Speaking on RTHK’s Overview Policy programme on Wednesday, Yau said geopolitical challenges and supply-chain disruptions are affecting the city’s economy.
“Under these circumstances, Hong Kong must seek new ways forward,” he said.
“There are many good examples, such as the chief executive leading multiple visits to the Middle East and Asean countries.”
While the SAR has traditionally relied on trade with Europe and the United States, there is a need to seek new economic partnerships to mitigate geopolitical influences, Yau said.
Noting the mainland’s impressive e-commerce transaction volumes last year, he said online shopping is one key area that Hong Kong can tap into.
Yau said a shopping festival held in August attracted a good response from the mainland, with 230 brands participating and more than 90 million impressions on discussion forums and the official website.
The minister also highlighted the importance of developing a silver economy, noting that around one third of Hong Kong’s population – or 2.67 million people – will be over 65 years old by 2043.
“While we need to address welfare issues for elderly people from grassroots groups, there are also many middle-class or better-off seniors who own properties and have pension funds,” he said.
“How can we stimulate consumption among this demographic?
“Despite their substantial economic power, society seems to pay little attention to their spending needs,” Yau said.
A government working group on the silver economy is focused on five areas: boosting consumption, developing the industry, promoting quality assurance, enhancing financial security and unleashing productivity.
