Economic enhancement and improved living standards, along with housing reforms, promised in policy speech by Hong Kong's leader
John Lee, the leader of Hong Kong, recently delivered a policy address aiming to bolster the city's economy and improve livelihoods. Amidst Beijing's push to bolster flagging economic growth and address sluggish consumer demand and a years-long property crisis, Lee's address focused on several key areas.
In an effort to attract more businesses, the city's monetary authority, the HKMA, will encourage mainland China banks to establish regional headquarters in Hong Kong and expand into South-east Asia and the Middle East. This move is expected to strengthen Hong Kong's position as a financial hub.
To boost birth rates, the government will offer a total of HK$260,000 (RM140,141) in allowance for each child in the first two years following childbirth. This initiative is part of the government's efforts to address the city's ageing population.
John Lee also announced the acceleration of the development of the Northern Metropolis project. Sandwiched between Shenzhen and Hong Kong, the Northern Metropolis will be a part of the Greater Bay Area, a Chinese government scheme linking Hong Kong, Macau, and nine cities in Guangdong. The project aims to provide homes for around 2.5 million people and create a new business district near the mainland. First announced by former leader Carrie Lam in 2021, the Northern Metropolis was reaffirmed as an innovation and technology hub.
To build Hong Kong into a global education hub, the number of non-funded places for non-local students will be increased to 50% from 40% of local student places. This move is expected to attract more international students and boost the city's education sector.
In addition, the government will introduce licensing for eateries to permit customers to bring their dogs, catering to the city's large pet-owning population. This move is expected to create new business opportunities and an enormous consumption market.
The policy address also included developing a gold trading market and improving Hong Kong's role as a springboard for mainland China enterprises. John Lee's "ultimate objective" is to improve livelihoods, focusing on better housing, higher income, care for the elderly, and prospects for young people.
The government will also expedite the development of new growth areas, including building an international gold trading market, developing fintech, and green and sustainable finance. However, the address did not include many new major initiatives, but it went into detail on government accountability and national security.
Overall, John Lee's policy address focuses on boosting Hong Kong's economy and improving livelihoods through various initiatives, including attracting more businesses, boosting birth rates, developing the Northern Metropolis, building a global education hub, and catering to the city's pet-owning population. The address also emphasizes the importance of government accountability and national security.
