[cs_content _p=’8163′][cs_element_section _id=”1″ ][cs_element_layout_row _id=”2″ ][cs_element_layout_column _id=”3″ ][cs_element_text _id=”4″ ][cs_content_seo]Hong Kong’s Chief Executive John Lee delivered his third Policy Address on October 16, 2024, titled “Reform for Enhancing Development and Building Our Future Together.” The address outlined new initiatives aimed at driving economic development, improving quality of life, and enhancing Hong Kong’s position as a global financial hub. With a focus on reforms, the address highlighted key areas such as technology, trade, education, and green development.
Strengthening Hong Kong’s Role as a Global Financial, Shipping, and Trade Hub
John Lee’s Policy Address reaffirmed Hong Kong’s leadership in international finance, shipping, and trade. The government plans to bolster Hong Kong’s role as a financial center by enhancing its offshore Renminbi hub, expanding asset markets, and developing a world-class gold trading market. Additionally, Hong Kong aims to promote itself as a green maritime center, supported by new tax incentives and international trade collaborations.
The shipping sector will benefit from the restructuring of the Hong Kong Maritime and Port Board into the Hong Kong Maritime and Port Development Board, which will focus on research, manpower training, and global promotion. Efforts will be made to strengthen Hong Kong’s position as a key player in international commodity trading.
Embracing Technology and Green Energy for Sustainable Growth
The Policy Address focused on integrating technology into economic development. A $10 billion I&T Industry-Oriented Fund will be established to promote industries like artificial intelligence and life sciences. The government also announced plans to create a low-altitude economy, focusing on low-altitude technology applications such as drones.
Hong Kong’s commitment to green development was reinforced with a push for new energy resources like hydrogen energy and sustainable maritime and aviation fuels. The city aims to become a global hub for health and medical innovation through reforms in the drug approval process and collaboration with Mainland China on clinical trials.
Attracting Global Talent and Enhancing Education
Hong Kong is setting ambitious goals to become an international hub for high-caliber talent. To achieve this, the government will establish a Committee on Education, Technology, and Talents to drive the development of integrated education and talent strategies. Reforms in the talent admission regime and the creation of the “Study in Hong Kong” brand aim to attract global students and professionals. The Northern Metropolis University Town is also being developed to support education expansion and draw in international talent.
Cultural, Sports, and Tourism Development
The Policy Address announced plans to integrate the development of culture, sports, and tourism, with the goal of diversifying Hong Kong’s economy. The Kai Tak Sports Park will be positioned as an international sports event hub, while the West Kowloon Cultural District will lead in creative industries. A new Tourism Industry Development Blueprint 2.0 will be introduced, promoting eco-tourism, culture, and mega-events to revitalize the city’s tourism sector.
Supporting SMEs and Promoting the Silver Economy
Acknowledging the challenges faced by small and medium enterprises (SMEs), the government has pledged to provide support through initiatives like a $1 billion injection into the BUD Fund, expanded digital transformation programs, and the Incentive Scheme for Recurrent Exhibitions 2.0. Additionally, a Working Group on Promoting the Silver Economy will be established to address the growing needs of the elderly and to capitalize on related business opportunities.
Advancing Northern Metropolis and Greater Bay Area Collaboration
The Northern Metropolis development remains a key priority, with plans to establish a pilot industrial park and accelerate land development through innovative land-disposal strategies. Collaboration with Shenzhen on the Hong Kong-Shenzhen I&T Park will also be deepened, with the Steering Committee overseeing the development of a world-class innovation hub.
Improving Livelihoods and Housing
On the housing front, new regulations for subdivided units (SDUs) aim to address overcrowding, while reforms in public healthcare services and primary care will improve health services. The government is also working on targeted poverty alleviation measures and expanding retraining programs to boost skills and employment opportunities.
Reform and Growth for a Brighter Future
John Lee’s third Policy Address continues the momentum of economic reform and development in Hong Kong. His vision for a stronger economy, better quality of life, and enhanced global standing reflects the administration’s commitment to positioning Hong Kong as a thriving and sustainable city.\n\n[/cs_content_seo][/cs_element_layout_column][/cs_element_layout_row][/cs_element_section][/cs_content]
