Hong Kong's Chief Executive John Lee introduced a comprehensive policy address aimed at attracting foreign talent, investment, and stimulating the city's economy. The third policy address of Lee's tenure, delivered on Wednesday, includes a host of measures designed to tackle economic troubles and improve social infrastructure.
Key Highlights:
Key measures focus on attracting foreign talent, easing business operations, and stimulating economic growth, making Hong Kong an appealing destination for investment and innovation.
Easing of Residential Mortgage Restrictions:
One of the most significant announcements was the easing of residential mortgage restrictions. The loan-to-value ratio has been increased to 70%, and the debt-servicing ratio raised to 50% from 40%. This move aims to provide relief to homebuyers and stimulate the housing market.
Investment in Residential Properties:
The New Capital Investment Entrant Scheme will now allow investments in residential properties valued at no less than HK$50 million to be counted, capped at HK$10 million. This initiative is expected to attract more high-net-worth individuals to invest in Hong Kong's property market.
Streamlining Listing Applications:
In an effort to attract more IPOs, the government will improve the approval process for new listing applications. This measure aims to make Hong Kong a more attractive destination for companies looking to go public.
Liquor Tax Reduction:
In a surprise move, the duty for liquor with an import price of more than HK$200 (US$26) will be lowered from 100% to 10% for the portion above HK$200. This reduction is expected to promote trade and consumption of premium spirits.
Regulating Subdivided Flats:
New regulations will require owners of subdivided flats to convert their homes into "basic housing units" that meet legal requirements, such as having windows, toilets, and a minimum size of 86 sq ft. This move aims to improve living conditions for residents in subdivided flats.
Expanding Top Talent Pass Scheme:
The government will grant longer visas to high-income talent and seek out top-notch professionals. This initiative is part of a broader effort to attract and retain talented individuals in Hong Kong.
Relaxing Visa Rules:
Visa rules for some visitors from ASEAN countries such as Cambodia and Myanmar will be eased. This measure is expected to facilitate travel and boost tourism.
Support for SMEs:
Government-backed loan schemes for small and medium-sized enterprises (SMEs) will be relaunched. This initiative aims to provide financial support to businesses impacted by the economic downturn.
Green Transport Initiatives:
The government will earmark HK$300 million to provide subsidies for the installation of quick-charging facilities for electric vehicles. This measure is part of a broader effort to promote green transport and reduce carbon emissions.
Healthcare Improvements:
Public hospital fees will be reviewed to direct resources to patients with serious or critical conditions. Additionally, a bill will be introduced to recruit non-local auxiliary medical personnel. These measures aim to improve healthcare services in Hong Kong.
Northern Metropolis Development:
The development of the Northern Metropolis will be accelerated while ensuring financial prudence. Plans include the construction of San Tin Technopole and the development of Yuen Long South.
Eradicating Subdivided Flats:
A new law will be implemented to regulate subdivided flats, ensuring they meet minimum standards and gradually phasing out substandard units. This move aims to improve living conditions for residents in subdivided flats.
Digital Policy Initiatives:
About 20 digital government and smart city initiatives will be launched this year, including the use of blockchain technology for issuing electronic certificates. These initiatives aim to enhance digital governance and improve public services.
Civil Service National Security Duties:
The role of public officers in safeguarding national security will be emphasized, and the Curriculum Framework of National Security Education will be updated. These measures aim to strengthen national security and promote patriotism.
Patriotic Education:
Activities to strengthen patriotism in the city will be organized, and the Curriculum Framework of National Security Education will be updated. These measures aim to foster a sense of national identity among Hong Kong residents.
Youth and Education:
The list of universities under the Top Talent Pass Scheme will be expanded, and a Hong Kong Future Talent Scholarship Scheme for Advanced Studies will be established. These initiatives aim to attract and retain talented young individuals in Hong Kong.
Tourism and Sports:
Hong Kong will be developed as a premier tourism destination with new itineraries, and the city will be promoted as a hub for international sports activities. These measures aim to boost tourism and enhance Hong Kong's global profile.
Biomedical Innovation:
Clinical trial capabilities will be boosted, and the translation of innovative biomedical research results into clinical applications will be facilitated. These initiatives aim to position Hong Kong as a global leader in biomedical innovation.
Low-Altitude Economy:
A low-altitude airspace management system will be formulated to unlock new opportunities for the economy, including drone delivery and surveys. This initiative aims to promote innovation and create new business opportunities.
Silver Economy:
A task force will be established to focus on the needs of elderly residents and promote new products and services for the silver economy. This initiative aims to improve the quality of life for elderly residents in Hong Kong.
Comprehensive Overview:
John Lee's policy address reflects a strategic approach to address economic challenges and improve the quality of life in Hong Kong. The initiatives introduced aim to attract talent, stimulate the economy, and enhance various sectors of the city. By easing mortgage restrictions, streamlining listing applications, and reducing liquor taxes, the government seeks to create a more attractive business environment.
The focus on regulating subdivided flats and improving healthcare services demonstrates a commitment to social welfare. Additionally, the expansion of the Top Talent Pass Scheme and the establishment of a scholarship program for advanced studies highlight the government's efforts to attract and retain talented individuals.
The policy address also includes measures to support SMEs, promote green transport, and develop the Northern Metropolis. Initiatives to enhance digital governance, strengthen national security, and promote patriotism further underscore the government's commitment to fostering a sense of national identity and improving public services.
Overall, John Lee's policy address signals a proactive approach to addressing the city's economic and social challenges, with a focus on attracting talent, stimulating the economy, and enhancing various sectors of Hong Kong.
