Hong Kong stuck in a rut and must look beyond finance and tourism

I agree with correspondents who have argued that diversification would strengthen Hong Kong's economy and help residents.

The city should no longer place so much emphasis on only finance and tourism.

Sometimes these sectors can actually do harm. For example, with the influx of so many visitors, many small independent retailers have gone out of business and more chain stores are opening up in their place. Shops selling high-end, luxury-brand products, cater to the needs of tourists. Local shopkeepers have been priced out of the market.

With the dominance of tourism and the financial sectors, we are seeing a more homogenised society and the decline of unique aspects of the city's culture and character. For example, on Nathan Road, you used to see lots of different smaller businesses, such as boutiques and snack shops. They have gone and now you see many pharmacies selling the same products. Diversification should be seen as a long-term strategy to ensure sustainable development in the city. This is the only way to ensure we maintain a booming economy.

Besides developing the science and technology sectors, having thriving creative industries - such as film production, design and music - are crucial to a society. They also provide more investment opportunities. To achieve these aims, it will be important to fully utilise the resources of the innovation and technology bureau once it is up and running.

When he was chief executive, Donald Tsang Yam-kuen established six key industries, including innovation and technology, and culture and creative industries.