HONG KONG: Chief Executive John Lee presented his third Policy Address, themed “Reform for Enhancing Development and Building Our Future Together.” The address outlines initiatives focused on economic development, improving livelihoods, and enhancing residents’ quality of life.
Building Economic Synergy Across Finance, Shipping, and Trade
Hong Kong aims to consolidate its position as a global financial, shipping, and trade hub through strategic reforms. Key measures include enhancing the offshore Renminbi business hub, developing an international gold trading market with state-of-the-art storage facilities, and expanding asset and securities markets.
On the shipping front, the Hong Kong Maritime and Port Board will be restructured to strengthen research, increase international outreach, and promote sustainable development. Tax incentives and accredited warehouses will facilitate international commodity trade, with a focus on non-ferrous metals.
The Government will also establish a high-value-added supply chain service centre and leverage new opportunities under the CEPA agreement to attract mainland and overseas enterprises. Liquor import duties will be reduced to boost trade and foster high-value industries.
Accelerating Innovation and Technology (I&T) Growth
To transform Hong Kong into a global I&T hub, the Government will launch a $10 billion Industry-Oriented Fund, targeting emerging sectors such as life sciences and artificial intelligence. An I&T Accelerator Pilot Scheme will support the growth of startups through professional services and strategic partnerships.
Further initiatives include developing a low-altitude economy, promoting green energy solutions, and enhancing the approval processes for medical devices. Hong Kong will partner with Shenzhen to establish the GBA Clinical Trial Collaboration Platform, advancing the city as an international health innovation hub.
Attracting Global Talent through Education and Technology Integration
To strengthen Hong Kong’s talent pipeline, a new Committee on Education, Technology and Talents will oversee integrated development in these areas. The Government aims to brand Hong Kong as an education hub, attract international students, and create a Northern Metropolis University Town to foster talent development.
Promoting Tourism, Sports, and Cultural Integration
The Government will enhance the West Kowloon Cultural District as a creative industry hub and develop the Kai Tak Sports Park as a sports landmark. The upcoming Development Blueprint for Hong Kong’s Tourism Industry 2.0 will focus on culture, ecology, and mega-events to reinvigorate tourism. A dedicated working group will coordinate the development of tourist hotspots across districts.
Supporting SMEs and Developing the Silver Economy
To assist SMEs, the Government will relaunch the principal moratorium to improve cash flow management and inject $1 billion into the BUD Fund for business upgrades. A new Incentive Scheme for Recurrent Exhibitions 2.0 will support tourism and service industries. Additionally, a working group will explore opportunities in the silver economy, focusing on elderly consumption and industry productivity.
Driving Northern Metropolis Growth and GBA Collaboration
A pilot industrial park will be established in the Northern Metropolis to drive economic development. Collaboration with Shenzhen will continue through the Hong Kong-Shenzhen I&T Park, aligning efforts to develop the Hetao Cooperation Zone into a leading innovation center.
Enhancing Livelihoods and Healthcare
The Policy Address introduces new housing regulations to tackle the issue of subdivided units and expands the public healthcare system, including plans for a third medical school. The Government will provide targeted poverty alleviation and increase support for community care services.
In his closing remarks, John Lee emphasized the importance of reform, stating: “This Policy Address deepens our efforts to strengthen the economy and improve the lives of our people. United by innovation and ambition, Hong Kong will continue to thrive.”
A detailed supplement covering all policy measures is available at www.policyaddress.gov.hk.
