy and record-high stock market.
In his annual policy address, Hong Kong's leader reminded residents that the territory's future lies firmly with the mainland.
He said: "We have to see Hong Kong from the perspective of our country's future. Only by doing so will we be able to cultivate the right niche for Hong Kong to overcome our difficulty."
Hong Kong will emphasise national education in schools and there will be closer cooperation with neighbouring mainland Chinese regions.
Mr Tsang said one possibility is to have a rail link between the Hong Kong and Shenzhen airports.
To drive economic growth, the government will spend some US$26 billion on ten major infrastructure projects.
This will create a quarter of a million jobs over the next five years.
In keeping with his election promises, Mr Tsang said Hong Kong will cut corporate income tax from 17.5 percent to 16.5 percent, and the salary tax from 16 to 15 percent.
He said a long-awaited minimum wage bill will be tabled in parliament next year.
And for social security claimants, restrictions will be relaxed, while a fund will be set up to help children from low-income families move out of the poverty trap.
On the financial services front, the city aims to start an Islamic bond market, and looks to emulate Malaysia and Singapore as a centre for Islamic finance.
Cleaning up the air is also a priority for the government, with a US$128 million budget to make Hong Kong 'greener'.
The programme includes getting Hong Kong factories on the mainland to reduce emissions, and imposing a levy for plastic bag usage in the city.
Aside from dishing out sweeteners, Mr Tsang made no promises when it comes to thornier issues like bringing universal suffrage to the territory.
While most people in the city want full voting rights, the time table towards that goal remains elusive.
2012 is the earliest date preferred by democrats, but the pro-Beijing camp favours 2017.
A controversial three-month public consultation on the way forward has just ended and the findings are expected by year's end, after which recommendations will be submitted to the Beijing government.
- CNA/so
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