HONG KONG: Leader John Lee has pledged to boost Hong Kong’s economy and improve livelihoods while cementing its role as an international centre.
He unveiled measures including developing a gold trading market during his fourth policy address of his term.
Lee reaffirmed the city’s economic growth forecast of 2% to 3% for 2025 and highlighted Hong Kong’s role as a springboard for mainland Chinese enterprises expanding abroad.
His ultimate objective is improving livelihoods with better housing, higher worker income, enhanced elderly care and greater prospects for young people.
Hong Kong’s small open economy has felt ripple effects from China’s economic slowdown and Beijing-Washington trade tensions.
The policy address comes amid Beijing’s push to bolster flagging economic growth during sluggish consumer demand and a prolonged property crisis.
His nearly three-hour presentation was thin on new major housing initiatives but detailed government accountability and national security.
Lee stated the government is expediting development of new growth areas through building an international gold trading market.
The development will focus on fintech alongside green and sustainable finance sectors.
The Hong Kong Monetary Authority will encourage banking sector regional headquarters establishment especially from mainland China.
These banks will be encouraged to expand into Southeast Asia and the Middle East from their Hong Kong bases.
The government will expand the aviation industry through high-value parts recycling and trading services.
It will also develop a sustainable aviation fuel industry chain within the city.
Hong Kong will attract more pharmaceutical companies to conduct clinical trials and medical treatments.
These will focus on rare disease drugs, high-end cancer drugs and advanced therapy products.
Lee confirmed accelerated development of the Northern Metropolis project providing homes for 2.5 million people.
The project will create a new business district near the mainland border between Shenzhen and Hong Kong.
The Northern Metropolis was a focus of former leader Carrie Lam’s 2021 innovation and technology hub plans.
This development sits adjacent to the Chinese government’s Greater Bay Area integration scheme.
The scheme links Hong Kong, Macau and nine cities in Guangdong province.
Lee announced measures to build Hong Kong into a global education hub through increased student places.
Non-funded places for non-local students will increase to 50% from 40% of local student places.
The government will introduce licensing for eateries to permit customers to bring their dogs.
Over 240,000 households keep 400,000 cats and dogs as pets in Hong Kong.
Lee described this as an enormous consumption market creating new business opportunities.
To boost births, taxpayers can claim HK$260,000 in allowance for each child in their first two years. – Reuters
