Hong Kong authority promises economic enhancement and well-being improvements, along with housing overhauls, in policy speech
Hong Kong Leader John Lee's Fourth Policy Address Focuses on Economy and National Security
John Lee, the leader of Hong Kong, delivered his fourth policy address this week, focusing on economy, national security, and government accountability. The address, which lasted nearly three hours, did not reveal many new major initiatives but went into detail on these key areas.
Lee reaffirmed Hong Kong's economy growth forecast of 2% to 3% for 2025. To boost the city's economy, he announced plans to accelerate the development of the Northern Metropolis project, a focus previously announced by former leader Carrie Lam in 2021. The Northern Metropolis, sandwiched between Shenzhen and Hong Kong, aims to provide homes for around 2.5 million people and create a new business district near the mainland border.
Lee highlighted Hong Kong's role as a springboard for mainland China enterprises looking to expand abroad. He also announced the development of an international gold trading market, fintech, green and sustainable finance as part of the policy address.
To improve livelihoods, Lee's 'ultimate objective' is to focus on better housing, higher income, enhanced care for the elderly, and greater prospects for young people. In line with this, the government will introduce licensing for pet-friendly eateries, citing an enormous consumption market with over 400,000 pets in more than 240,000 households.
Taxpayers can claim a total of HK$260,000 in allowance for each child in the first two years following childbirth to boost birth rates. The government will also increase the number of non-funded places for non-local students in education to 50% from 40%.
The policy address comes amid Beijing's push to bolster flagging economy amid sluggish consumer demand and a years-long property crisis. To address this, the city's monetary authority, the HKMA, will encourage the banking sector, especially in mainland China, to establish regional headquarters in Hong Kong and expand into South-east Asia and the Middle East.
However, the exact time of John Lee's announcement of the accelerated development of the Northern Metropolis project was not specified. The Northern Metropolis is part of a Chinese government scheme to link Hong Kong, Macau, and nine cities in the southern province of Guangdong.
In conclusion, John Lee's policy address emphasised economy, national security, and government accountability. The leader pledged to boost the city's economy, particularly by accelerating the development of the Northern Metropolis project, and highlighted Hong Kong's role as a springboard for mainland China enterprises. The address also included measures to improve livelihoods, boost birth rates, and encourage investment in education and the banking sector.
